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.
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