California Impartial Petroleum Affiliation CEO Rock Zierman joins ‘Varney & Co.’ to warn that state insurance policies are slashing in-state oil manufacturing, driving up fuel costs and rising California’s reliance on overseas vitality sources.
FIRST ON FOX: Sen. Josh Hawley, R-Mo., is introducing laws to droop the federal fuel tax, Fox Information has discovered.
The transfer comes simply hours after President Donald Trump confirmed he helps taking the measure, which might require an act of Congress. Fuel costs spiked to over $4.52 this weekend because the battle with Iran continues, in line with AAA.
Hawley’s Fuel Tax Suspension Act would pause each the 18.4 cent fuel tax and the 24.4 cent diesel tax for 90 days upon passage. The invoice would additionally permit Trump to increase the suspension for a further 90 days if he determines it’s obligatory.
“President Trump has proposed to droop the federal fuel tax and he is precisely proper,” Hawley advised Fox Information Digital in a press release. “American staff and households deserve instant reduction and this laws will do exactly that.”
WHITE HOUSE SAYS OIL PRICE SPIKE IS TEMPORARY AS TRUMP PUSHES ENERGY DOMINANCE AMID IRAN WAR
Sen. Josh Hawley, R-Mo., has launched laws that will briefly droop the federal fuel tax. (Tom Williams-Pool/Getty Photos)
Trump advised CBS Information on Monday morning that suspending the tax is a “nice thought.”
“We’ll take off the fuel tax for a time period, and when fuel goes down, we’ll let it section again in,” Trump advised CBS.
GAS SURGE TIED TO IRAN CONFLICT HITS SWING STATES, TESTING TRUMP’S LOW-PRICE PITCH
An indication shows gas costs at a Shell fuel station in downtown San Diego on Might 4, 2026. (Ariana Drehsler/Bloomberg by way of Getty Photos)
Vitality Secretary Chris Wright stated Sunday the Trump administration was open to suspending the tax, although he framed the potential suspension as a part of a broader effort by the administration to answer larger vitality prices.
“We’re working day by day to offset this rise in costs due to a vital battle in Iran to drive costs down and we’re open to all such concepts,” Wright stated.
Iran’s closure of the Strait of Hormuz has pushed an increase in fuel costs throughout the globe. (Giuseppe Cacace/AFP by way of Getty Photos)
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A number of states, together with Georgia, Indiana and Utah, have briefly suspended state fuel taxes to offer reduction to drivers. Different members of Congress have additionally proposed plans to pause the federal fuel tax.
