With gas and diesel prices remaining high due to ongoing supply disruptions linked to the conflict in Iran and the Russia-Ukraine war, U.S. lawmakers are introducing various proposals to help consumers manage their budgets.
The average price for a gallon of regular unleaded gasoline has risen to approximately $4.48, up from $4.10 a month ago and $3.18 a year ago, while diesel prices have surged to about $6.53 per gallon.
In response, a bipartisan bill known as the Lowering Commuting Costs Act has been introduced, which would allow taxpayers to deduct up to $4,080 annually for commuting expenses, although this may not provide immediate relief for lower-income individuals. Additionally, Rep.
Andy Harris has proposed a temporary suspension of federal excise taxes on gasoline and diesel, potentially saving consumers about $2.76 per 15-gallon fill-up for gas and $3.66 for diesel. However, experts caution that such tax relief may not fully translate to consumer savings if demand increases.
Another approach being considered is restricting diesel exports to increase domestic supply, but analysts warn this could have unintended effects on global markets and overall fuel availability. The fate of these proposals remains uncertain as Congress reconvenes after the midterm elections