WWhile the price of a gallon of gas has fallen from the highs of the previous month, a number of people across United States of America They are still upset by the rising cost of living.
According to AAA, nationwide Average gas prices It currently stands at $4.67, which is just below the previous high of just under $5.
The decline came despite an increase in travel driven largely by the July 4th weekend and general summer travel.
Legislation to ease the burden
Democratic Representatives ru Khanna And the Sheldon Whitehouseboth from California have proposed an initiative to ease the burden on residents.
Their initiative will make big oil companies like Exxon Mobile pay a barrel tax equal to 50 percent of the difference between the current price per barrel and the pre-pandemic average price per barrel between 2015 and 2019.
Tax revenue earned from the initiative will provide rebates for those with incomes less than $75,000 or $150,000 for those who apply jointly.
Representative of “This is a bill to reduce gas prices and hold the major oil companies to account.” Khana He said in a press release.
“While the Russian invasion of Ukraine has driven up gas prices, fossil fuel companies are reaping record profits. These companies have made billions and used the profits to enrich their shareholders while ordinary Americans are hurting at the pump.”
“While the United States is severing economic ties with Putin to protect our national security, I am committed to doing everything in my power to limit the repercussions for Rhode Islanders who were already under pressure before this happened,” White House added.
Bill faces resistance
Several representatives from both the Republican and Democratic parties opposed the bill, with a prominent economist Mark Zandiwho was an advisor to John McCainThe 2008 presidential election campaign, which states that companies are unlikely to expand their capabilities if such a measure is implemented.
“You want the energy companies to invest in more supply and put more rigs in the ground. They’re doing it because they can make money,” Zande He told CNN.
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