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Will Biden's federal gas tax holiday idea erase rising gas prices? : The Indicator from Planet Money Amid daunting gas prices, President Biden's proposed federal gas tax holiday sounds like a sweet relief. But the economics behind this tax break reveals the push and pull between consumers and oil companies, and an unexpected outcome.

The Indicator from Planet Money

Why a gas tax holiday might not be something to celebrate

Why a gas tax holiday might not be something to celebrate

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U.S. President Joe Biden speaks about gas prices. Biden called on Congress to temporarily suspend the federal gas tax. Drew Angerer/Getty Images hide caption

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Drew Angerer/Getty Images

U.S. President Joe Biden speaks about gas prices. Biden called on Congress to temporarily suspend the federal gas tax.

Drew Angerer/Getty Images

With soaring gas prices, President Biden's proposed three-month federal gas tax holiday sounds like a sweet relief. But before drivers party it up at the gas station, how excited should they really be?

Well it depends on the push and pull between everyday drivers and oil companies. Today on The Indicator, come explore the economics behind the pump with us and nerd out on the theory of tax incidence.

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