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Trump Considers Suspending Federal Fuel Tax
The administration of U.S. President Donald Trump is considering temporarily suspending the federal fuel tax due to rising gasoline and diesel prices and their negative impact on the Republican Party ahead of the November midterm elections. This comes after Trump signed an order to diversify the sources of tax-exempt diesel, in an attempt to ease the burden on consumers, although such exemptions require Congressional approval. Polls have shown Trump’s popularity declining to 32%, amid widespread concerns over rising living costs. The oil market has also been impacted by global tensions and increased oil prices, which have reached approximately $101.50 per barrel for Brent and $90.25 for West Texas Intermediate.
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