The federal tax would lower the cost of gasoline 18 cents per gallon, as well as the cost of diesel fuel by 24 cents a gallon. Local 5 asked Iowans who were filling up their tanks if that's enough.
"That helps for sure. It's a huge problem, but that helps," said Chad Kennedy of West Des Moines, who filled up on gas.
So how much help is that, exactly? Let's take a look.
One Local 5 reporter filled up their tank.
At a gas station in West Des Moines, four gallons of gas cost $20.02. If the tax holiday was in effect, you would've saved about 75 cents. That's almost 4% in savings. People who spoke to Local 5 were pretty supportive of the idea of a tax holiday, but some are hoping for a more long-term solution.
"It will certainly help many people in the short term, and I appreciate that, and I think it's probably the right thing to do, but at the at the end of the day we have to think about changing the way that we consume fossil fuels and moving towards something cleaner," said Margaret Lynch, who also filled up her tank.
Gas prices have been climbing steadily for a while. According to AAA, gas in Iowa averages about $4.70 a gallon as of June 22. Just a month prior, it was averaging $4.16. That increase is growing more and more frustrating for many.
"It keeps going up. It was worth $5 or more here. I work with guys in the east and west that are $6 plus, on the way to seven bucks. It's been going up, everybody pays and they're just not happy," Kennedy said.
It might not be comforting to Americans, but the gas crisis is actually a global problem. Countries like the United Kingdom, Switzerland, New Zealand and more are all seeing average gas prices above $8 a gallon.
And with no end in sight, drivers at home are hunkering down.
"They certainly do hit all of our budgets, but we have to realize that we're in a global crisis, we're all in it together. And I think paying a little bit more at the pump is just something that we have to do," Lynch said.
Separate from the potential gas tax holiday, Energy Secretary Jennifer Granholm is expected to meet with oil company executives on Thursday to help find other potential solutions to lowering gas prices across the country.