AAA Daily Fuel Gauge Report for Friday, 1/27/23

American Dollar to Canadian Dollar = 0.790172; American Dollar to Chinese Yuan = 0.156520; American Dollar to Euro = 1.128850; American Dollar to Japanese Yen = 0.008798; American Dollar to Mexican Peso = 0.048043.

American Dollar to Canadian Dollar = 0.794324; American Dollar to Chinese Yuan = 0.156725; American Dollar to Euro = 1.144867; American Dollar to Japanese Yen = 0.008771; American Dollar to Mexican Peso = 0.048397.

A group of transportation and trucking stakeholders is calling on Congress to repeal the Federal Excise Tax (FET) on heavy-duty commercial vehicles. This century-old tax is impeding the deployment of cleaner, more environmentally friendly trucks on our nation's roads, according to a letter from the American Trucking Associations, American Truck Dealers, and Zero Emission Transportation Association sent to Congressional leadership. The heavy-duty excise tax was established in 1917 to defray the costs of World War I and today adds 12% to the cost of a new truck, creating a major disincentive for trucking fleets small and large to modernize their equipment and replace older tractors with new, low-emission power units. The FET can add more than $50,000 to the price of the latest low- or zero-emission vehicle, making these investments cost-prohibitive for smaller fleets. Over 90% of U.S. motor carriers operate six or fewer trucks. “If Congress is serious about safety, the environment and jobs, then repealing the FET should be front-burner," said ATA President and CEO Chris Spear. "It’s time to shelve this World War I era tax and starting putting the best equipment on our roads.”