Trump Announces New Move To Lower Gas Prices; Here’s How Much You’ll Save

President Donald Trump said Monday he wants to temporarily scrap the federal gas tax as Americans get hammered by rising fuel prices tied to the Iran conflict.

Speaking in a phone interview with CBS News, Trump said he supports suspending the tax “for a period of time,” framing the move as immediate relief for drivers.

“I think it’s a great idea,” the president said. “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.”

The push comes as gas prices have surged more than 50% since the Iran war began Feb. 28, climbing above $4.52 per gallon on Sunday, according to AAA. Analysts warn prices could stay elevated as Iran continues to restrict access through the Strait of Hormuz, a critical global oil chokepoint.

Any move to suspend the federal gas tax would require approval from Congress. The tax currently stands at 18.4 cents per gallon on gasoline and 24.4 cents per gallon on diesel. Pausing it would cost the federal government roughly $500 million per week, according to estimates.

RELATED: Trump Responds To Iran’s Latest Peace Proposal

Republican Sen. Josh Hawley said he would introduce legislation backing Trump’s proposal, while Rep. Anna Paulina Luna, R-Fla., also plans to roll out a House bill this week to suspend the tax “in light of Trump’s recent remarks.” Some Democratic lawmakers have already pushed their own proposals to reduce or temporarily eliminate the tax.

Revenue from the federal gas tax funds the Highway Trust Fund, which supports road construction, infrastructure repairs, and mass transit projects nationwide.

Trump also dismissed calls for a federal bailout of U.S. airlines, which are facing a sharp spike in jet fuel costs since the start of the Iran conflict.

A bailout proposal “hasn’t really been presented,” he said. “The airlines are doing not badly.”

Budget carrier Spirit Airlines shut down earlier this month amid mounting financial pressure tied to rising fuel costs. Analysts expect ticket prices across the industry to climb this summer as airlines pass those costs on to travelers.

Trump said he watched CBS News’ “60 Minutes” interview with Israeli Prime Minister Benjamin Netanyahu, calling it “pretty good,” but took issue with Netanyahu’s suggestion that the crisis was unforeseeable.

“I did,” Trump asserted to CBS News. “I knew they closed it. That’s the only weapon they have. It’s not much of a weapon anymore, but that’s the only weapon they have. We would have had it open, except that I did the favors for certain countries that asked me not to do it, we would have had it open under Operation Freedom, but we can easily go back to that.” When asked if he does intend to restart the operation aimed at providing vessels safe passage through the strait, he said “I don’t know — either that, or (something) much more severe.”

Over the weekend, Trump also blasted Iran’s latest peace proposal, calling it “totally unacceptable.” Pressed on what specifically he rejected, the president didn’t hold back.

“It was just a bad proposal, a stupid proposal, actually…done by people that have no clue as to the danger they’re in. Very stupid proposal. Badly written, badly delivered.”

Asked whether Iran offered any concessions on its nuclear program, Trump acknowledged some movement but said it fell short.

“Yeah, for sure, but not nearly enough.”

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