States waive taxes as gas prices rise

Amid rising gas and diesel prices linked to the war in Iran, several U.S. states are implementing fuel tax relief measures. Ohio has passed a 90-day gas tax holiday, suspending gasoline and diesel taxes and tapping into its general fund, while other states like Georgia, Indiana, Utah, and Illinois have enacted temporary tax reductions or suspensions. These actions aim to provide relief to consumers facing record-high fuel costs, which have increased roughly 50% since the conflict began. However, the impact on retail prices may be delayed due to fluctuations in wholesale costs and billing complexities.

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