Americans pay about 18 cents per gallon in taxes on gasoline and 24 cents per gallon on diesel fuel.
Gasoline prices soared 21% in one month, pushing inflation to the highest level in nearly three years
Inflation has risen to the highest level in about three years due to soaring gasoline prices, reaching an annual rate of about 3.5%.
scripps news
Energy Secretary Chris Wright said the Trump administration is prepared to suspend the federal gasoline tax to reduce costs for U.S. consumers amid the Iran war.
Wright appeared on NBC’s “Meet the Press” on May 10, and after being asked about suspending the gas tax, he said, “I support any steps that are taken to lower gas prices and lower prices for Americans.”
The national average gasoline price rose to $4.55 per gallon last week, according to AAA. Gasoline prices haven’t increased this much since 2022, when the national average reached $5.01.
The federal gasoline tax is about 18 cents per gallon, and 24 cents per gallon for diesel fuel.
Wright declined to predict whether gas prices will rise above $5 a gallon this year.
“I don’t know what the future holds for gas prices,” he told host Kristen Welker when asked if gas prices could rise further in the coming weeks.
During an appearance on “Meet the Press” in March, Wright told Welker there was “a good chance” consumers would see $3 gas by the summer. In an appearance on May 10, he sidestepped these claims and said, “I can’t make predictions.”
“If we can move freely across the Strait of Hormuz, energy prices will come down,” he said.
