A bump at the pump? Senators propose a 12 cent hike in federal gas tax

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Gas Prices

A bipartisan Senate proposal emerged Wednesday to rescue beleaguered federal transportation funding by raising the tax on gasoline by 12 cents a gallon.

The proposal to hike the 18.4-cent federal tax for the first time since 1993 came from Sens. Chris Murphy (D-Conn.) and Bob Corker (R-Tenn.) and won quick endorsement from an array of advocates ranging from road builders to AAA.

In addition to increasing the tax by 6 cents in each of the next two years, the senators want the rate indexed to inflation. Failure to keep pace with inflation over the past 20 years, along with steadily increasing fuel economy, has caused the Federal Highway Trust Fund that receives the money to sink to a dangerous level.

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