WASHINGTON — President Trump called Monday for the temporary suspension of the federal gas tax to give Americans relief at the pump amid surging oil prices caused by the crisis in the Strait of Hormuz.
“I think it’s a great idea,” Trump told CBS News during a brief phone interview. “Yup, we’re going to take off the gas tax for a period of time, and when gas goes down, we’ll let it phase back in.”
Gasoline has been taxed at 18.4 cents per gallon since the 1990s to generate up to $40 billion in annual revenue for the Highway Trust Fund, which provides support for road maintenance and construction, among other projects.
Temporarily suspending the federal gas tax will likely require congressional approval. Sen. Josh Hawley (R-Mo.) announced on social media that he would introduce legislation to that effect when Congress reconvenes later today.