Trump vows to pause federal gas tax after Iran war boosts US fuel prices to four-year high
Summary
President Donald Trump said he plans to suspend the federal gas tax to help reduce high fuel prices caused by tensions between the US, Israel, and Iran. The federal gas tax suspension would need approval from Congress, and some Republican lawmakers have already promised to introduce bills to make it happen.Key Facts
- President Trump vowed to pause the US federal gas tax to ease rising fuel costs.
- The gas tax adds 18.4 cents per gallon on gasoline and 24.4 cents on diesel.
- The federal gas tax raises about $500 million weekly for the government.
- Gasoline prices recently reached an average of $4.52 per gallon, up from $3.14 a year ago.
- Rising fuel prices are linked to US-Israel military actions against Iran.
- Suspending the gas tax requires congressional approval.
- Republican lawmakers Josh Hawley and Anna Paulina Luna plan to introduce bills to suspend the tax.
- Top oil and gas companies have made large profits during this period of high prices.
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