National gas prices averaged $4.96 per gallon on Tuesday, according to AAA. Some observers worry that Americans are cruising to $6 gas by summer’s end.
President Joe Biden wants a three-month pause on the federal taxes layered into gasoline and diesel purchases to help drivers pay for gas.
With a suspension, “we can bring down the price of gas and give families just a little bit of relief,” Biden said. Biden reiterated that the blame for the price surge falls on Russian President Vladimir Putin, with the Russian invasion of Ukraine roiling global oil markets. Price averages have popped by almost $2 since the invasion, Biden said, noting that Americans still faced a cost in the fighting that raged thousands of miles away.
When Maryland paused its 36.1-cents-per-gallon tax from mid-March to mid-April, 72% of the tax savings were passed along to drivers in the form of lower costs, according to researchers at the Penn Wharton Budget Model. That came to a reduction of 26 cents per gallon for Maryland drivers. Connecticut’s own 25-cent gas tax pause, which began on April 1, is scheduled to end after June 30. So far, drivers in the Nutmeg State have seen between 71% and 87% of the tax savings passed along, researchers said. That’s a range between 17.9 cents per gallon and 21.7 cents per gallon, the researchers said.
In early March, Penn Wharton Budget Model researchers estimated any federal gas tax halt could reduce a person’s average spending on gas between $16 and $47 in the cumulative span from March to December 2022, depending on various factors.
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