Overview
- France’s prime minister said Tuesday that fuel-tax receipts fell by about €300 million over the first ten days of May as consumption dropped 30%, wiping out a small March–April surplus and leaving revenue since March 1 €105 million below last year.
- U.S. consumer inflation rose to 3.8% year over year in April, the highest in nearly three years, with gasoline up sharply as average pump prices hover near $4.50 a gallon compared with about $3 before the war.
- President Donald Trump said Monday he wants to suspend the federal gasoline tax — 18.4 cents per gallon — to ease costs for drivers, a step that needs approval from Congress and that some Republican lawmakers moved to introduce.
- Crude stays above $100 a barrel and stocks slipped Tuesday on renewed inflation worries, while European markets looked set for a modest rebound Wednesday even as oil remained elevated.
- France’s inflation rate was confirmed at 2.2% in April, driven by a 14.3% jump in energy, and households are cutting driving, shifting to public transport and telework, with train bookings up 14% in recent weeks and officials warning of pressure on growth and the deficit.