Gas still high in Austin as consumers get ready for summer travel

As travelers prepare to hit the road for summer vacations, gasoline prices are still sky-high and President Joe Biden is proposing a temporary break on federal gas taxes.

Economists are mixed on whether a gas tax holiday would really do much for the average American. But one thing is for sure – consumers who have no choice but to drive are feeling the pain.

Owners of the best-selling US vehicle, the Ford-150 pickup, are currently paying $ 157 more per month to fuel up at today’s $ 5 per gallon, as compared to 2021, when prices averaged $ 2.20 per gallon, according to a new report by the Federal Reserve Bank of Dallas.

“If prices climb higher, expect consumers to respond by cutting back on fuel consumption and overall spending sooner than later,” said Garrett Golding, senior business economist at the Dallas Fed.

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