Energy Secretary Chris Wright says the Trump administration is considering additional measures to help lower fuel prices, including a possible suspension of the federal gas tax. Speaking on NBC’s “Meet the Press,” Wright said the administration supports efforts to reduce costs for consumers as energy markets remain volatile amid ongoing tensions in the Strait of Hormuz. “All measures that can be taken to lower the price at the pump and lower the prices for Americans this administration is in support of.” The administration has already tapped the Strategic Petroleum Reserve, adjusted EPA gasoline blend regulations and encouraged refiners to reduce maintenance downtime to keep fuel supplies flowing. However, Wright said future price direction will largely depend on whether shipping traffic resumes through the Strait of Hormuz. Wright added that once energy flows normalize, fuel prices should ease, although he declined to predict when that could happen.
