With the war in Iran spiking gasoline prices over 50 percent, President Donald Trump this week said he hopes to suspend a federal tax on gasoline, which would require action from Congress.
The administration has been scrambling to address soaring fuel costs that have soared since the U.S. and Israel attacked Iran on Feb. 28. Global oil prices are likely to remain high if Iran continues blocking the Strait of Hormuz, experts say.
Trump’s proposal Monday to suspend the federal gasoline tax drew support from some Republicans in Congress, with Missouri Sen. Josh Hawley introducing a bill that would set a 90-day pause on the federal gas tax of 18.4 cents per gallon and 24.4 cents per gallon on diesel, according to Politico.
However, Oklahoma Sen. James Lankford, who chairs a key Senate energy subcommittee, said he would not support a temporary halt to the tax because it could add to the federal debt.
“Even if we pass something right now, it would take a long time to be able to work through the process, but we’ve got to pay attention to our debt as well,” Lankford told Politico.