About that gas tax…
David the GnomeParticipant
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The federal tax is about .18 cents per gallon, from what I’ve read. Now the assumption seems to be that if that federal tax is eliminated (according to Biden) that will give people a little relief, because the oil companies will pass that savings on to the consumer.
So, figured I’d ask.. what if they don’t? I am not good at math, but according to what I’ve read on the subject, the U.S. consumed an average of 369 million gallons of vehicle fuel per day. So, 369 million gallons, eighteen cents each. That’s a fuckton of money, isnt it?
Then if we consider how long this supposed “tax holiday” might last…
Assuming the tax is lifted temporarily, does the federal government even have a way to make sure that they eighteen cents gets cut out of the price?
I mean, we all know what great humanitarians run the oil companies…
June 23, 2022 at 4:21 PM #492663MindwalkerParticipant
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It kind of puts the oil companies a little further back from the front lines of a gas tax, but even if they don’t grab the savings, the gas stations might. I hear the stations don’t make hardly any money normally, so they might be inclined to snatch that.
But at the end of the day, this is a stupid-ass gimmick by Biden so he can say he “did something.” Unfortunately doing something useful is not going to happen.
June 23, 2022 at 4:52 PM #492669gordyflParticipant
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I can see independent gas stations taking some of the 18 cents. They’ll just add a few pennies at the pump. Maybe a nickel. So we’ll get a 12-13 cents per gallon savings. Ten gallons of gas would be a buck twenty savings. Truckers will get a decent savings which they could pass onto to their customers….like Walmart. The only negative I see is less money for road repair. I always considered tax cuts a Republican thing, but at least it’s only temporary. That’s what Biden says. Three months he claims. That will give Biden enough time to make a deal with the “pariah” kingdom.
June 23, 2022 at 5:05 PM #492671retired liberalParticipant
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Almost everything he has done is Republican. I almost said Conservative, be Biden is not really that. He is too corrupt.
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June 23, 2022 at 8:23 PM #492700QuietYooperParticipant
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BHO, “This isn’t a real solution. It’s a political stunt. This is what Washington does whenever there’s a big problem. Politicians pretend they’re looking out for you but they’re just looking out for their poll numbers.”
Also if I recall, when others have done this – it very negatively impacts infrastructure budgets. I’m not sure about Federal but I know many State gas taxes are obligated to go to infrastructure budgets and the tax holiday really hurts the budgets. This is just kicking the can down the road and likely leads to more bonding/borrowing.
June 24, 2022 at 12:19 AM #492746Babel 17Participant
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Prices will follow supply and demand, and whenever supply is limited, and people have to drive, in addition to really wanting to, prices will hover closely to as high as they can go before crumbling demand.
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