Gas tax holiday proposal - IRS backlog progress - Lithuania-Russia tensions

Biden’s plan asks Congress to suspend the federal tax on gasoline and diesel fuel for three months. The federal tax is 18 cents per gallon of regular gasoline and 24 cents per gallon for diesel. The president is also asking states to suspend their gas taxes, or find other ways to provide relief. It’s unclear whether Biden has congressional support.
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“If this bill is signed and enacted — becomes effective — it will help motorists,” said Patrick De Haan, head of petroleum analysis at GasBuddy. But he added that the extent to which any relief is felt will depend on wholesale prices remaining stable. He pointed to New York. The state suspended its gas tax, but at a time when wholesale fuel prices were rising. Ultimately, consumers didn’t see much of an impact.
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More than half of the cost per gallon of gasoline is based on the underlying price of oil, which is set on a global basis. [Harvard professor Jason Furman] said a suspension would have little impact on consumers while leading to billions of dollars for oil companies.