Revision History

As the Iran war pushes U.S. gasoline prices above $4.50 per gallon, President Trump and congressional allies are pushing a federal gas tax holiday that economists estimate would save the average household roughly $35 over four months — while draining up to $11.5 billion from the Highway Trust Fund. The proposal has split both parties, with fiscal conservatives warning the savings would be absorbed by refiners rather than passed to consumers, while Democrats counter with a windfall profits tax that could raise $33 billion annually from oil companies.