Gas prices are at their highest national average since fall 2014. In the past 12 months, gas prices in New Mexico have risen by a staggering 66%. Families are paying nearly $ 3 a gallon, and experts don’t expect any relief anytime soon. Something has to change, and that’s why I propose cutting taxes for Americans by $ 18.4 billion.
Even if the situation in the Colonial pipeline is resolved and gas returns to stations across the country, prices will remain at stifling levels as the rise in gas prices was evident even before Colonial closed. This is only exacerbated by our state government’s restrictive ordinances that shut down small businesses and made many of my constituents unemployed. The new Mexicans aren’t the only ones feeling the effects of an overly constrained economy due to the COVID-19 pandemic. With soaring inflation, Washington’s household budgets are overwhelmed and underrepresented. Our economic recovery is being held back in part by excessive government unemployment benefits and cumbersome COVID restrictions that still apply across the country. It is of the utmost importance that the federal government get out of the way and ease the ever-increasing burden on Americans during these troubled times.
It is for this reason that I enacted laws to halt relentless oil surcharges to meet the needs of New Mexicans and Americans afflicted by a troubled economy and high fuel prices. The Pausing Unrelenting Markups on Petroleum (PUMP) Act of 2021 will suspend federal excise tax of 18.4 cents on gasoline until all emergency ordinances related to the COVID-19 pandemic are repealed or for six months after the bill goes into effect. whatever is longer. Americans will save about 18 cents for every gallon of gas they buy, so they can spend that saved money on more important things like bills or prescriptions. These savings will not only benefit American families, but our troubled economy as well.
Unfortunately, the difficulties we face in New Mexico with restrictive government regulations are a reality for many other Americans. I hope this legislation will alleviate these problems by allowing them to spend their hard earned money the way they want. My goal is to kickstart the economy and bring it back to the levels we saw during the Trump administration. Additionally, our seniors shouldn’t have to make the decision to refuel their vehicle or pay for their prescription medication. Single mothers shouldn’t have to make the difficult decision of putting food on the table for their children or fueling their car to go to work.
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US MP Yvette Herrell is an alternate member of the Energy and Mineral Resources Subcommittee of the Natural Resources Committee and also serves on the Supervisory and Reform Committee.