With the national average for a gallon of gas hovering around $5, President Biden has called for a temporary suspension of the federal gas tax.
Demand for petroleum products has bounced back as global economies reopen, while supply has remained constrained. A lack of refining capacity has also sent prices higher.
Prices are rising across the board with inflation at a 40-year high, but the surge in gasoline prices is especially notable. The national average for a gallon of tax topped $5 for the first time on record earlier this month. Last week, he sent a letter to the CEOs of the largest refining companies urging them to increase output. Industry executives say even if they wanted to boost operations, they can't due to labor shortages and other issues.
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