Here are your FOX Business Flash top headlines for March 18.
The price of gasoline continued moving lower over the weekend after setting a record high a week ago, but despite the efforts of some lawmakers to ease the pain at the pump, any signs of longer-term relief are very hard to find.
The average price for a gallon of gasoline in the U.S. slipped on Sunday to $4.252, according to the latest numbers from AAA. The price on Sunday was $4.255.
The previous record high was $4.33, set on March 11.
GAS PRICES SPENT WEEKEND LOWER
Several lawmakers made moves last Friday to lessen the pinch on consumers’ wallets caused by the rise in gas prices.
In Michigan, Gov. Gretchen Whitmer proposed temporarily freezing Michigan’s 6% sales tax on gasoline and diesel fuel as a way to lower high pump prices and keep intact road and bridge funding.
Gas prices dropped slightly from $4.255 Sunday to $4.252 early Monday morning, according to AAA.
The Democratic governor’s statement came as she told legislators she would veto Republicans’ attempt to suspend for six months a different tax at the pump — the 27.2-cents-per-gallon gas and diesel levy.
In Maryland, Gov. Larry Hogan, a Republican, immediately put a 30-day suspension of the state’s gas tax into effect in response to skyrocketing prices.
A person pumps gasoline into their car. (iStock / iStock)
The Maryland law applies to the state’s 36-cents-a-gallon tax for gasoline. A driver of a vehicle with a 12-gallon tank will save about $4.32 a fill-up. It also applies to the state’s tax on diesel fuel, which is nearly 37 cents.
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Hogan described it as a bipartisan effort to provide some relief to Marylanders because of gas prices that could go up even higher after the country cut off Russian oil imports in response to the war in Ukraine.
In Georgia, Republican Gov. Brian Kemp signed into law a bill calling for suspending Georgia’s motor fuel tax through the end of May.
Lawmakers in both chambers of the General Assembly approved House Bill 304 without opposition, in an attempt to give drivers a break from high gas prices.
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Georgia’s gasoline price includes a federal tax of 18.4 cents per gallon and a state tax of 29.1 cents per gallon. A number of cities and counties also charge taxes. Federal taxes on diesel fuel are 24.4 cents per gallon, while Georgia’s tax on diesel is 32.6 cents per gallon. The measure would also abate Georgia’s taxes on aviation gasoline, liquefied petroleum gas and other fuels including compressed natural gas.
FOX Business’ Ken Martin and The Associated Press contributed to this report.
