Mississippi weighs suspending state gas tax for six months

Mississippi Lt. Gov. Delbert Hosemann (R) announced on Monday that he and other lawmakers would work to suspend the state's gasoline tax for six months as prices skyrocket.

Mississippi's current tax on gas, which goes to the state's Department of Transportation, currently is 18.4 cents per gallon. But Hosemann proposes giving the department $215 million from a capital expense fund to make up for the temporary loss, according to The Associated Press.

"We can do that because we're having a very good year in Mississippi," Hosemann said at a news conference.

Republican leaders, including state House Speaker Philip Gunn and Gov. Tate Reeves, have also said they want to phase out the state's income tax. Reeves has even voiced a willingness to call a special legislative session about the matter if the House and Senate reach an impasse on the issue, the AP reported.

Republicans control the state House and Senate in Mississippi, though leaders of each chamber disagree about potentially reducing or eliminating income taxes in Mississippi. They also disagree on if that plan should include a sales tax increase, the wire service noted.

But the temporary move on gas would come as average prices across the country have risen by nearly 80 cents in the past two weeks amid President Biden's ban on Russian oil, natural gas and coal imports.

Average prices in the U.S. hit a record high of $4.43 per gallon on Saturday, $1.54 more on average than prices at this time last year.

The previous record high for gas prices was $4.11 per gallon, a price recorded more than a decade ago in July 2008 during the recession.