Could gas tax suspension ease pump prices?
There are burdens on all aspects of the oil supply chain, which factors in driving prices up, says a senior editor at Crain’s Detroit Business.
Gas prices have been rising for some time, and are now skyrocketing as a result of Russia’s invasion of Ukraine and the implementation of sanctions. To help ease the burden on Americans paying the price, public officials are starting to talk about suspending gas taxes.
There are calls on Congress to save drivers about 18 cents per gallon by implementing a federal gas tax holiday, and there’s legislation in Lansing to suspend Michigan’s gas tax. Michigan Governor Gretchen Whitmer has indicated she would likely veto that legislation.
“There’s a whole bunch of global factors that are changing and driving the price of a barrel of oil right now,” — Chad Livengood, senior editor for politics and policy at Crain’s Detroit Business.
Listen: How Michiganders are responding to rising gas prices.
Guest
Chad Livengood is the senior editor for politics and policy at Crain’s Detroit Business. He says a plurality of variables increasing oil prices, including less oil being drilled by the Organization of the Petroleum Exporting Countries (OPEC) and the economic sanctions on Russia.
“There’s a whole bunch of global factors that are changing and driving the price of a barrel of oil right now,” says Livengood.
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