WASHINGTON, D.C. – House Republican Conference Secretary John T. Doolittle (R-Calif.) today co-sponsored legislation that will help ease the financial burden caused by the current high price at the pump by suspending the 18.4 cent federal excise tax on gasoline for 30 days.

“The economic impact of Hurricane Katrina comes on the heels of a summer that recorded record-high gas prices.  Right now, the federal government should not be another contributing factor to the rising cost of gas,” Doolittle said.

“This bill is a practical way for Congress to temporarily ease the financial burden at the pump and allow our economy and gas prices to recover,” Doolittle concluded.

Currently, proceeds from the federal gasoline tax go into the Highway Trust Fund which is dedicated to highway programs.  In order to maintain the necessary funds for these programs, the lost revenue caused by the temporary suspension would be replenished by funds from the general revenue.

Last week, prices of crude oil pushed past $70 per barrel as Hurricane Katrina tore through the Gulf Coast crippling refineries in Louisiana and Mississippi.  To offset production costs caused by the catastrophic storm, the Bush Administration announced its decision to release oil from the Strategic Petroleum Reserve, helping to ease crude oil costs back below the $70 mark.  Despite these efforts, sharp increases at the pump can still be seen across the nation.