Read the full article on KETV 7
When could gas prices start coming back down? That’s the big question tonight as the United States and Iran are reportedly discussing *** potential end to the war. Now President Donald Trump says gas prices will fall immediately once the war is over, but energy experts say it won’t be that fast. In fact, University of Houston professor Ed Hurst told me today that even if peace broke out right now, prices wouldn’t meaningfully. Start coming down until the fall. And the reason why is because oil prices can move on headlines, but gas prices actually depend on supply. That’s ships moving, infrastructure being rebuilt after being damaged during the war, as well as refineries getting all that oil they need to turn it into gasoline. Right now gas prices are about 51% higher compared to pre-war levels.
Advertisement
U.S. President Donald Trump on Monday said he intends to suspend the federal tax on gasoline to help Americans shoulder higher fuel prices caused by the war with Iran. Trump answered yes on Monday when asked if he would suspend the federal gas tax. He said the price of oil and gas would drop “like a rock” as soon as hostilities are over. Asked how long the suspension would last, he said “until it’s appropriate.”The federal gas tax is 18.4 cents per gallon of gasoline and 24.4 cents per gallon of diesel, according to the U.S. Energy Information Administration.The standoff over the Strait of Hormuz, which is a key transit point for the world’s oil and natural gas exports, has sent fuel prices skyrocketing and rattled world markets.PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4=
U.S. President Donald Trump on Monday said he intends to suspend the federal tax on gasoline to help Americans shoulder higher fuel prices caused by the war with Iran.
Trump answered yes on Monday when asked if he would suspend the federal gas tax. He said the price of oil and gas would drop “like a rock” as soon as hostilities are over.
Advertisement
Asked how long the suspension would last, he said “until it’s appropriate.”
The federal gas tax is 18.4 cents per gallon of gasoline and 24.4 cents per gallon of diesel, according to the U.S. Energy Information Administration.
The standoff over the Strait of Hormuz, which is a key transit point for the world’s oil and natural gas exports, has sent fuel prices skyrocketing and rattled world markets.
