Trump launches plan to stop
rising gas prices nationwide
Donald Trump is looking at plans to reduce rising gas prices by working with Congress to cut taxes on domestic oil producers.
Climbing oil prices have led to warnings of another spike in gas prices.
But now President Trump's imposition of sanctions has raised concerns that the price of Russian and Iranian supplies will also soar in upcoming months.
Additionally, uncertainty over the Israel-Hamas ceasefire and instability in the Middle East is leading to concerns over the U.S. supply that is purchased and imported from those countries. Trump says he will work with the Republicans in Congress to lower taxes for individuals and companies – therefore hoping to also spark a reduction in cost at the pump. The national average price for a regular gas in the U.S. Thursday morning sat at $3.165 per gallon, according to AAA. This is up from $3.160 last week and $3.125 a month prior. The most expensive state for gas in the country, California, has an average price of $4.849 per gallon.
President Donald Trump said on Wednesday that he plans to work with Congress to cut taxes – including ending taxes on Social Security, on overtime hours and on earned tips. He also wants to increase domestic oil production to lower prices at the pump.
'I'll be working with the Republican Congress to pass the largest tax cuts in American history,' Trump said at a conference hosted by Saudi Arabia's sovereign wealth fund in Miami, Florida on Wednesday.
He added: 'We're going to cut taxes for families dramatically and for workers and companies, including no tax on tips and hopefully no tax on Social Security and overtime.'
This also encompasses Trump's plans to get rid of taxes on tips – a popular promise he made on the 2024 campaign trail.
The president said the cuts would include '100 percent expensing for new factory construction in the United States and a reduction in prices for the production of domestic oil and gas.
'If you buy something that is going to be good for our country, we're going to let you expense it,' Trump said.
While he did not offer any details on the tax cuts or how he plans to reduce the cost of domestic oil and gas, he did say that the plan would be part of the 'largest tax cuts' in U.S. history.
Trump said he would increase the Strategic Petroleum Reserve's stock, which he hopes would reduce gas prices.
'The world runs on low-cost energy, and energy-producing nations like us have nothing to apologize for,' Trump said. 'We have more energy than any other nation in the world, and we're going to use it.'
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