German parliament OKs 3 months of cheaper public transport


File---File photo shows regional train passes fields of rapeseed plants in Wehrheim near Frankfurt, Germany, Monday, May 2, 2022. (AP Photo/Michael Probst,file)

BERLIN (AP) — Germany’s parliament gave final clearance Friday to a plan that will allow people to use local transport across the country for just 9 euros ($9.50) per month this summer, a plan that has drawn praise but also plenty of criticism. The government also plans a three-month cut in fuel taxes.

Parliament’s upper house, which represents the country's 16 state governments, signed off on the 9-euro ticket plan — part of a bigger package of measures drawn up to cushion the blow of high energy prices for consumers following Russia's invasion of Ukraine.

The cut-price tickets, valid on regional trains and buses across Germany, will be available in June, July and August. Federal and state governments bickered over the funding, and it wasn't clear until Friday whether states would wave through a 2.5 billion-euro subsidy from Berlin that some of them said was inadequate.

Government officials hope that, in addition to reducing costs for frequent travelers, the tickets will lure more people onto climate-friendlier public transport. But a railway workers' union and others have voiced concern that it will lead to overcrowded trains, causing delays and frustration.

“A lot of people who so far had less interest in public transport want to give public transport a chance in the next three months,” Transport Minister Volker Wissing told the upper house. He acknowledged that the plan is likely to lead to full trains and buses in some areas on some days, and that will require “patience and in places strong nerves.”

The cut in fuel taxes will apply for the same three-month period, chopping nearly 30 euro cents off taxes on a liter of gasoline and over 14 cents on a liter of diesel.

Economists have warned that the fuel subsidy could reduce the likelihood of people switching to cleaner forms of transport.

Where should you invest $1,000 right now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

20 Stocks to Sell Now Cover

MarketBeat has just released its list of 20 stocks that Wall Street analysts hate. These companies may appear to have good fundamentals, but top analysts smell something seriously rotten. Are any of these companies lurking around your portfolio? Find out by clicking the link below.

Get This Free Report

Featured Articles and Offers

Search Headlines: