As the White House continues to focus on fuel price relief, President Biden called on Congress to temporarily suspend federal gas and diesel taxes for three months. The move would alleviate just over $0.18/gallon on the price of gasoline and $0.24/gallon on the cost of diesel. Data shows that sales at U.S. stations have been down for 14 weeks straight, last week down 8.2% compared to the prior year.
The timeframe follows the surging fuel prices typically seen during summer with increased demand and travel. However, the Biden Administration has acknowledged the federal tax provides a significant source of infrastructure funding.
Featured
-
Farm Groups Urge Congress to Protect Crop Insurance from Budget CutsFebruary 1, 2023
-
Beef Profit Margins NarrowFebruary 2, 2023
-
Ag Chemicals Under Scrutiny with Updated EPA RulingJanuary 30, 2023
-
Cutting Costs through ConservationJanuary 30, 2023
-
Study Proves African Swine Fever Can Spread through Artificial InseminationJanuary 30, 2023