Trump Team Weighs Gas Tax Pause as Prices Surge

Added: 2026-05-11

[00:00:00]For now, let's take a live look at the just the virtual standstill happening in the Strait of Hormuz. No deal in sight, millions of barrels of oil still stranded. Americans are feeling that impact as gas prices threaten to break record highs. But, the Trump administration believes it can find some relief for drivers just before a hectic Memorial Day travel weekend. NewsNation national correspondent Marcus Espinoza is live on the New Jersey Turnpike with the latest for us. Marcus, these prices are just crazy, but the White House says all options are still on the table to bring some relief at the pump. What do they have in mind?

[00:00:34]Hey Margie, good morning. Prices are still crazy, even crazier they could get higher, but hopefully some options are out there to bring the price of gas down. It is hitting everybody in the wallet right now. You mentioned it there, millions of barrels of gas and oil being prevented from passing through that Strait of Hormuz, and that is causing issues mostly with the cost of gasoline in the United States of America. The average gas price right now, you're looking at about 4.52 a gallon. That is pretty much the highest it's been since about 2022.

[00:01:11]And there's even fears and concerns that we could eventually make our way up to $5 a gallon before things get any better. You're looking at it there, 4.52 it was only It was only I'm saying now 4.14 a month ago. Look at that, 3.14 a year ago. The good old days. But, there may be some relief on the way. Energy Secretary Chris Wright said on Sunday's Meet the Press that the Trump administration Trump administration is open to anything that would help offset these higher costs, including pausing the federal gas tax.

[00:01:44]All measures that can be taken to lower the price of at the pump and lower the prices for Americans this administration is in support of. We are constantly looking for different ideas. We've taken a number of actions. So, we are working every day to to offset this rise in prices because of a critical conflict in Iran to drive prices down.

[00:02:07]So, Markie, I've been seeing some memes on social media because all we can do right now is laugh at this point of people taking their partner to nice expensive places and they're showing up at gas stations as a sort of make fun of the situation joke, but that really is explaining how hard it is hitting Americans right now. Hopefully, we don't reach that $5 a gallon. I remember being 16 in 2006 when gas was $5 a gallon. I could see no friends, Markie. I could not make it anywhere because I worked at Panera Bread and that just didn't pay enough. Well, and I'm here in Chicago. It's crazy to say that 452 sounds good. It's 579 here at a lot of stations across Chicago.

[00:02:47]>> Yeah, sticker shock is just unbelievable right now. Marcus, we'll check back in in just a little bit, but hopefully prices get alleviated and alleviated soon. Thank you for watching.

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