Energy

What that means for prices

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President Joe Biden called on Congress Wednesday to temporarily suspend the federal gas tax, as he tries to quell the rapid surge in prices at the pump. While experts say a suspension could provide some immediate relief, it could also keep demand elevated, thereby exacerbating tight supply.

Consumers are getting hit with higher prices everywhere, which has become a headache for the administration ahead of November’s midterm elections.

But the rise in fuel prices is perhaps the most noticeable strain on consumer pocketbooks — signs at corner gas bars across the country declare the bad news, the current price per gallon. The national average topped $5 per gallon for the first time ever



Source cnbc.com

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