"Suspending the 18.3 cent-per-gallon gas tax and 24.3 cent diesel tax would bring some relief to consumers. However, it wouldn't come close to offsetting the nearly $1.50-per-gallon gas price jump since the war started."
"In late April, when gasoline prices were lower but still well above $4, the Bipartisan Policy Center estimated that suspending the tax would cut retail prices by 9%-14% per gallon."
"The respected energy consultancy Rapidan Energy Group sees 25% odds that Congress takes the leap. Those odds will rise the longer the disruption persists and the more prices climb."
Gas prices in the U.S. have surged to an average of $4.46 per gallon, with further increases expected. Suspending the gas tax of 18.3 cents per gallon and the diesel tax of 24.3 cents could provide some relief, potentially reducing prices by 9%-14%. However, this would not fully offset the significant price increases since the onset of the war. High-profile politicians are advocating for this suspension, and there is a 25% chance Congress may approve it as prices continue to rise.
Read at Axios
Unable to calculate read time
Collection
[
|
...
]