Congresswoman Yvette Herrell (R-N.M.) this week introduced legislation to provide relief from skyrocketing gas prices. The Pausing Unrelenting Markups on Petroleum (PUMP) Act of 2021 would temporarily suspend collection of the 18.4 cent federal gas tax.
In April 2021, the Consumer Price Index saw its sharpest increase since September 2008. The price of staple goods rose by 4.2 percent, and monthly core inflation was the largest since 1981. Energy prices jumped 25 percent from the same month a year ago, and the cost of gasoline specifically increased 49.6 percent.
The PUMP Act would suspend the 18.4¢ federal excise tax on gasoline until all emergency health orders related to the COVID-19 pandemic are lifted or for 6 months after the date of enactment of the bill, whichever is longer.