The Trump administration says it’s open to suspending the federal gas tax, among other ideas, as prices climb amid the war in Iran.
Oil flow through the Strait of Hormuz remains effectively blocked, tightening supply and keeping pressure on prices.
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The national average now sits at $4.52 a gallon, up more than 50% since the war with Iran began.
And while the administration says it’s looking at ways to bring costs down, it won’t predict where prices go next.
“I can’t predict the price of energy in the short term or even the medium term, but what we’re doing is ending a 47-year conflict Iran has fought,” Energy Secretary Chris Wright said on NBC Sunday.
Energy Secretary details administration’s efforts
Wright went on to say the administration is looking at all its options.
“All measures that can be taken to lower the price at the pump and lower the prices for Americans, this administration is in support of,” Wright said.
When asked if Trump is open to suspending the federal gas tax, Wright said, “We’re open to all ideas.”
“Everything has tradeoffs,” he added. “All ideas to open lower prices for American consumers and American businesses.”
Drivers pay about $0.18 a gallon in federal taxes, so even if that tax is paused, prices would still stay well above pre-war levels.
Plus, any gas tax holiday would require Congress to act.
Wright said prices are likely to stay high until the conflict in Iran ends. He wouldn’t rule out prices hitting $5 a gallon before that happens, but said the U.S. is “in a tremendous position.”
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