AUDIO: New federal legislation looks to suspend federal gas tax

by Adnan Alam
  • Slug: New gas price legislation
  • Runtime: 1:04
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GAS PRICES ARE UP NEARLY 4 CENTS FROM LAST WEEK IN ARIZONA  ACCORDING TO GASBUDDY’S FUEL INSIGHT. AND EXPERTS EXPECT PRICES TO RISE TO $4 PER GALLON BY APRIL IN THE U-S. CRONKITE NEWS’ THALIA LOPEZ REPORTS ON WHAT SOME DEMOCRATIC SENATORS ARE PROPOSING: 

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DEMOCRATIC SENATORS MARK KELLY OF ARIZONA AND MAGGIE HASSAN OF NEW HAMPSHIRE WANT TO SUSPEND THE FEDERAL GAS TAX FOR THE REMAINDER OF THE YEAR TO ADDRESS RISING GAS PRICES. THE BILL ANNOUNCED WEDNESDAY COULD PROVE POPULAR DURING AN ELECTION YEAR WHERE THE NATIONAL GAS PRICE AVERAGE IS ABOUT $3.45 A GALLON. ALDO VASQUEZ WITH TRIPLEA-ARIZONA SAYS THERE’S A LOT DRIVING UP PRICES AT THE PUMP. 

AV: “There’s three issues, one, it’s winter weather. It’s the issues going on around the globe, predominantly with Russia.  And then just the fact that the supply of crude oil that we have just hasn’t really caught up to  pre-pandemic levels” 

HOST: THE FEDERAL GAS TAX HAS REMAINED AT 18.4 CENTS PER GALLON SINCE 1993. THE TAX REVENUE IS PLACED IN A TRUST FUND CREATED FOR HIGHWAY CONSTRUCTION AND PUBLIC TRANSIT. THE FEDERAL BILL PROPOSES THAT THE TREASURY DEPARTMENT TRANSFER GENERAL FUNDS INTO THE TRUST FUND TO MAKE UP FOR LOST TAX REVENUE AND TO ENSURE OIL AND GAS COMPANIES ARE PASSING ALONG THE SAVINGS TO CONSUMERS. 

THALIA LOPEZ, CRONKITE NEWS.