Donald Trump looks at plans to lower rising gas prices by working together with the congress to lower taxes on domestic oil producers.
The oil prices of climbing have led to warnings from another peak in gas prices.
But now the imposition of sanctions by President Trump has expressed concern that the price of Russian and Iranian supplies will also increase in the coming months.
Moreover, uncertainty about the Israel-HAMAS ceases-fire and instability in the Middle East leads to concern about the American stock that is purchased and imported from those countries.
Trump says that he will work with the Republicans in the congress to reduce taxes for private individuals and companies – therefore in the hope of causing a reduction in costs at the pump.
According to AAA, the national average price for a normal gas in the US was at $ 3,165 per gallon. This has risen from $ 3,160 last week and $ 3,125 a month earlier.
The most expensive gas in the country, California, has an average price of $ 4,849 per gallon.
President Donald Trump said on Wednesday that he is planning to work with the congress to lower taxes – including terminating taxes on social security, about time hours and on tips earned. He also wants to increase domestic oil production to lower prices at the pump
Trump wants to increase the shares of the American Strategic Petroleum Reserve, which he has the administration of former President Joe Biden Bashed with claims they have exhausted.
“I will collaborate with the Republican Congress to go through the largest tax cuts in American history,” Trump said at a conference organized by the sovereign power fund of Saudi Aarabia in Miami, Florida on Wednesday.
He added: “We will drastically reduce taxes for families and for employees and for companies, including no tax on tips and hopefully no tax on social security and no tax on overtime.”
This also includes Trump's plans to get rid of taxes on tips – a popular promise he made on the 2024 campaign track.
The president said that the cutbacks would be '100 percent that lasts for the new factory construction in the United States' and a reduction in prices for the production of domestic oil and gas.
“If you buy something that will be good for our country, let's let you cost it,” Trump said.
Worries were that the gas prices will rise after Trump had issued international sanctions and in the midst of constant uncertainty in the middle and with Russia
Although he did not offer any details about tax reductions or how he intends to lower the costs of domestic oil and gas, he said that the plan would be part of the 'largest tax reductions' in American history.
Trump said he would increase the stock of the strategic petroleum reserve that he hopes would lower gas prices.
“The world runs on cheap energy, and energy -producing countries like we have nothing to apologize,” said Trump. “We have more energy than any other nation in the world, and we will use it.”
