Maine Senator Angus King Shares His Thoughts on Proposed Gas Tax Holiday
It's no surprise that rising inflation along with the costs of everyday goods going through the roof (isn't that the same thing?) is really starting to effect Mainers far and wide.
The Federal Reserve has already increased the interest rate to try and combat rising inflation, though that hasn't been in effect long enough to have much of an impact.
Now, the Biden administration wants to suspend the federal gas tax for a few months. How much would this actually help when gas priced are soaring over $5 a gallon nationally? Well, experts say we could expect to save about 18 cents a gallon.
However, some people, Maine Senator Angus King included, think that the big oil companies would just upcharge the gas even more to recoup that 18 cents that the government won't be getting.
Biden is also urging leaders at the state level to consider a holiday on the state gas tax as well. All of this in an effort to help ease the pain in the wallets that millions of Americans are feeling across the country.
As we previously mentioned in this article, Maine Independent Senator, Angus King, is somewhat skeptical that a temporary elimination of the federal gas tax will actually do any good.
King told WGME 13,
”I’m skeptical about this solution. The better solution is to work with the oil and particularly the refining companies. That’s where the problem seems to be the spread between the price of a barrel of oil, and the price of a gallon of gasoline has, I don’t think, ever been higher."