Energy Secretary Wright says Trump administration open to suspending federal gas tax amid price surge
Energy Secretary Chris Wright says the Trump administration is open to suspending the federal gas tax as fuel prices rise amid the Iran conflict.
TL;DR
- Energy Secretary Chris Wright stated the Trump administration is open to suspending the federal gas tax due to rising fuel prices.
- The price surge is attributed to the conflict involving Iran and disruptions in the Strait of Hormuz.
- Wright mentioned the administration is exploring all ideas to lower prices for consumers and businesses.
- The federal gasoline tax has been 18.4 cents per gallon since 1993 and funds highway programs.
- Steps already taken to stabilize fuel markets include releasing oil from strategic petroleum reserves and revising EPA regulations for summer gasoline blends.
- Officials have also communicated with refiners to encourage shorter seasonal maintenance schedules.
- Wright believes resolving the standoff with Iran would stabilize energy markets and lead to lower prices.