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Trump Plans to Lift Federal Gas Tax
(MENAFN) US President Donald Trump announced Monday his intention to temporarily lift the federal gasoline tax, tying its eventual reinstatement to a drop in fuel prices — a pledge that comes as the ongoing war with Iran continues to squeeze American consumers at the pump.
"And yep, we're going to take off the gas tax for a period of time, and when gas goes down, we'll let it phase back in," Trump told media in a phone interview. "But no, we're gonna, we'll, we'll be doing something on that. Yes."
Any move to suspend federal excise taxes — currently fixed at 18.4 cents per gallon on gasoline and 24.4 cents per gallon on diesel — would demand congressional approval, a hurdle that looms large given lawmakers' limited appetite for such relief measures.
Fuel costs have skyrocketed more than 50 percent since hostilities with Iran erupted on Feb. 28, with prices breaching $4.52 per gallon as of Sunday, according to figures from the American Automobile Association.
Market analysts warn relief is not imminent. Iran's ongoing blockade of the Strait of Hormuz — a critical artery for global oil and liquefied natural gas flows — is expected to keep prices elevated for the foreseeable future.
On the diplomatic front, Trump acknowledged that Iran had offered concessions on its nuclear program in response to a US peace proposal, but dismissed them as insufficient.
"It's still a very stupid proposal," he said.
When asked about Israeli Prime Minister Benjamin Netanyahu's remark that "nobody had perfect foresight" regarding the Strait of Hormuz closure, Trump pushed back sharply: "I did. I knew they closed it. That's the only weapon they have."
Trump further asserted that the US retained the capability to reopen the strait through "Project Freedom" — a military operation previously used to escort vessels through the waterway — and suggested any revival of the mission would be executed with significantly greater force.
The Strait of Hormuz has remained effectively closed since late February, casting a long shadow over global energy markets and inflating costs across gasoline, diesel, and jet fuel supply chains.
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