Gasoline prices drop in the U.S. amid plans for tax breaks

Gasoline prices drop in the U.S. amid plans for tax breaks
Photo by Jonathan Kemper / Unsplash

President Biden plans to repeal the federal gasoline tax, which should help consumers cope with rising prices. A gallon of fuel has cost more than $5 in recent weeks.

U.S. gasoline futures have already retreated from their highs by 13%.  This is the biggest series of losses since April. The price decline has accelerated on the back of falling oil.

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