Trump says he'll move to suspend federal gas tax. He'll need Congress

Key Points:

• President Donald Trump announced plans to seek suspension of the federal gasoline tax to ease the burden of rising fuel prices caused by the conflict with Iran, but Congressional approval is required for the move.
• The federal gas tax is currently 18.4 cents per gallon for gasoline and funds over $23 billion annually for highway and public transit programs; Trump indicated the suspension would last "until it’s appropriate."
• Some Republican and Democratic lawmakers have proposed legislation to suspend the gas tax, while Senate Majority Leader John Thune expressed reservations due to potential impacts on the Highway Trust Fund.
• Several states have already suspended or reduced their gas taxes in response to high prices, and the Trump administration has taken additional measures such as releasing oil from the Strategic Petroleum Reserve.
• Industry groups warn that suspending the gas tax could increase the federal deficit and jeopardize funding for transportation infrastructure, noting that tax cuts may not fully translate into lower consumer prices due to complex pricing factors.