As national gas price averages hover around $4.50 per gallon, multiple states have suspended their gas taxes, and now President Donald Trump and his Cabinet are talking about doing the same.
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While a suspension would offer some relief, an NBC News analysis shows that gas prices would still average 35% more per gallon than they were at the start of the Iran war, even if all state and federal taxes were suspended. Average gas prices nationwide are up more than 50% since the war was launched at the end of February.
Trump told reporters Monday that he intended to suspend the 18 cents per gallon federal gas tax. Such a suspension would require an act of Congress. Democrats in the House and Senate proposed measures to suspend the gas tax in March.
“All measures that can be taken to lower the price at the pump and lower the prices for Americans, this administration is in support of,” Energy Secretary Chris Wright said on NBC News’ “Meet the Press” on Sunday.
An average of 51 cents in taxes and fees is tacked on to every gallon of regular gas that’s pumped in America. Some of this revenue goes to the state levying the tax, and about 18 cents of it goes to the federal coffers.
