Political | Process

The Gas Prices Relief Act, which has co-sponsors in both chambers of Congress, “would alleviate the consumer cost of rising gas prices.

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• The governors went on to note that the bill “saves Americans at the pump by suspending the federal gas tax for the rest of the year.

• Money saved at the pump translates into dollars back in consumers’ pockets for groceries, childcare, rent, and more.”

• “At a time when people are directly impacted by rising prices on everyday goods, a federal gas tax holiday is a tool in the toolbox to reduce costs for Americans, and we urge you to give every consideration to this proposed legislation,” the Democrats, five of whom are up for reelection this year, continued.

• Funds collected by the gas tax go toward the Highway Trust Fund, which covers the majority of federal surface transportation spending.

• The legislation making its way through the House and Senate would allow the Treasury Department to recoup those losses with transfers from the general fund. The duty would remain lifted until Jan. 1, 2023.

• The governors also noted that President Joe Biden’s hard infrastructure legislation allocated $118 billion to the highway trust, essentially eliminating the possibility of the fund being emptied without the gas tax in place.

• Oil prices have been on the rise since last year amid soaring inflation and saw a sharp uptick in the wake of Russia’s military invasion of Ukraine.

• The national average of a gallon of gas rose nearly 80 cents from last month, up to $4.173 on Tuesday. Last year, the national average was $2.796. Tuesday’s high had not been passed since the summer of 2008. It surpassed that new record on Wednesday, when it reached $4.252.

• Biden ordered a ban on Russian oil imports Tuesday amid bipartisan calls to do so, including from Pelosi. The administration had hesitated on making such a move, arguing it would send already high fuel costs skyrocketing.