President Donald Trump said he will move to suspend the federal tax on gasoline to help Americans shoulder surging fuel prices caused by the Iran war.
Trump answered yes on Monday when asked if he would suspend the federal gas tax amid higher prices stemming from the war with Iran.
He said the price of oil and gas would drop “like a rock” as soon as hostilities are over. Asked how long the suspension would last, he said, “until it’s appropriate.”
The federal gas tax is 18.4 cents per gallon of gasoline and 24.4 cents per gallon of diesel, according to the U.S. Energy Information Administration.
After jumping 50 cents in just two weeks, the average price for gas in the U.S. on Monday sat at $4.52 per gallon, AAA numbers indicated.
While subtracting 19 cents from that figure still leaves an average price of $4.33 per gallon, “it’s still money,” Trump said.
Two days before the start of the war, AAA pegged the average cost of gas at $2.98 per gallon.
Politico’s James Bikales joins LiveNOW’s Mike Pache to discuss.
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