Cab fares take a hike in Washington

The newly-approved fare equals USD 2.16 a mile, nearly 70 cents up from the previous one.

In line with the new hike, every customer will be required to pay an additional two dollars for entering a cab.

“About 40 percent of this price is pure speculation. It goes not to the producers, not to the transporters, not to the people, who run the gas stations. It goes to Wall Street speculators, above all, [US banking and securities firm] Goldman Sachs, [and New York-headquartered global financial services firm] Morgan Stanley,” US policy and economic analyst Webster Tarpley told Press TV.

The developments come as rising gasoline prices have also become a major issue in the US presidential election campaign.

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