"“It's unlikely that oil prices, gasoline prices, diesel prices are going to fall back to where they were in February any time in the next couple months,” says Clark Williams-Derry, an analyst at the Institute for Energy Economics and Financial Analysis."
"“The average price of gasoline across the country was $4.53 per gallon as of Thursday, up from $4.12 a month ago, and $3.18 last year, according to AAA. That includes the federal gas tax, which is a little over 18 cents a gallon. Trump can't suspend the gas tax on his own-it would take an act of Congress.”"
"“Even if the tax is suspended for the summer, drivers wouldn't necessarily see much in the way of savings. Prices at the pump are decided by a number of different factors, from refining costs to the costs to operate gas stations. The price of oil has also fluctuated wildly, with Brent crude-a key benchmark-rising to an all-time high of $144 per barrel on the night of April 7, when Trump and the Iranian government brokered a 2-week ceasefire.”"
Gas prices remain high nationwide, prompting proposals to suspend the federal fuel tax for a temporary period. The federal gas tax is a little over 18 cents per gallon and cannot be suspended by the president alone, requiring congressional action. Gasoline prices at the pump depend on multiple factors beyond the tax, including refining costs and the operating costs of gas stations. Oil prices have also been volatile, with Brent crude rising sharply around early April and later easing but staying elevated. Even if the tax were lifted for summer travel, drivers may not see substantial savings because overall gasoline and diesel prices are unlikely to drop quickly.
Read at WIRED
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