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Biden wants Congress to give people a break on the federal gas tax for the summer. But economists say that won't translate into big savings at the pump — and could hurt efforts to curb inflation.
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Consumers are watching their pennies at the gas station and grocery store as consumer prices surged 8.6% in May, pushing the annual inflation rate to its highest in over 40 years.
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The annual inflation rate eased somewhat in April, but not enough to meaningfully reduce the burden on lower-income Americans.
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The decision comes as prices have spiked since the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.
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The threat of war between Russia and Ukraine is driving prices sharply higher, but there's more at play than just geopolitical tensions.
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Energy Department officials, state governors and local gas station attendants across the Southeast are pleading with motorists to stop hoarding gas as Colonial Pipeline works to restore operations.
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Last week, a streak of over 100 days of dropping gas prices came to an end. But just momentarily. Prices have continued to plummet to a national average…