How much would suspending the federal gas tax save drivers?

(NEXSTAR) – Energy Secretary Chris Wright said on Sunday that the Trump administration is considering the possible suspension of the federal gas tax amid soaring oil prices fueled by the war in Iran — a plan President Donald Trump voiced support for on Monday.

“I think it’s a great idea,” Trump said during a call to CBS News. “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.”

Gas prices have remained high since the closure of the Strait of Hormuz amid military action in Iran earlier this year. The president has, at times, claimed to be making progress toward resolving the conflict, but the ongoing blockage of the strait has led to higher crude oil prices and, therefore, rising prices at U.S. gas pumps.

Trump administration officials are now championing a suspension of the federal gas tax to help ease costs.

What is the federal gas tax, and how much is it?

Revenue collected from the federal gas tax is mainly used to support the Highway Trust Fund,........

© The Hill