US Republicans Weigh Diesel Export Ban, Fuel-Tax Holiday as Diesel Hits Record $6.51 a Gallon
Summary
- A report said US diesel prices hit a record $6.51 a gallon.
- It said Republican lawmakers are discussing a diesel export ban and a temporary fuel-tax holiday as options to stabilize prices.
- It added that tight pre-election legislative timing and the lack of any planned Senate vote are key constraints on passing such measures.
Forecast Trend Report by Period
US diesel prices have hit a record $6.51 a gallon, leading Republican lawmakers to weigh steps including a diesel export ban and a temporary fuel-tax holiday.
Walter Bloomberg, citing The Wall Street Journal, reported on September 21 that Republican lawmakers are discussing ways to stabilize prices ahead of the midterm elections as surging fuel costs burden consumers and farmers. The US average diesel price rose to $6.51 from $3.70 a year earlier.
Still, the window for passing any such measure is limited. The House has already adjourned, and the Senate has only two weeks left in session before the election. No Senate votes are currently scheduled on either a fuel-tax holiday or a halt to diesel exports.
Republican lawmakers have pointed to energy-supply disruptions stemming from the Iran war as a key cause of the price surge. That has also prompted views that domestic US policy alone has limited ability to lower fuel prices in the short term.
JH Kim
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