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6/23/2011 - South Carolina lawmaker wants to cap gas prices

One South Carolina bill would have capped gas prices as of June 1.

With gas prices skyrocketing, South Carolina business owners are likely seeing their travel expenses rise to levels they haven't seen before. But one of state's legislators did propose a unique solution his way.

According to the Associated Press, a state senator recently introduced a bill that would prevent gas prices from going any higher.

Dick Elliott, a Democratic senator from North Myrtle Beach, told the AP that should his legislation be passed, it would have capped gas prices wherever they sat on June 1.

Should the price of gas rise after that date Elliott told the news service that the Legislature will put the excess funds charged by retailers in a trust fund, and at a later date, lawmakers will determine how to use the money in a way that benefits residents.

While the bill did not pass, similar legislation could be proposed again if gas prices remain high.

In the meantime, to save money, business owners in South Carolina may be cutting back on their travel. If so, they may want to inform their commercial auto insurance provider, as fewer miles traveled may can lead to lower rates. To learn more about other ways can save money on your auto insurance, contact your Selective agent today.

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