The average expected cost of a vacation has gone up $300, from $2,400 to $2,700. With inflation cooling some summer travel plans, President Biden is nearing a decision on a gas tax holiday, which could temporarily lower gas prices by about 18 cents a gallon.
The exact plan hasn't been revealed, but it might not be an easy call. For one, gas tax money goes toward addressing internal infrastructure and roads, so the money wouldn't be getting to projects that are depending on it at a local level.
And it would have to be approved by Congress, which could be a challenge.
The White House says they're also working on it from the other end , by confronting oil companies, which have been raking in record-setting profits during the price hike. An announcement is expected by July 4th.
Sources: CNBC / CNN / Bloomberg / ABC News
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