The Empty Promise of a Gas Tax Holiday The perennial summer ritual of politicians promising relief from high gas prices has begun, with President Trump's recent musings about suspending the federal fuel tax sparking renewed debate in Washington.
However, as with so many such initiatives, the math simply doesn't add up. Even if Congress were to somehow suspend the 18 cent per gallon tax, the impact on consumers would be negligible at best.
The Strait of Hormuz, a critical chokepoint for global oil supply and production, has been effectively closed since early March, leaving the world scrambling to compensate for the lost crude.