as perhaps an opportunity. president biden: we have a chance here to make a fundamental turn toward renewable energy, electric vehicles and across the board. doug: senator josh hawley tweeted this. it should be crystal clear what the green new deal means. we re seeing bankrupt middle class families, domestic industry destroyed in favor of china. the president says he will decide by the end of the week whether to offer federal gas tax holiday 18.4% is federal component of the gas tax. back to you. carley: we ll be watching. and jesse watters says the economy is falling and biden on bike ride and time for the media to stop protecting the white house. jesse: we have high
and now president biden is considering a federal gas tax holiday. so, joining us now to talk about this is cnn chief business correspondent christine romans. christine, tell us what this would look like. sure. and how it would feel for us. well, let s unpack this. first of all, this is urgency at the white house. when you look at numbers, $4.97, holding steady below $5. a years ago, $3.07 for a gallon of regular. so this is something that s hurting american families every si single day. and it shows distress of public opinion polls. what is the federal government indicating? a gas tax holiday. that would suspend 18.4 cents a gallon if the white house decides to go this way. this is used to fund federal highway and infrastructures and state taxes on that as well. this is why you see gas prices all the way different across the
president alone. it polls very well and would be an instant rebate for so many drivers. but, you know, the drawback is it doesn t really fix the problem to begin with. and a lot of people see it sort of as a gimmick because taxpayers then have to fill that hole anyway because that money is used to fix roads and do infrastructure projects and run state agencies. it is 18.4 cents. 18.3 cents a gallon is the federal tax. another penny on there, another bit on there that is a fee. and it is different, some states on average have, like, 30 cents more. you are paying a lot in taxes. but it is interesting, poppy, this hasn t changed really the federal tax hasn t changed since the 90s. cars are more efficient. and it is more expensive to maintain our infrastructure. so actually we re behind already and giving a holiday, that s why some people call it a gimmick, but we know that people need the help. when you look at what it costs today to fill up a 15 gallon
country. and 58 cents, alaska the lowest at just 8 cents. that s why you see big differentiation in gas prices. 18.4 cents a gallon, a holiday would give drivers a little bit of a break. here s what someone who advises wall street with what s happening in washington. here s what he says, he says most experts consider this a gimmick, the gas tax holiday. democrats would greatly accept an end to an 18 cents per gallon gasoline tax. which would win strong public support. it s probably about 60%. why is it a gimmick? brianna, it s interesting, this is a tax that hasn t risen since the 1990s. 18.4 cents for fix roads and bridges, funding other state projects and agencies. it hasn t kept up with inflation or the demand. and, quite frankly, our cars are so much more fuel efficient right now, that your gas taxes
being said by the other arm of the administration and they are all confusing. so the average person listening to this administration is confused. where they are not confused about, unfortunately, is the impact that gas prices are having on everyday working americans. what they are not confused about is the impact that inflation is having on their ability to make hard decisions. undoubtedly what they are not confused about is this economy is going in the wrong direction. bret: yeah, you mentioned gas prices. the average gas price as of today stands at 4.9 # dollars a gallon. and you add on to that the federal tax of 18 cents and the average state tax of 31 cents. so, what about this suggestion about a federal gas tax holiday? well, you know, there is 18.4 cents gas tax, 24.4 cents diesel tax creates about $50 billion of revenue. when we re going to try to trick the market and suggest that we