Trump Floats Gas Tax Cut. Here’s How Much You Could Save
Summary
President Donald Trump is considering a temporary pause on the federal gas tax to help lower high fuel prices. Gas prices have risen significantly since early this year, and this move is part of efforts to reduce costs for drivers before the November midterm elections.Key Facts
- President Trump mentioned his administration is "thinking about" suspending the federal gas tax.
- The federal gas tax is 18.4 cents per gallon, and the diesel tax is 24.4 cents per gallon.
- Suspending the federal gas tax would save about 4% on the price of regular gas and diesel.
- As of the latest data, the U.S. national average gas price is $4.37 per gallon, up from $3.12 a year ago.
- California has the highest average gas price in the U.S. at $6.36 per gallon.
- The average price of diesel nationwide is $6.30 per gallon, also much higher than last year.
- Drivers could save around $1.84 on 10 gallons of gas if the tax suspension happens.
- Experts say not all of these savings may reach consumers; gas prices might only drop by 10 to 16 cents per gallon.
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