New York City Assembly Speaker Sheldon Silver planned to introduce legislation that will help reduce gas prices, local media reported Monday.

Silver and Energy Committee Chairman Paul Tonko are sponsoring a bill that would cap the state sales tax on gas and diesel fuel.

Under the current system, the state gas tax is in proportion to the gas price. The higher the posted price, the more money the state rakes in. The two officials will propose limiting the state tax to the first 2 dollars per gallon.

The bill also calls for a review of oil companies who do business in the state to make sure they are paying their full amount in taxes, a move supposedly would strengthen the state's price gouging laws.

The two sponsors of the bill expected the bill will save New York drivers about 400 million dollars.

The bill comes after New York Senator Chuck Schumer called for a temporary suspension of the country's tariff on imports of ethanol, a gasoline additive. Schumer said he believed the temporary removal of the tax would save New York drivers up to eight cents per gallon.

Source: Xinhua