Trump says he will suspend the gasoline tax due to rising oil prices in the US | Powerful Stories

Senator Hawley plans to take legislative action to support President Trump’s repeal of the gas tax on rising consumer prices.

United States President Donald Trump said he would cut an 18-cent tax on gasoline to help curb rising prices after he announced the US would stop firing. and Iran are on “life support”.

On Monday, Trump said he would suspend the oil tax, but did not specify an end date.

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“Yes, we’re going to remove the gas tax for a while, and when oil goes down, we’re going to let it come back,” Trump told CBS News.

Trump later told reporters he would withdraw the tax, which generates $2.5bn in funding for US road construction, “until it’s necessary”.

The U.S. government proposed a proposal On Sunday, US Energy Secretary Chris Wright told the NBC News Meet the Press program that the White House was considering suspending the tariffs.

Although the Republican president has said that he will eliminate the tax, this is not in the hands of the White House. A federal tax freeze requires action in the US Congress.

However, Trump’s top aide, Senator Josh Hawley, Republican of Missouri, said on television X that he would introduce legislation on Monday to do so.

In March, Senator Mark Kelly, Democrat of Arizona, proposed suspending the tax until October.

“I hope it will pass, but there may be a delay in the process.” It also shows that President Trump does not see a quick end to the reduced vote and is trying to stop American consumers,” Rachel Ziemba, senior associate at the Center for a New American Security, told Al Jazeera.

“The damage could be greater in states that have also reduced their own fuel taxes and could reinforce the disparity between fuel prices and regions.”

US states also tax gasoline, with Indiana, Kentucky and Georgia moving to lower it to give consumers a break at the pump.

Gasoline prices will continue to climb since the first strike of the US-Israel war in Iran on February 28. The average price of a gallon (3.78 liters) of regular gasoline is $4.52, according to the American Automobile Association, which tracks daily fuel prices, compared to $2.98 when the strike began.

However, news of the ceasefire has sent oil prices soaring. Brent crude futures were up $3.17, or 3.13 percent, at $104.46 a barrel, while US West Texas Intermediate crude was at $98.32 a barrel, up $2.90, or 3.04 percent. Brent hit a session high of $105.99 and WTI hit a high of $100.37.

On Wall Street, oil and gas stocks are rising. Shell rose 1.6 percent in afternoon trade, Exxon rose 3.1 percent, BP gained 2 percent, and Chevron rose 1.7 percent.

Airfare?

Trump was also asked by CBS on Monday whether the budget for the jets, which have been hit since the start of the Iran war, was planned.

The president told reporters that interest rates were “not really paid” and that “airlines are not going well”.

However, earlier this month, budget carrier Spirit Airlines ceased operations after 34 years. Court documents said the airline was shut down due to “recent political events that led to higher fuel prices”.

This comes as some major US companies are raising prices. In April, United Airlines said it would raise fares by 20 percent in response to higher jet fuel prices.