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Connecticut News

Federal gas tax bill would bring relief to Connecticut residents at the pump, not oil companies

pumping gasoline
Grant Hindsley
/
AP

U.S. Senator Richard Blumenthal of Connecticut announced a bill that would save residents hundreds of dollars a year at the gas pump. The rebate would come from revenue raised from huge oil companies and manufacturers, such as ExxonMobil.

“Right now, what they’re doing with this extra money is paying dividends, increasing CEO salaries and that helps consumers not one bit," Blumenthal said.

Under the bill, revenue raised from the companies would be returned to consumers every quarter. Single tax filers who earn more than $75,000 would receive nearly $240 each year and joint filers who earn more than $150,000 would receive close to $360.

Blumenthal said residents should not have to suffer from the price increases due to the Russia-Ukraine conflict.

“Consumers have been hit hard,” Blumenthal said. “In fact, many of them are being price-gouged as a result of the Putin invasion. And this increase in prices is really Putin’s price increase.”  

The average price for a regular gallon of gas in Connecticut is $4.48, and approaching $5 on Long Island, according to AAA Northeast. The national average stands at $4.33.