The Internal Revenue Service is increasing the tax deduction motorists can take for using private vehicles for business, a rare midyear move sparked by high gas prices.

Starting July 1, motorists who use their personal vehicles for business will be able to deduct 55 ½ cents a mile from their taxable income, the agency announced Thursday. That's an increase of 4 ½ cents from the first six months of the year.

The rate is also used as a benchmark by the federal government and many businesses to reimburse their employees for mileage. Workers who receive the reimbursement don't have to report it as income, as long as the payments don't exceed the IRS benchmark.

High gas prices have hit consumers, slowed the economic recovery and put increased political pressure on President Barack Obama. On Thursday, the Obama administration said it will release 30 million barrels of oil from the country's emergency reserve as part of an international response to lost oil supplies caused by turmoil in the Middle East and Libya.