Investors - MAY 1, 2017

Trump says he’s open to raising gasoline tax to fund infrastructure

by Andrea Waitrovich

President Donald Trump announced that he is willing to raise the taxes on gasoline to pay for infrastructure improvements in an interview with Bloomberg News.

“It’s something that I would certainly consider,” Trump told the news agency.

The current federal levy is 18.4 cents a gallon on retail gasoline and 24.4 cents a gallon for diesel, according to the Energy Information Administration. The average state tax on the fuel was 27.3 cents as of Jan. 1.

Gasoline prices have remained relatively low in recent years amid a nearly three-year downturn in the cost of crude oil, the raw material for most fuels. The average price at the pump in the United States on May 1 was $2.371, up about 15 cents from a year ago, according to CNBC.

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