Gas still high in Austin as consumers gear up for summer travel

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

Economists disagree about whether gas tax breaks really do much for the average American. But one thing is certain – consumers who have no choice but to drive are in pain.

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

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

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