The federal gas tax is 18 cents per gallon of regular gasoline and 24 cents for diesel. "If this bill is signed and enacted... it will help motorists," said Patrick De Haan, head of petroleum analysis at GasBuddy. President Joe Biden is trying to quell the rapid surge in prices at the pump.

Price of fuel has become a headache for the administration ahead of November's midterm elections. The national average topped $5 per gallon for the first time ever earlier this month. While experts say a suspension could provide some immediate relief, it could also keep demand elevated, thereby exacerbating tight supply.

Biden asks Congress to suspend the federal tax on gasoline and diesel fuel for three months. The president is also asking states to suspend their gas taxes. The federal tax is 18 cents per gallon of regular gasoline and 24 cents for diesel. A suspension would "give Americans a little extra breathing room," White House says.

The extent to which any relief is felt will depend on wholesale prices remaining stable. The wording and timing of any potential legislation will also have an impact. It's unclear whether Biden has congressional support for the legislation. If this federal measure were implemented today it would "greatly enhance the downside," says De Haan.
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