{"id":1528190,"date":"2022-06-24T17:04:04","date_gmt":"2022-06-24T21:04:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1528190"},"modified":"2022-06-24T17:04:07","modified_gmt":"2022-06-24T21:04:07","slug":"report-shows-how-much-bidens-gas-tax-suspension-would-save-the-typical-american","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-shows-how-much-bidens-gas-tax-suspension-would-save-the-typical-american\/","title":{"rendered":"Report Shows How Much Biden\u2019s Gas Tax Suspension Would Save The Typical American"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freport-shows-how-much-bidens-gas-tax-suspension-would-save-the-typical-american%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1528190&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Remember that <a href=\"https:\/\/www.dailywire.com\/news\/biden-admin-brags-about-saving-americans-16-cents-on-july-4-food-our-economic-plan-is-working\">$0.16<\/a> <a href=\"http:\/\/dailywire.com\/topic\/joe-biden\">Joe Biden<\/a> saved you last Fourth of July? In 2022, he is taking summer <a href=\"http:\/\/dailywire.com\/topic\/gas-prices\">savings<\/a> to a whole new level \u2014 a bit less than $16, to be exact.<\/p>\n<p>Earlier this week, President Biden called for a <a href=\"https:\/\/www.dailywire.com\/news\/biden-calls-for-three-month-pause-to-federal-gas-tax\">three-month pause<\/a> to the federal gas <a href=\"http:\/\/dailywire.com\/topic\/taxes\">tax<\/a> \u2014 which sits at slightly over $0.18 per gallon of <a href=\"http:\/\/dailywire.com\/topic\/oil-and-gas\">gasoline<\/a> \u2014 because he \u201cunderstands that high gas prices pose a significant challenge for working families,\u201d according to the <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/06\/22\/fact-sheet-president-biden-calls-for-a-three-month-federal-gas-tax-holiday\/\">White House<\/a>.<\/p>\n<p>Despite the publicity that has surrounded the move, a new report from the <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2022\/6\/24\/three-month-federal-gas-tax-holiday\">University of Pennsylvania\u2019s Wharton School<\/a> revealed that President Joe Biden\u2019s proposal would save Americans a total of $4.79 to $14.31 from July to September.<\/p>\n<p>Indeed, Penn Wharton Budget Model explained earlier this year that because the United States\u2019 <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2022\/3\/11\/effects-of-a-federal-gas-tax-holiday\">gasoline market<\/a> is \u201ctypically characterized by inelastic supply and inelastic demand in the short run,\u201d there would not be a significant change in gasoline consumption spending. Savings would be most tangible in states like California, where the average cost of gas is the highest in the nation, while savings would be lowest in the Rocky Mountain and Gulf Coast regions.<\/p>\n<p>The national average price of gasoline is $4.93 per gallon as of Friday, according to <a href=\"https:\/\/gasprices.aaa.com\/\">AAA<\/a>. In California, the average price is $6.35 per gallon; in Colorado and Louisiana, average prices are $4.91 and $4.47, respectively. Earlier this month, average costs surpassed <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">$5.00 per gallon<\/a>.<\/p>\n<p>Inflation, however, cost the typical American household $3,500 in 2021, according to another Penn Wharton Budget Model <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2021\/12\/15\/consumption-under-inflation-costs\">analysis<\/a>.<\/p>\n<p>Sen. Joe Manchin (D-WV) said on Wednesday that he <a href=\"https:\/\/www.dailywire.com\/news\/democratic-senator-not-a-yes-right-now-on-bidens-proposed-gas-tax-holiday\">would not vote for<\/a> the federal gas tax suspension since the policy does not guarantee that the amount would \u201cpenny-for-penny come off of that price.\u201d Conservatives have mounted a similar argument.<\/p>\n<p>\u201cPresident Biden\u2019s proposed temporary gas tax suspension is a band-aid solution to runaway gas prices,\u201d Job Creators Network President Alfredo Ortiz said in a statement provided to The Daily Wire on Wednesday. \u201cTo truly show leadership and meaningfully reduce Americans\u2019 pain at the pump, Biden must fundamentally reshape his party\u2019s environmental policy, strongly backing the production and distribution of traditional energy. Only with vastly increased supply can gas prices significantly fall.\u201d<\/p>\n<p>Combined with state taxes, the typical American driver pays $0.571 in gas taxes per gallon, according to the <a href=\"https:\/\/www.api.org\/oil-and-natural-gas\/consumer-information\/motor-fuel-taxes\/gasoline-tax\">American Petroleum Institute<\/a>.<\/p>\n<p>On Sunday, Treasury Secretary <a href=\"http:\/\/dailywire.com\/topic\/janet-yellen\">Janet Yellen<\/a> told ABC News host George Stephanopoulos that pausing the federal gas tax was <a href=\"https:\/\/www.dailywire.com\/news\/yellen-gives-opinion-on-pausing-federal-gas-tax-to-bring-prices-down\">on the table<\/a> for President Biden. \u201cGas prices have risen a great deal, and it\u2019s clearly burdening households,\u201d Yellen said. \u201cSo he stands ready to work with Congress, and that\u2019s an idea that\u2019s certainly worth considering.\u201d<\/p>\n<p>Meanwhile, Energy Secretary <a href=\"http:\/\/dailywire.com\/topic\/jennifer-granholm\">Jennifer Granholm<\/a> lauded the suspension as a way to provide families relief from \u201cPutin\u2019s Price Hike\u201d \u2014 but also <a href=\"https:\/\/www.dailywire.com\/news\/energy-secretary-lays-out-the-only-way-to-avoid-high-gas-prices-and-its-not-producing-more-oil\">argued<\/a> that the \u201conly way out\u201d of \u201cboom-and-bust cycles\u201d in energy prices is \u201cdeploying clean energy.\u201d<\/p>\n<p>\u201cThe real truth is that as long as our nation remains overly reliant on oil and fossil fuels, we will feel these price shocks again,\u201d Granholm said. \u201cThis is not going to be the last time. The next time there\u2019s a war, the next time there\u2019s a pandemic or another hurricane, these extreme weather events we are experiencing \u2014 they will impact the access that we have to fossil fuels.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Remember that $0.16 Joe Biden saved you last Fourth of July? In 2022, he is taking summer savings to a whole new level \u2014 a bit less than $16, to be exact. Earlier this week, President Biden called for a three-month pause to the federal gas tax \u2014 which sits at slightly over $0.18 per &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1513510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1528190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1528190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1528190"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1528190\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1513510"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1528190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1528190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1528190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}