Will Gas Prices Rise Again - Yup! Here’s Why

Could gas prices get any higher? Yes, they can and it is expected that gas and diesel prices will continue to increase. Federal officials are looking for ways to reduce pain at the pump as gas and diesel prices continue to soar. As Americans get ready for a busy July 4th and summer vacation travel, all drivers need some relief at the pump. President Biden has asked Congress to place a 3-month pause on the federal gasoline and diesel taxes.The 18.4-cent federal gas tax, which helps fund infrastructure work, could be dropped if congress votes to approve it. This money is just a small amount of what consumers pay for a gallon of gas and that is often eclipsed by state gas taxes which are typically much higher. This 3-month pause would also reduce diesel by 24.4-cent per gallon. Even if both taxes are dropped, gasoline prices will not dip below $4 per gallon.

Congressmen on both sides are not likely to agree on this and reject the White House effort to suspend the federal gasoline tax. Why would they do this to us? But there is more to this than what’s on the surface. Even if you don’t own a gasoline powered vehicle, you are going to pay the price as goods are constantly being transported by gas powered vehicles. Everything’s about to get more expensive.

We'll also take a look at what's happening with the global oil market, and what that could mean for the future of gas prices.

0:00 Intro
1:35 Average Price of a Gallon
2:56 But Why?
4:02 Russia Oil Production

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