Overview
- Energy Secretary Chris Wright, speaking Sunday on NBC's Meet the Press, said the administration is open to a temporary pause of the 18.4-cent federal gasoline tax after a White House official said last week the idea was not under consideration.
- He said he cannot predict near-term prices and declined to rule out a $5 national average, echoing a JPMorgan warning that such levels can no longer be dismissed.
- AAA puts the U.S. average at about $4.52 per gallon, up more than 50% since the Iran war began, with several West Coast states already above $5.
- The White House is also releasing oil from the Strategic Petroleum Reserve, coordinating draws with other countries, and easing EPA summer fuel-blend rules, though officials acknowledge these steps bring only limited and delayed relief.
- Prices are being driven by the effective shutdown of the Strait of Hormuz, and tight refineries may favor jet fuel over gasoline, which can squeeze pump supplies even when U.S. oil output is high.