On highway diesel fuel prices

- A + A WASHINGTON (June 22): US President Joe Biden on Wednesday called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices and provide temporary relief for American families this summer. "We can bring down the price of gas and give families just a little bit of relief," Biden said in a White House address. The president also urged States to temporarily suspend State fuel taxes, which are often higher than federal rates, the official said, and will challenge major oil companies to bring ideas on how to bring back idled refining capacity when they meet with his energy secretary on Thursday. Biden and his advisers have been discussing the issue for months amid increasing pressure to act as record-high gas prices weigh down the president's poll ratings and cast a dark cloud over Democrats' chances of retaining congressional power in November's elections. A suspension of the 18.4 cents per gallon federal … [Read more...] about Biden asks Congress to pause gas tax to help lower record pump prices

Share to Twitter Share to Linkedin Is too much inflation crushing your summer vacation plans? President Joe Biden has a holiday for you — at the gas pump. Biden is set to request from Congress a three-month, emergency relaxation of the federal tax on gasoline. By removing that tax of 18.4 cents per gallon, and right before the July 4th peak of driving season, Biden hopes to be credited for saving you three or four bucks every time you fill up. It’s not a huge savings. The federal gas tax hasn’t changed since 1993 and is not indexed for inflation. Still, according to the Congressional Budget Office, it brings in $45 billion a year, which covers nearly all the $47 billion last year in federal highway spending. As Energy Secretary Jennifer Granholm said on CNN, “Part of the challenge with the gas tax, of course, is that it funds the roads.” Ultimately, Congress will have to find another pocket to dig in to replace the $10 billion or so in highway funding. The … [Read more...] about Why Biden’s Federal Gas Tax Holiday Would Be Bad For America

Gas taxes are excise taxes that you pay when you fill up your car with gas. The federal government and all 50 U.S. states impose gas taxes, with much of the revenue raised going toward fixing highways and other infrastructure projects. State gas taxes range from just under 9 cents per gallon in Alaska to nearly 59 cents per gallon in California, though some states charge based on the amount spent rather than the volume of fuel purchased. Key Takeaways Federal and state governments levy gas taxes to help pay for road infrastructure projects. The average state gas tax is about 31 cents a gallon, though they range from less than 9 cents to nearly 59 cents a gallon. Gas taxes have not kept pace with road maintenance costs, leading some states to legislate increases tied to inflation and many to adopt variable rates. How Have State Gas Taxes Evolved? History of gas taxes U.S. states have levied gas taxes since the early days of automobile travel. In 1919, … [Read more...] about Gas Taxes and What You Need To Know