Key Facts

• Gas prices have risen more than 50% since the war began in Iran, reaching about $4.52 per gallon.
• Energy Secretary Chris Wright said the government is open to all ideas, such as suspending the 18-cent federal gas tax.
• The U.S. has released oil from its Strategic Petroleum Reserve, but this has had little impact on prices so far.
• The administration issued a fuel waiver allowing more sales of higher-ethanol gasoline blends to increase supply.
• A waiver on the Jones Act permits foreign ships to transport energy products between U.S. ports temporarily.
• Gas prices may remain high for months, with no clear prediction on when they will fall below $3 per gallon.
• Rising energy costs are contributing to higher inflation and overall cost-of-living increases in the U.S.
• The government is also trying to use “economic leverage” to encourage negotiations with Iran.