Legislation recently introduced in the U.S. Senate would lower high gas prices by temporarily suspending the federal gas tax through Dec. 31.
A gallon of gas costs nearly $1 higher than it did a year ago, according to AAA. The Gas Prices Relief Act would suspend the 18.4 cents per gallon federal gas tax.
The bill also would require the Secretary of the Treasury to ensure oil and gas companies pass savings at the pump to consumers. The secretary would be authorized to take appropriate enforcement actions to ensure consumers see the savings.
Finally, the bill would require the Department of the Treasury to make general fund transfers to keep the Highway Trust Fund solvent.
U.S. Sens. Maggie Hassan (D-NH) and Mark Kelly (D-AZ) introduced the bill. It is co-sponsored by U.S. Sens. Catherine Cortez Masto (D-NV), Jackie Rosen (D-NV), Debbie Stabenow (D-MI), and Raphael Warnock (D-GA).
“People are feeling a real pinch on everyday goods, and we must do more to help address rising costs, particularly the price of gas,” Hassan said. “We need to continue to think creatively about how we can find new ways to bring down costs, and this bill would do exactly that, making a tangible difference for workers and families.”