How Much Will Suspending The Gas Tax Save Us At The Pump?

One of the latest ideas floated to save us money at the gas pump is a suspension of the federal gas tax, as well as suspension of Missouri's gas tax. So if both taxes were suspended, how much will it save us at the pump?

According to Fox 2 St. Louis The White House is now saying it's seriously considering a suspension of the federal gas tax. Of course, that would require the approval of Congress, which during an election year at a time where most of the electorate looks at politics as a sporting event, and half the country seems to hate the President. This is anything but a sure bet. Because, well, if our pain at the pump may lead to one party taking power from another, I wouldn't put it past Congress to not act in our best interest.

There was also some talk of suspending Missouri's gas tax earlier this spring. However, that was back in March when gas prices weren't as bad as they are today. And there are some real concerns about suspending the gas tax when it comes to revenue generation and infrastructure projects.

As far as what we pay in gas taxes. The federal gas tax is 18 cents a gallon, and Missouri's gas tax goes up to 22 cents a gallon on July 1, 2022. That's 40 cents a gallon in taxes we could avoid if both the State of Missouri and the federal tax was suspended.

As of today, June 14, gasoline in Warrensburg according to Gas Buddy is $4.79 a gallon. (The Murphy Mart, is listed at $4.29 a gallon) but we'll stick to the $4.79 a gallon price. If the gas taxes were suspended, we would be paying $4.39.

At today's prices filling up my gas tank cost $52 and change. Eliminate the 40 cents in taxes and it will cost me $48 and change. Saving $4 bucks doesn't seem like a lot of money. But considering I fill up every week to commute between Sedalia and Warrensburg, that's $16 bucks a month. Or $96 dollars if gas prices don't go much higher and those taxes are suspended for the rest of the year.

If you drive a Ford F-150 with a 23-gallon gas tank, and you fill it up. You're paying $105 dollars per fill-up with the taxes, and $96 and change per fill-up if the taxes are suspended. That's a $9 dollar savings per fill-up. If you fill your tank every week for work, that's a $36 dollar savings per month or $216 for the rest of the year.

So is the savings worth it? Saving somewhere between $100-$200 dollars for the rest of the year doesn't seem like that much. Yet, the extra money might come in handy for many people.

Of course, that's not nearly enough when the price of everything continues to rise while our paychecks stay the same. Gas tax or not, there's going to continue to be pain at the pump and beyond.