You can see different perspectives on the day's top stories and debates. Brian Sozzi reports on the YF chart. Consumers are already dealing with higher costs at the pump after a year of rapid inflation, and gas prices have soared since the beginning of Russia's invasion of Ukraine. The US banned Russian oil imports last week and the Biden administration has been exploring ways to make up for it. The president can't do much to reduce gas prices in the short term. Despite Republican calls to ramp up drilling in the U.S., economists say the limitations on domestic production are mostly market-driven and that it would take months for new wells to start producing enough oil to affect supply levels. Green energy solutions championed by many Democrats are seen as a long-term means of decreasing dependence on oil rather than a viable substitute in the immediate future. With limited options for addressing the underlying supply issues, lawmakers have proposed a variety of potential ways to help Americans. Maryland's governor and state Legislature have agreed to a temporary suspension of state gas taxes, an idea that has been pitched in several other states and at the federal level. The idea of a tax rebate was floated by the governor of California to help people with high fuel costs. A new system of regularStimulus checks funded by a steep tax on oil company profits was proposed by some progressive Democrats. Each proposal has supporters and detractors. The general agreement was that any of them would mostly help along the margins but that real relief for consumers wouldn't come until gas prices drop. The logic behind a gas tax holiday is simple: If you don't add taxes on top of the costs, gas will be cheaper. State taxes range from 17 cents to 51 cents per gallon, while the federal gas tax is 18 cents per gallon. Skeptics say it's not certain that the savings will be passed onto consumers. There are concerns that a tax holiday would deplete funding for critical government programs. The best way to ensure that money goes to the people hardest hit by rising gas prices is through a directStimulus, either through rebates or checks funded by taxing oil company profits. Skeptics say that disincentivizing investment in oil production will make the supply shortage last longer. Some environmentalists argue that each of the ideas represents a step back from the ultimate goal of ending reliance on fossil fuels. The best way to help Americans deal with high gas prices is to limit how much they drive in the first place. With so much uncertainty surrounding the oil supply chain, experts are hesitant to make predictions about gas prices. Many factors, including the possibility of peace in Ukraine or another major wave of carbon dioxide, could bring fuel costs back down. A gas tax holiday is the only realistic way to lower prices. If the fossil fuel companies could somehow get Putin to end his war in Ukraine, bringing about an end to sanctions against Russia, which would free that country's ability to sell crude oil, Big Oil needs to get moving. Gas prices are determined by the global cost of crude oil because they don't have that ability. What is doable? The Boston Herald editorial said that the gas tax should be suspended. The nation's long-term goals rely on funds from gas taxes. The federal gas tax is a critical policy that Congress should bolster, not undermine. One side effect would be more driving and more wear and tear on the nation's infrastructure. There would be more greenhouse gases in the atmosphere. Curbing corporate greed will help keep prices down. Why are gas prices going up? Oil companies are engaged in profiteering. Big Oil revenues surge as working-class Americans struggle to pay at the pump. Taxing profits would make price spikes even worse. Imposing new taxes on oil companies increases their costs, which is a textbook recipe for a decrease in supply. When supply decreases, prices go up even more. Tax refunds could help Americans deal with rising costs for everything. A tax rebate is a good idea, but must be applied broadly so that it helps all Californians who are struggling. Everyone should be able to get behind the gas and groceries rebate. Send people money and keep it simple. Families need help now. Direct payments through the IRS are the fastest and most effective way to protect vulnerable citizens from the impacts of global economic instability. High gas prices are good. Higher prices at the pump encourage people to drive less and buy more electric and fuel efficient cars. Reducing greenhouse gas emissions is one of the state's highest priorities. The price we pay for the impact of climate change is much higher than the costs at service stations. Lawmakers should pay attention to the demand side of the equation. Demand needs to come down. Reducing speed limits on highways, asking consumers to turn down their thermostats, and encouraging the use of public transportation are some of the simple measures that can be taken. Democrats should not force through bad policies because of political pressure. Therapists advise against making major decisions when you are emotional. Rick Newman of Yahoo Finance said that Democrats should stop suggesting ways to lower gasoline prices. There are no quick fixes. Democrats scrambling for a quick fix like a gas tax holiday are out of luck. The biggest issue is not the domestic supply of oil or the taxes being paid. The U.S. has only encouraged as an automobile-centered society how much Americans love and expect cheap gas. The government needs to do everything it can to get people to ditch their cars. A federal program for gas-guzzlers would be just one piece of the urgent, necessary work of decentering automobiles from American life. Is there a topic that you would like to see covered in The 360? Send your suggestions to the360@yahoonews.com The photo illustration is from Yahoo News and the photos are from the Los Angeles Daily News. The data shows that Will Chase/AxiosQ-identification is higher among Latinos than white or Black American adults. Get market news that is relevant to you. Latino adults said they were members of the LGBTQ community at a higher rate than non-Latinos. Major oil and gas companies have made huge profits despite high gas prices. Instead of spending that money on more production,... Few know that Amazon has millions of Prime subscribers. A magnitude 7.3 earthquake was reported in Japan. The epicenter was more than 100 miles away from any city. In San Francisco, Portland and Seattle, public officials have engaged in failed experiments to permit and encourage public camping. It was a triumphant return after a year without cruises from North America, but it was not a return to normal. Carnival and Norwegian experienced similar restarts with limited capacities and all three cruise lines dealt with the CDC's threat of aCSO. The CDC has lowered its risk level for cruises twice, from 4 to 2, which means that you shouldn't take a cruise. Some of the best company responses will be seen on social media. His vehicle went off the road and hit a tree. The California Highway Patrol is looking for witnesses. Customs and Border Protection data shows that border agents encountered more than 165,000 migrants at the southern border in February. If a bill is not passed, there will be dire consequences if $22.5 billion in emergency funding is not passed. The AirMini AutoSet is the world's smallest CPAP. For a limited time, you can get a free prescription for the AirMini. Bryan was released by the Los Angeles Clippers on Tuesday after only playing one game last season. During his two years with the Bolts, the offensive tackle was beset by injuries, including a back injury in the season opener at Washington which forced him to miss the rest of the season. The new league year starts on Wednesday and the general manager and coach have been proactive. Marina stood up to the dictator who was killing people in Russia. US gas prices have gone up by an average of $4.32 a gallon since Russia began its invasion of Ukraine. Enjoy this stunning graphics and deep game-play. She is getting real about her journey. While working out, the beauty mogul sends a message to her fans on the social media site about life after the birth of her and Scott's son. She reminds her followers to not compare themselves to images they see online because losing weight has been hard. Variety has learned that Scott Bakula has been cast in one of the lead roles in the NBC drama pilot. The pilot follows three dynastic ranch families on the central coast of California as they make love and war in a passionate struggle to survive, setting the stage for a group of fiercely determined young people. Three Israeli officials and two U.S. sources tell me that the Biden administration is considering removing Iran's Islamic Revolutionary Guard Corps from a terror blacklist in exchange for a public commitment from Iran to de-escalate the region. Stay on top. Some of the craziest inventions you will not believe exist. South Korea's unemployment rate fell to a record low in February, with jobs growth remaining at a 22-year-high, though the increase was mainly due to a low base and the government's fiscal spending. Statistics Korea data showed that the unemployment rate last month was the lowest since data releases began. The LBGT Education Bill is supported by a narrow majority of voters. The Federal Reserve raised rates to fight inflation. There will be six more hikes in 2022. When Larry Hall heard about a former Atlas Missile silo in Kansas, he thought it was perfect for a project. The former governor of Mexico's Nuevo Leon state was arrested Tuesday for his alleged involvement in electoral crimes. Rodriguez, or "El Bronco" as he is known in Mexico, was an independent candidate and won the election. Rodriguez was fined by Mexico's electoral authority for raising almost $700,000 in illegal campaign funds, an accusation he denied at the time. A rare show of unity in the deeply divided Congress was shown on Tuesday when the Senate unanimously passed a resolution condemning Russian President Vladimir Putin as a war criminal. The resolution was introduced by Republican Senator Lindsey Graham and was supported by both parties. The mega-yacht is believed to belong to the chief executive of Russian oil giant Rosneft, a police source said on Wednesday. The 135-metre-long yacht, described by specialist publications as one of the biggest in the world, sails under a Cayman Islands flag and arrives in Spain from Italy in November 2021, according to monitoring site Marine Traffic. The Transport Ministry in Spain confirmed that the ship was in the Mediterranean port city of Tarragona on November 2 and that it had sought permission from the coast guard to leave on March 4 but never set sail.Yahoo News 360
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