Georgia’s governor declared a legal emergency over high gas prices Tuesday morning, signing an executive order to suspend state-level taxes on gasoline and diesel fuel. The suspension of the 31.2 cent per gallon taxes (35 for diesel) lasts through Oct. 12, and follows a previous suspension which lasted from March 2022 to January 2023. The […]
Tag: Gas Prices
Gas prices in the United States have been drastically on the rise since the Russian invasion of Ukraine, with no signs of stopping in sight. In the last week, the national average has increased by 15 cents, reaching a record of $4.48 a gallon. In the last month the prices have gone up an average of 40 cents, and 27% total since the start of the war. Now experts say the record-breaking prices could soon reach $5 a gallon in most places.
Following a major spike in oil prices in the United States caused by a ban on Russian oil imports, President Biden has now announced he will be releasing a huge historic oil reserve to reduce gas prices. The price of gas has been on the rise, averaging about $4.23 a gallon currently compared to $2.87 at the same time last year. However, after Biden banned Russian oil imports in retaliation for Russia’s invasion of Ukraine, the price rose significantly.
On Tuesday March 8th, President Biden announced that he was putting in place a ban on imports of Russian oil and other energy. Despite acknowledging that this ban would cause a rise in domestic oil prices for the U.S., Biden announced the ban as retaliation for Russia’s invasion of Ukraine. However, there is conflicting opinion on what the true cause of the price spike is, and when it really started.