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Close-up of gas pump sucking up money

Source: altrendo images / Getty

Today, President Joe Biden is expected to call on Congress to suspend federal gasoline and diesel taxes for three months.  It’s telling of the financial pressure American households are feeling, and how important an issue cost of living is in an election year.  Biden will call on states to suspend their own gas taxes or provide comparable relief.  Right now, the federal tax on gas is 18.4 cents-a-gallon. That’s about 3.6% savings on the $5 a gallon average nationwide.  The problem is that economists say that consumers may not see that full benefit.  They warn that oil companies could offset the tax relief by increasing their prices.