Trump's Fuel Tax Suspension Proposal Amid Soaring Gas Prices

President Donald Trump announced on Monday his intention to suspend the federal tax on gasoline as a response to the escalating fuel prices triggered by the Iran conflict. However, Trump's proposal cannot be enacted unilaterally, as it requires Congressional approval.

Lawmakers from both political parties have voiced support for suspending the gas tax, stating it would provide essential relief for families and businesses dependent on vehicles for essential activities. As reported by the AAA, the national average gas price has surged to USD 4.52 per gallon, marking a significant increase from pre-conflict prices of just under USD 3 per gallon.

The existing federal tax stands at 18.4 cents per gallon for gasoline and 24.4 cents for diesel. Despite its modest contribution to gas prices, Trump argues every cent of relief counts for consumers. In response to the crisis, the administration has tapped into the US Strategic Petroleum Reserve and engaged in international negotiations regarding oil trade routes.

(With inputs from agencies.)