What that means for prices


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


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