The last time the federal gas tax was increased was 1993.
"People in Washington are afraid to make these kinds of investments,” he said.
Pennsylvania Gov. Tom Corbett (R) has signed a $2.3 billion transportation bill that is been hailed by supporters as a bipartisan victory for infrastructure in the Keystone State.
The Pittsburgh Post-Gazette reports that the revenue for the measure will be generated by a nearly 30 percent increase in wholesale gas taxes over the next five years.
FedEx Freight CEO Bill Logue said that every mode of transportation needs significant improvement, according to a Forbes magazine report.
Speaking at the National Industrial Transportation League's conference in Houston on Monday, Logue said that the U.S. transportation network was falling far behind where it needs to be.
The conference committee is under pressure from the White House to reach an agreement.
A bill filed by Sen. Mike Lee (R-Utah) and Rep. Tom Graves (R-Ga.) would gradually eliminate federal funding of transportation projects.
The measure, which has been dubbed the Transportation Empowerment Act (TEA), would lower the gas tax that currently pays for most federal transportation projects from 18.4 cents-per-gallon to 3.7 cents in five years.
During the same time period, the bill would transfer authority over federal highways and transit programs to states and replace current congressional appropriations with block grants.
Sens. Mark Warner (D-Va.) and Roy Blunt (R-Mo.) are reviving a push to create a national infrastructure funding bank in a new bill he unveiled on Thursday.
Warner and Blunt's bill would create a "infrastructure financing authority" that would receive $10 billion in initial funding, his office said.
The infrastructure funding would be used as leverage to lure private sector investments that could reap as much as $300 billion in new transportation projects, according to Warner's office.
Advocates for road and transit projects are contending that their visions for increased funding were ratified by voters in last week’s elections.
The American Road and Transportation Builders Association (ARBTA) said that almost all of the referenda that were on ballots across the country last Tuesday were successful.
Obama said infrastructure investment is "one of the fastest ways to create good jobs.
TransCanada Corp.’s lengthy battle to build the Canada-to-U.S. Keystone XL oil pipeline could be the new normal for other companies seeking U.S. approval for cross-border pipeline projects, an executive told financial analysts.