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As gas prices climb, Congress is debating proposals designed to help you keep more of your money when you fill up your vehicle. If implemented, a proposal might provide valuable financial relief at a time when Americans are not only dealing with elevated gas prices, but also high heating, housing, and food costs that are driving up the cost of living. Several ideas have been presented, and would let Congress address the gas costs in different ways.
Here are the ideas that have been presented so far and how they might affect your budget.
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The current gas and diesel prices
According to AAA, the national average for a gallon of regular gasoline was $4.33 as of October 16. That's an increase of more than $1.20 compared to the average price of $3.06 a year ago.
Diesel prices are also elevated; AAA reports that the average price for a gallon of diesel was $6.33 as of October 16. That's a steep increase compared to the average price of $3.65 from one year ago.
The conflict in the Middle East has disrupted global refining and field supplies. Crude oil prices are elevated, causing the surge in gas and diesel prices.
The Harris gas-tax suspension bill
In an attempt to provide Americans with some financial relief from the elevated prices, Representative Andy Harris introduced a bill on September 15. The bill would temporarily suspend the federal excise tax on gasoline and diesel to help reduce their costs. According to the U.S. Energy Information Administration, consumers pay 18.4 cents in federal taxes and fees on every gallon of gas. Taxes and fees on a gallon of diesel total 24.4 cents.
By suspending the federal excise tax through December 31, the proposal might help Americans save on every fill-up by reducing the overall cost of gasoline and diesel. For example, a consumer who purchased 15 gallons of gas could save $2.76 per fill-up.
Drawbacks to the bill
But it's also possible that the financial relief might not get to consumers. If consumers see the lower prices and react by buying more gas and increasing demand, the pre-tax price of gas might climb in response to the demand, negating any savings that consumers might see from the tax suspension.
The bill's progress has stalled, in part because it doesn't include a reimbursement mechanism to replenish the revenue that would be lost by suspending the taxes.
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The Lowering Commuting Costs Act
Another proposal, the Lowering Commuting Costs Act, takes a different approach. The bipartisan bill was sponsored by Representatives Laura Gillen, Jeff Van Drew, and Tom Kean Jr.
The bill would create a tax deduction for commuting expenses, such as public transit and tolls, and consumers could deduct expenses of up to $340 per month or $4,080 per year. Taxpayers wouldn't have to itemize their deductions to claim this tax deduction, and it could provide some financial relief by helping reduce taxpayers' tax burdens.
Drawbacks to the Lowering Commuting Costs Act
The bill would only apply to expenses incurred after December 31, and though it may provide Americans with a financial break during tax season, it could be months before that financial relief comes. Additionally, lower-income Americans might not see much financial relief from the bill, since they may not have much or any taxable income to benefit from the deduction.
The Burchett diesel-export restriction bills
Representative Tim Burchett has introduced two bills designed to lower prices by restricting U.S. diesel exports. The bills operate on the theory that keeping more of the U.S.-produced diesel in the country may increase the available supply and cause prices to drop.
One of Burchett's bills would prohibit U.S. diesel exports through January 2027. The other bill would take a longer-reaching approach of automatically triggering a diesel export ban if the national average price of diesel reaches $5 per gallon for 14 days. If the national average remains at or below $4.50 for 30 consecutive days, the bill would allow exports to resume.
Drawbacks to the export bans
Experts say the export bans might have unintended consequences. Though it's possible that such a ban might temporarily lower diesel prices, refineries might reduce their runs over time, causing the cost of other products, including gasoline, to increase.
Bottom line
These proposals were introduced before the midterms, and voters cite affordability as being a major current concern. Congress may consider the proposals once they return after the midterms, but there's no clear indication of whether any of the proposals stand a strong chance of passing. None of the proposals are perfect, and each has a trade-off, but the proposals may still help Americans save.
As gas prices remain elevated, smart shopping may help you save. If you have a warehouse club subscription, consider filling up when you shop to save. Signing up for a gas station's credit card may also allow you to take advantage of a discount and keep more cash in your wallet, but make sure you're able to pay off the balance in full each month to avoid paying interest.
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