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President Joe Biden proposed a federal gas tax holiday on Wednesday as gas prices hover around record highs nationally, in a move that would provide some immediate relief to consumers—though some caveats may not be a cure. -Everyone wants Biden.

Key Facts

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Biden called on Congress to pass a three-month federal gas tax holiday, which would suspend federal taxes on gas during this period.

That would make gas 18 cents a gallon and diesel 24 cents cheaper.

The offer actually comes because prices are going down a bit: the national average price per gallon of gas is $4.955 Wednesday, according For the American Automobile Association, a slight drop from its peak of $5.016 last Tuesday, but still a sharp increase from a year ago, when it averaged $3.069 per gallon.

Despite the possibility of the holiday providing some quick relief at the pump, it could further contribute to inflation by providing indirect incentives to consumers, said Haverford College economist Carola Binder. Told NPR, arguing that it “could lead to more inflationary pressures elsewhere.”