Will the IRS Change the Standard Mileage Rate For Rising Gas Prices?

As gas prices exceed $4 a gallon (and over $7 a gallon in parts of California due to high excise taxes), it’s possible the IRS will raise the standard mileage rate for business and medical purposes.

My guess is yes. There is history of IRS midyear changes to the standard mileage rate:

 2022: The IRS increased the standard mileage rate for business expenses from 58.5 cents per mile to 62.5 cents per mile for miles driven on or after July 1, 2022. The rate for medical and moving purposes increased from 18 cents to 22 cents per mile.

 2011: The IRS raised the business mileage rate from 51 cents to 55.5 cents per and the medical/moving rate increased to 23.5 cents per  mile effective July 1, 2011 due to increased fuel prices.

 2008: The rate was increased from 50.5 cents to 58.5 cents per mile starting July 1, 2008, through the end of 2008. The Medical and Moving Rates increased to 27 cents per mile (up from 19 cents).