BELOW SUPERNAV drop zone ⇩

Governors push for federal pause on gas tax

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

ovp test

mLife Diagnostics LLC: Oral Fluid Drug Testing

Male shot by female at Shreveport apartment

Class to create biodiverse backyard

Rules for outbursts at Caddo School Board Meeting

Testing widget old system

Lorenzo shared

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

(NewsNation) — Some state governors are calling for a federal pause on the gas tax amid the nationwide gas hike.

Six state governors, including Wisconsin, Minnesota, New Mexico, Colorado and others call for a federal gas tax holiday to help save hard-working Americans money at the gas pump.

As of Thursday, the national gas average hit a record high of $4.32 per gallon and that number is climbing; forcing people to make concessions.

This comes as President Joe Biden announced a ban on Russian oil imports this week, in retaliation for Russia’s invasion of Ukraine.

Prices at the pump were rising long before Russia invaded Ukraine and have spiraled faster since the start of the war. The U.S. national average for a gallon of gasoline soared cents in the past week, according to auto club AAA.

“I’m combining everything and making sure I do everything in one trip,” said Indiana resident Lorraine Smith.

In a joint letter to Congress, the governors write, “At a time which 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 bill, now sitting in the hands of the U.S. House and Senate, would put a pause on the 18.4 cents of federal gas tax per every gallon through 2022.

The pause would not impact roads and infrastructure, which is what this tax is used for. Instead, the money would be taken from the Treasury Department.

However, critics, like energy expert Joshua Rhodes say ultimately, much more changes are needed.

“I think 18 cents a gallon will put us back to two weeks ago,” he said.

Rhodes says electrifying transportation is vital and the time is now.

Rhodes also says as the demand increases for electric cars, those prices will come down to buy them and we will also begin to see more on the secondary, used car market.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Cloudy

la

64°F Cloudy Feels like 64°
Wind
1 mph E
Humidity
80%
Sunrise
Sunset

Tonight

Partly to mostly cloudy. Low 61F. Winds light and variable.
61°F Partly to mostly cloudy. Low 61F. Winds light and variable.
Wind
6 mph W
Precip
8%
Sunset
Moon Phase
Waning Gibbous