chuck grassley, the senator from the beautiful state of iowa. as you know, senator, almost two weeks ago, the president had a plan to maybe take a federal gas tax holiday for about three months. that s about 18.4 cents a gallon. he s urged states, california certainly among them, who has the highest state gas taxes, if it were to nix that, it would be more than a dollar. do you support either me surs? no, i do not. i m glad that speaker pelosi said she has president supported it. consequently, i doubt it will become for a vote in the united states congress. also, i ve had some county meetings the last three days in iowa. i find opposition even from iowans about it. at the very same time that they
me show you some numbers and put some flesh on the bones. the average american adult uses 1.8 gallons of gas a day. multiply that by 90 days and that s 162 gallons of gas used by the average american. multiply that by the 18.4 cents of federal gas tax gets to $29.80. brian talked about 40 to 50% getting passed through. i would be more generous and i think 80% gets passed through. so what s the bottom line? the bottom line is the average adult american will save $23.85 over a three-month gas holiday. three months. three months. so 18 cents a gallon. that s what you end up in your pocket with, $23.85. that raises the question, who does benefit from this exactly, oil companies? from the gas tax holiday? yes. well, it s just if you look at the next chart you ll see that basically when you get into what constitutes the price of a gallon of gas at the pump,
journal editorial board called it a holiday from reality. now comes the most feeble effort so far the spend the 18.4 cent suspend it for three months. voters every time they fill up the tank it irritates them during the summer driving season. has there ever been a more transparently cynical vote buying policy exercise? yes, we forgot student loan cancellation. that s a quote in the wall street journal. a new york post op-ed with the title. joe biden lowering gas prices is as likely as a purple cow on the moon. yeah. elise stefanik from new york, chair of the republican conference and member of the armed services and intelligence committees. great to have you if focus. the president. i don t know if you caught it with peter doocy, the federal
about that, by reducing the price, you will increase demand. by increasing demand without supply, back to where we are, prices go up, inflation is up. the real answer, forget gimmicks, increase the supply. when you increase supply, that price will come down. ashley: if it did, if it was temporarily suspended 18.4 cents per gallon, when you look at national gas average right now $4.96 per gallon, diesel $5.81, would it be that much difference? dan: the average driver would save $120 a year, $10 a month, doesn t make a big difference in the scheme of things. it is clearly a gimmick, i understand what the president is trying to do it, good politics,
u.s. president biden is ramping up efforts to combat high prices at the gas pump. phil mattingly has the details from the white house. reporter: with gas prices soaring across the country, the white house has been working furiously to try to find some kind of policy option to provide some ease to the pain at the pump. well, president biden will officially throw his support behind one of those options, an option that white house officials have been considering for several months. a federal gas tax holiday. the 18.4 crent per gallon gas tx the president will support suspending it for a period of time according to people briefed on the matter. this is something that several democrats have pushed for, this is something internally the administration has debated for several months. but they have not supported it up to this point. there have been concerns about the policy itself, whether or not it would actually reach consumers, whether or not it would take away valuable funding from the hi