Federal gas tax holiday: Here's how much American drivers will actually save
Gas tax break doesn't add up to much
{{#rendered}} {{/rendered}}President Biden has officially asked Congress to suspend the federal gas tax for three months in an effort to ease the pain Americans are feeling at the pump.
The national average price of a gallon of gasoline has retreated from its all-time high of $5.016 per gallon, but it remains near record levels and JP Morgan predicts it could spike to over $6 sometime this summer.
Regardless of how high it climbs, the federal gas tax is a flat 18.4 cents per gallon for gasoline and 24.4 cents for diesel. That makes it simple for drivers to figure out exactly how much they'll save from the tax cut itself, even as the price of fuel continues to fluctuate.
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The EPA calculates annual fuel costs using an average of 15,000 miles driven annually, which equates to 1,250 miles per month, or 3,750 miles over the duration of the proposed tax holiday. Dividing that number by a vehicle's combined fuel economy rating and then multiplying it by the tax offers an estimate for the typical savings an individual driver will realize.
The average national gas price reached a record high of $5.016 per gallon this year. (Brandon Bell/Getty Images)
Fox News Autos has rounded up a few of America's best-selling vehicles, each representing a different class, to see how much their owners can expect to save this summer if the tax holiday goes into effect.
{{#rendered}} {{/rendered}}FORD F-150: $35.50
The Ford F-150 with the EcoBoost 3.5-liter turbocharged V6 is rated at 20 mpg. (Ford)
As with most full-size pickups, the Ford F-150 is offered with a variety of engine choices, but the EcoBoost 3.5-liter turbocharged V6 is the most popular and rated at 20 mpg combined in both two-wheel-drive and four-wheel-drive models. With 187.5 gallons of fuel needed to drive 3,750 miles, the tax cut will save $35.5. At $5 per gallon, that's enough to fill its 23-gallon tank to a third-full just once.
TOYOTA RAV4: $23.00
The Toyota Rav4 compact SUV is rated as high as 30 mpg in non-hybrid versions and needs 125 gallons of gas to cover the distance, for a savings of $23. The Rav4 Hybrid increases the fuel economy to 40 mpg and drops the tax benefit to $17.25.
TOYOTA CAMRY: $21.60
The Toyota Camry is the best-selling sedan in the U.S. (Toyota)
The Rav4 is the best-selling vehicle that's not a pickup, but the Toyota Camry is the best-selling car. Its top non-hybrid fuel economy rating of 32 mpg is barely better than the SUV's, however, and results in a tax savings of $21.6.
{{#rendered}} {{/rendered}}TOYOTA HIGHLANDER: $28.75
The Toyota Highlander three-row crossover SUV is rated at 24 mpg in non-hybrid front-wheel-drive models, so its owners can expect to see $28.75 more n their bank accounts by October.
HONDA CIVIC: $19.10
Even without a hybrid offering, the Honda Civic compact sedan is available in models that get up to 36 mpg, which results in a savings of $19.10
CHEVROLET TAHOE: $40.59
The full-size Chevrolet Tahoe powered by its standard 5.3-liter V8 gets 17 mpg with both two-wheel-drive and four-wheel-drive models.
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The Tahoe is available with a 3.0-liter Duramax turbodiesel engine. (Chevrolet)
That means a tax savings of $40.59 is possible. However, it's also offered with a diesel engine rated at 24 mpg in two-wheel-drive trucks, which would result in a $38.13 break at the higher tax rate.
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{{#rendered}} {{/rendered}}Even with the higher cost of diesel, currently running 86 cents per gallon above gasoline, the EPA estimates the owner of a diesel Tahoe is spending $300 month on fuel compared to $367 for a V8-powered truck.