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As gas prices continue to stay high, a gas tax holiday may be on the horizon

WTAP News @ 5- Gas tax holiday potentially on the horizon
Published: Jun. 21, 2022 at 3:58 PM EDT
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PARKERSBURG, W.Va. (WTAP) - One week after hitting records nationwide with the national average gas price being above five dollars a gallon, prices have decreased by five cents this week to four dollars and 96 cents.

According to the media spokesperson at Triple A East Central, Lynda Lambert, she believes there was a dip in gasoline demand in the last week due to people driving less and trying to save money on gas, which led to the small decrease.

Lambert also says crude oil is the number one factor in how much gasoline will cost as it accounts for more than 50 percent of the cost for a gallon of gas.

She also mentioned that the war in Ukraine is playing a big factor in the rise in prices as well.

President, Joe Biden, is considering a gas tax holiday to help lower the cost at the pump.

Lambert shared what to keep an eye on if the gas tax holiday gets implemented.

”There is a couple things to note when it comes to gas tax holidays. When you breakdown the cost of a gallon of gasoline those taxes make up about fifteen percent. The real factor is crude oil and what is going on in the world. So that fifteen percent might not give Americans the relief they expect,” Lambert said.

Some suggestions from Lambert on how to save money on gas include: planning your day as well as possible, consolidating your trips, drive as little as possible except for essentials like grocery shopping, or doctor appointments, and don’t speed on the roads.

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