All 50 states have average gas prices above $4 a gallon, AAA said Wednesday, with seven now topping $5 a gallon. Why it matters: As the war with Iran approaches the three-month mark, soaring fuel prices are costing Americans millions of dollars a day, crushing small business profits, and driving a surge in inflation . Driving the news: The national average now stands at $4.56 a gallon, AAA said. - California is the nation's high, at $6.15 per gallon, while Georgia is the lowest at $4.01 a gallon. - Some southern states had been holding the line at $3.98 or $3.99 a gallon in recent days. Stunning stat: The average price of a gallon of gas is up 53% since the war started. What to watch: There are signs that things could get much worse. …
All 50 states have average gas prices above $4 a gallon, AAA said Wednesday, with seven now topping $5 a gallon. Why it matters: As the war with Iran approaches the three-month mark, soaring fuel prices are costing Americans millions of dollars a day, crushing small business profits, and driving a surge in inflation . Driving the news: The national average now stands at $4.56 a gallon, AAA said. - California is the nation's high, at $6.15 per gallon, while Georgia is the lowest at $4.01 a gallon. - Some southern states had been holding the line at $3.98 or $3.99 a gallon in recent days. Stunning stat: The average price of a gallon of gas is up 53% since the war started. What to watch: There are signs that things could get much worse. …Open
President Trump endorsed suspension of the federal gasoline tax in an interview with CBS News Monday. Why it matters: It marks a reversal for the White House as Republicans face political blowback over high gasoline prices. - Last week the White House told Axios that a suspension was not "currently under consideration." Driving the news: "[W]e'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," he told CBS. Reality check: Suspending the 18.4 cent-per-gallon tax would require Congress. - Sen. Josh Hawley (R-Mo.) posted on X that he'll introduce legislation Monday to suspend the tax. - The White House did not say whether Trump would seek action from Capitol Hill. Catch up quick:…
President Trump endorsed suspension of the federal gasoline tax in an interview with CBS News Monday. Why it matters: It marks a reversal for the White House as Republicans face political blowback over high gasoline prices. - Last week the White House told Axios that a suspension was not "currently under consideration." Driving the news: "[W]e'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," he told CBS. Reality check: Suspending the 18.4 cent-per-gallon tax would require Congress. - Sen. Josh Hawley (R-Mo.) posted on X that he'll introduce legislation Monday to suspend the tax. - The White House did not say whether Trump would seek action from Capitol Hill. Catch up quick:…Open
Energy Secretary Chris Wright said Sunday the Trump administration is "open" to suspending the federal gasoline tax amid high pump prices. Why it matters: His remarks slightly soften the White House stance on the idea of halting the federal tax of 18.3 cents per gallon. - Polling shows President Trump faces political blowback from prices at their highest levels in four years. - The average U.S. price for regular gas hit $4.52 per gallon Sunday, per AAA, up from just under $3 when the war began. Driving the news: Wright, asked about a gas tax suspension on NBC's "Meet the Press," said "we're open to all ideas" to lower costs for consumers and businesses. - But "everything has tradeoffs," he said. - Democratic lawmakers and candidates…
Energy Secretary Chris Wright said Sunday the Trump administration is "open" to suspending the federal gasoline tax amid high pump prices. Why it matters: His remarks slightly soften the White House stance on the idea of halting the federal tax of 18.3 cents per gallon. - Polling shows President Trump faces political blowback from prices at their highest levels in four years. - The average U.S. price for regular gas hit $4.52 per gallon Sunday, per AAA, up from just under $3 when the war began. Driving the news: Wright, asked about a gas tax suspension on NBC's "Meet the Press," said "we're open to all ideas" to lower costs for consumers and businesses. - But "everything has tradeoffs," he said. - Democratic lawmakers and candidates…Open
The gasoline price surge is reigniting political chatter about suspending the federal tax on the fuel to help consumers, thanks to a recent round of populist proposals from high-profile Democrats. Why it matters: It's one of those go-to ideas that never actually happens, but often surfaces when prices climb. - Congress would have to approve a suspension of the gas tax, and so far, it never has. - But political winds could shift in these not-normal times, with no end in sight to the throttling of global oil shipments. The big picture: Pump costs are spiking anew this week, with the U.S. average now $4.46 per gallon on Monday, per AAA, and more increases looming. Between the lines: Suspending the 18.3 cent-per-gallon gas tax and 24.3 cent…
The gasoline price surge is reigniting political chatter about suspending the federal tax on the fuel to help consumers, thanks to a recent round of populist proposals from high-profile Democrats. Why it matters: It's one of those go-to ideas that never actually happens, but often surfaces when prices climb. - Congress would have to approve a suspension of the gas tax, and so far, it never has. - But political winds could shift in these not-normal times, with no end in sight to the throttling of global oil shipments. The big picture: Pump costs are spiking anew this week, with the U.S. average now $4.46 per gallon on Monday, per AAA, and more increases looming. Between the lines: Suspending the 18.3 cent-per-gallon gas tax and 24.3 cent…Open
Even if the Iran conflict ended now and the Strait of Hormuz fully opened, don't look for a quick return to pre-war gas prices. Why it matters: Costlier fill-ups are the most direct and visible economic effect of the war for many Americans, and could sway midterm election races. Driving the news: Energy Secretary Chris Wright told CNN Sunday that gas might not drop all the way down to the pre-war level — just under $3 per gallon — until next year. - But President Trump appeared to contradict him in comments to The Hill Monday, seeing a faster drop. The big picture: Researchers and the analysts we've talked to see slower price drops — pretty close to Wright's prediction. - And the Iran war — and threats to oil supplies —…
Even if the Iran conflict ended now and the Strait of Hormuz fully opened, don't look for a quick return to pre-war gas prices. Why it matters: Costlier fill-ups are the most direct and visible economic effect of the war for many Americans, and could sway midterm election races. Driving the news: Energy Secretary Chris Wright told CNN Sunday that gas might not drop all the way down to the pre-war level — just under $3 per gallon — until next year. - But President Trump appeared to contradict him in comments to The Hill Monday, seeing a faster drop. The big picture: Researchers and the analysts we've talked to see slower price drops — pretty close to Wright's prediction. - And the Iran war — and threats to oil supplies —…Open