War-driven gas prices hit $4.52 as Trump pushes for federal tax holiday

Senate Majority Leader John Thune stopped short of endorsing the proposal, saying he had not historically favored a gas tax pause, though he indicated he was willing to listen to those in his caucus who do, according to the AP. Senate Minority Leader Chuck Schumer stopped short of opposing the idea outright but argued that restoring price stability requires resolving the underlying conflict, saying Americans "need an end to the chaos that sent gas prices soaring in the first place," according to ABC News.

Experts cautioned that driver savings would be modest. Because the federal gas tax is assessed at the wholesale stage rather than the retail pump, analysts at the University of Pennsylvania's Penn Wharton Budget Model project that only about 72% of any cut — approximately 13.2 cents per gallon — would ultimately be passed on to drivers, according to the Los Angeles Times. For a driver who tops off a 15-gallon tank every week between June 1 and Oct. 1, the model puts total savings at roughly $35 across the four-month window.