The COVID-19 pandemic and the Russia-Ukraine conflict triggered significant supply disruptions and skyrocketing gas prices. By the first half of 2022, the average price of gasoline had risen by over 50%. In response to these escalating prices, several U.S. state governors, alongside the federal government, contemplated temporary suspensions of the gas tax to mitigate the impact of these high prices. A distinctive feature of gas prices is that the price at the pump includes both federal and state-level gas taxes. Any changes in the tax rate are immediately apparent to consumers.
Jo, Yoon Joo (2024). The Effect of Gas Tax Holidays on Inflation Expectations and Consumption. Mosbacher Institute for Trade, Economics & Public Policy. Available electronically from https://hdl.handle.net/1969.1/201279.
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