TULSA, Okla. — With gas prices continuing to soar, there is news from The White House on a potential action plan to lower them.
Speaking to reporters, President Donald Trump says he supports suspending the federal gas tax, “until it’s appropriate.”
WATCH: Tulsans react to prices as President Trump suggests suspending federal gas tax:
“It’s a small percentage, but it’s, you know, it’s still money,” he said.
How much money? The federal gas tax is currently about 18 cents a gallon, but according to the Bipartisan Policy Center, savings estimates for drivers would be roughly 10 to 16 cents a gallon, with gas suppliers benefitting from the rest.
BPC also says the pause could cost the government billions of dollars in revenue.
Nationwide, the average cost for a gallon of unleaded, as of May 11, is $4.52. Some places in California are well over six dollars. As usual, prices in Oklahoma are below the average. Gas stations in the Tulsa metro are right below the $4 mark.
Since the start of the Iran war, prices have gone up roughly 50%. For Nima Bennett of Tulsa, it’s the war she is more concerned about.
“I voted for Donald Trump the first time, I think he is a great business man, but he does not have any humanitarian blood flowing through him,” she explained.
Noah Bruns is a sophomore at the University of Oklahoma. While he is still relying on his parents for money, he still sees how the gas prices impact his fellow students.
“One of my friends has to walk to school and ride a bike because he can’t afford to fill up his tank to drive there and back all the time,” he said.
As far as the overall economy, Bankrate’s Ted Rossman says, so far, gas prices are effecting consumer sentiment more than consumer spending.
“We are not seeing it filter through into other types of spending,” he said. “People are still spending on travel, they’re still spending on dining and other discretionary items. There has to be a tipping point somewhere out there; we probably haven’t reached it yet.”
Suspending the gas tax would require approval from Congress.
In March, Democrats introduced legislation to suspend the federal gas tax until October. That legislation stalled.
On May 11, Republican lawmakers in both the senate and house said they would introduce legislation to suspend the federal gas tax.
It is unclear how the bills would differ.
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