Trump floats suspending the federal gas tax amid rising prices
The move would require congressional approval and could trim only 10 to 16 cents a gallon, analysts said, while costing about $500 million a week.
- On Monday, President Donald Trump announced support for a federal gas tax holiday as American motorists face fuel prices of $4.52 per gallon, the highest level since 2022.
- Gasoline prices have surged following the war in Iran, which effectively closed the Strait of Hormuz, a chokepoint through which 20 per cent of the world's oil traditionally passes.
- Missouri Republican Senator Josh Hawley introduced legislation on Monday to suspend the 18.4-cent gasoline tax and 24.4-cent diesel tax for 90 days, impacting the Highway Trust Fund.
- Suspending the tax requires an act of Congress, but Senate Finance Committee Chair Senator James Lankford indicated the bill might be "dead on arrival" due to implementation timelines.
- Energy analysts warn waiving the tax may offer little relief while the Strait of Hormuz remains closed, and critics note Republicans previously opposed similar proposals from President Biden in 2022.
392 Articles
392 Articles
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The national average price for a gallon of regular gasoline dropped on Tuesday to $4.504. It marks the second consecutive day this week that gas prices have decreased, after a string of days earlier this month when fuel costs soared to yearly highs. During this time last week, the national average price for a gallon of regular gas increased by 30 cents over seven days, going from $4.176 to $4.483. And while still more expensive than a week ago, …
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Trump Proposes Federal Gas Tax Holiday to Lower Prices at the Pump
President Donald Trump is pushing for a temporary suspension of the federal gas tax as drivers face higher prices at the pump. The proposal, raised amid pressure from rising fuel costs, would need approval from Congress before it could take effect. The federal tax currently adds 18.4 cents to each gallon of gasoline and 24.4 cents to each gallon of diesel. Pausing it would be aimed at lowering costs for consumers, though the actual savings could…
Why Trump's plan to drop gas tax may leave U.S. drivers feeling empty
U.S. President Donald Trump is finally acknowledging the financial pain that Americans are feeling with the soaring cost of gas, but his plan to pause the federal fuel tax may not have the kind of impact either he or drivers hope for.
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