President Donald Trump is backing a temporary federal gas tax suspension as US drivers face sharply higher fuel prices linked to the Iran conflict.
The proposal could cut up to 18.4 cents per gallon from gasoline and 24.4 cents per gallon from diesel, but it cannot take effect without approval from Congress.
How Much Could Drivers Save?
Trump said on Monday, May 11, 2026, that he wants to remove the federal gas tax “for a period of time” and restore it once prices ease. The White House has not confirmed whether formal legislation has already been sent to lawmakers.
The relief would be limited compared with the wider rise in pump prices. US gasoline prices have climbed sharply since the Iran conflict intensified, leaving many households paying more for commuting, deliveries and daily transportation.
Congress Holds The Key
The federal gas tax helps fund highways, bridges and public transit through the Highway Trust Fund. Any suspension could give drivers short-term relief but may raise concerns over road funding.
Energy Secretary Chris Wright said the administration supports steps to lower fuel costs. Some lawmakers have also backed a temporary gas tax holiday, while critics argue the savings may not fully reach consumers.
For American families already dealing with inflation, even a small reduction at the pump could matter. But the plan’s real impact depends on Congress, fuel markets and whether gas stations pass the full tax cut to drivers.
President Donald Trump is backing a temporary federal gas tax suspension as US drivers face sharply higher fuel prices linked to the Iran conflict.
The proposal could cut up to 18.4 cents per gallon from gasoline and 24.4 cents per gallon from diesel, but it cannot take effect without approval from Congress.
How Much Could Drivers Save?
Trump said on Monday, May 11, 2026, that he wants to remove the federal gas tax “for a period of time” and restore it once prices ease. The White House has not confirmed whether formal legislation has already been sent to lawmakers.
The relief would be limited compared with the wider rise in pump prices. US gasoline prices have climbed sharply since the Iran conflict intensified, leaving many households paying more for commuting, deliveries and daily transportation.
Congress Holds The Key
The federal gas tax helps fund highways, bridges and public transit through the Highway Trust Fund. Any suspension could give drivers short-term relief but may raise concerns over road funding.
Energy Secretary Chris Wright said the administration supports steps to lower fuel costs. Some lawmakers have also backed a temporary gas tax holiday, while critics argue the savings may not fully reach consumers.
For American families already dealing with inflation, even a small reduction at the pump could matter. But the plan’s real impact depends on Congress, fuel markets and whether gas stations pass the full tax cut to drivers.
May 11: Prime Minister Narendra Modi has called on companies to adopt work-from-home policies and reduce unnecessary travel as the Iran war continues to affect global fuel supplies and economic stability. Following the Prime Minister’s appeal, IT employee body NITES has written to the labour ministry seeking an official advisory for remote work in the IT and IT-enabled services sector. The request
May 11: Prime Minister Narendra Modi has called on companies to adopt work-from-home policies and reduce unnecessary travel as the Iran war continues to affect global fuel supplies and economic stability. Following the Prime Minister’s appeal, IT employee body NITES has written to the labour ministry seeking an official advisory for remote work in the IT and IT-enabled services sector. The request
Prime Minister Narendra Modi on Sunday urged citizens to adopt responsible economic habits to help India manage the impact of rising global oil prices and supply chain disruptions linked to tensions in the Middle East. Addressing a gathering in Hyderabad, the prime minister appealed to the public to reduce petrol and diesel consumption, avoid unnecessary foreign travel, and limit non-essential gold purchases in order to protect the nation’s foreign exchange reserves and economic stability.
Prime Minister Narendra Modi on Sunday urged citizens to adopt responsible economic habits to help India manage the impact of rising global oil prices and supply chain disruptions linked to tensions in the Middle East. Addressing a gathering in Hyderabad, the prime minister appealed to the public to reduce petrol and diesel consumption, avoid unnecessary foreign travel, and limit non-essential gold purchases in order to protect the nation’s foreign exchange reserves and economic stability.
Shell Profits Rise as Oil Prices Surge
Shell profits climbed sharply in the first quarter as oil prices surged during the Middle East conflict, helping the energy giant beat market expectations.
The London-based company reported adjusted earnings of $6.92 billion, up 24% from a year earlier, as Brent crude volatility boosted oil trading, refining margins and energy market returns.
Middle East Conflict Drives Energy Volatility
Shell Profits Rise as Oil Prices Surge
Shell profits climbed sharply in the first quarter as oil prices surged during the Middle East conflict, helping the energy giant beat market expectations.
The London-based company reported adjusted earnings of $6.92 billion, up 24% from a year earlier, as Brent crude volatility boosted oil trading, refining margins and energy market returns.
Middle East Conflict Drives Energy Volatility
For the first time since July 2022, Americans are facing gas prices above $4.50 a gallon, with the national average hitting $4.52 as of May 6. This surge in fuel prices is placing significant political pressure on President Donald Trump, just five months before the 2024 US Midterm elections. Rising gas prices, coupled with low approval ratings, are adding to the growing dissatisfaction over his handling of key issues such as the economy, inflation, and international conflicts.
For the first time since July 2022, Americans are facing gas prices above $4.50 a gallon, with the national average hitting $4.52 as of May 6. This surge in fuel prices is placing significant political pressure on President Donald Trump, just five months before the 2024 US Midterm elections. Rising gas prices, coupled with low approval ratings, are adding to the growing dissatisfaction over his handling of key issues such as the economy, inflation, and international conflicts.
In a moment that could quietly shape global energy markets, an India-linked LPG tanker is attempting something most ships are now avoiding.
The vessel, Sarv Shakti, loaded with nearly 45,000 tonnes of liquefied petroleum gas, is moving toward the tense waters of the Strait of Hormuz — a route that has suddenly become one of the world’s most dangerous maritime
In a moment that could quietly shape global energy markets, an India-linked LPG tanker is attempting something most ships are now avoiding.
The vessel, Sarv Shakti, loaded with nearly 45,000 tonnes of liquefied petroleum gas, is moving toward the tense waters of the Strait of Hormuz — a route that has suddenly become one of the world’s most dangerous maritime
Spirit Airlines shuts down after failed bailout deal as the low-cost U.S. carrier began an immediate wind-down of operations on Saturday, May 2, 2026, after rescue talks failed and rising fuel prices deepened its financial crisis. The airline canceled all flights and warned passengers with existing tickets not to go to the airport, saying refunds would be issued but rebooking support through other carriers would not be provided.
Spirit Aviation Holdings, the parent company of Spirit
Spirit Airlines shuts down after failed bailout deal as the low-cost U.S. carrier began an immediate wind-down of operations on Saturday, May 2, 2026, after rescue talks failed and rising fuel prices deepened its financial crisis. The airline canceled all flights and warned passengers with existing tickets not to go to the airport, saying refunds would be issued but rebooking support through other carriers would not be provided.
Spirit Aviation Holdings, the parent company of Spirit
Ukraine has intensified its long-range strikes on energy infrastructure located deep inside Russia, targeting oil refineries, storage depots, and supply routes. These attacks mark a significant escalation in the ongoing
Ukraine has intensified its long-range strikes on energy infrastructure located deep inside Russia, targeting oil refineries, storage depots, and supply routes. These attacks mark a significant escalation in the ongoing
President Donald Trump said on Friday, May 1, 2026, that his administration had delivered a “final” bailout proposal to Spirit Airlines as the budget airline faces the possibility of liquidation without immediate financial su
President Donald Trump said on Friday, May 1, 2026, that his administration had delivered a “final” bailout proposal to Spirit Airlines as the budget airline faces the possibility of liquidation without immediate financial su
The numbers on gas station signs across Texas are rising fast—and for many drivers, so is the stress. What used to be a routine fill-up is now a moment of hesitation, as fuel costs eat deeper into already stretched budgets. High gas prices in Texas have surged in recent weeks, climbing from about $2.55 per gallon in early February to nearly $3.78. The sharp increase is being driven by global tensions that have disrupted oil supply routes, sending ripple effects through loca
The numbers on gas station signs across Texas are rising fast—and for many drivers, so is the stress. What used to be a routine fill-up is now a moment of hesitation, as fuel costs eat deeper into already stretched budgets. High gas prices in Texas have surged in recent weeks, climbing from about $2.55 per gallon in early February to nearly $3.78. The sharp increase is being driven by global tensions that have disrupted oil supply routes, sending ripple effects through loca
The war in West Asia and disruptions in the Strait of Hormuz have triggered widespread supply chain instability across South Asia, affecting energy security, economic stability, and regional cooperation. Countries across the subcontinent, heavily reliant on hydrocarbon imports from West Asia, are facing rising costs, reduced industrial competitiveness, and increased household expenditures as critical supply routes remain constrained.
Fuel shortages and economic strain acros
The war in West Asia and disruptions in the Strait of Hormuz have triggered widespread supply chain instability across South Asia, affecting energy security, economic stability, and regional cooperation. Countries across the subcontinent, heavily reliant on hydrocarbon imports from West Asia, are facing rising costs, reduced industrial competitiveness, and increased household expenditures as critical supply routes remain constrained.
Fuel shortages and economic strain acros
India may soon take a major step toward changing how vehicles are powered, with the government reportedly preparing draft rules for introducing E85 fuel. This new blend, made of up to 85% ethanol and 15% petrol, could significantly reduce the country’s dependence on imported crude oil and promote the use of domestically produced biofuel.
The move comes at a time when global oil markets remain unstable due to geopolitical tensions, including conflicts affecting major oil-producing
India may soon take a major step toward changing how vehicles are powered, with the government reportedly preparing draft rules for introducing E85 fuel. This new blend, made of up to 85% ethanol and 15% petrol, could significantly reduce the country’s dependence on imported crude oil and promote the use of domestically produced biofuel.
The move comes at a time when global oil markets remain unstable due to geopolitical tensions, including conflicts affecting major oil-producing
Emergency crews were deployed early Thursday, April 16, after a significant fire broke out at a major oil refinery in Geelong, Victoria, Australia, raising concerns about fuel infrastructure and industrial safety. Authorities said the incident began at approximately 11:15 PM local time on Wednesday, April 15, 2026, following multiple reports of explosions and visible flames at the Viva Energy refinery, one of the country’s last remaining facilities of its kind.
Fire Rescue Victoria
Emergency crews were deployed early Thursday, April 16, after a significant fire broke out at a major oil refinery in Geelong, Victoria, Australia, raising concerns about fuel infrastructure and industrial safety. Authorities said the incident began at approximately 11:15 PM local time on Wednesday, April 15, 2026, following multiple reports of explosions and visible flames at the Viva Energy refinery, one of the country’s last remaining facilities of its kind.
Fire Rescue Victoria
Europe’s airline industry is facing the risk of a widespread jet fuel shortage within weeks as disruptions in the Strait of Hormuz continue to strain global oil supply chains, according to energy analysts and aviation experts. The situation has intensified following escalating tensions involving the United States, Iran, and Israel, raising concerns about significant flight reductions across the region during the upcoming peak travel season.
Claudio Galimberti, chief economist at
Europe’s airline industry is facing the risk of a widespread jet fuel shortage within weeks as disruptions in the Strait of Hormuz continue to strain global oil supply chains, according to energy analysts and aviation experts. The situation has intensified following escalating tensions involving the United States, Iran, and Israel, raising concerns about significant flight reductions across the region during the upcoming peak travel season.
Claudio Galimberti, chief economist at
Ken Griffin, founder and chief executive of Citadel, warned that a prolonged closure of the Strait of Hormuz could push the global economy into a recession, underscoring the fragile balance of energy markets and geopolitical stability.
Speaking at the Semafor World Economy conference in Washington, D.C., on Tuesday, April 14, 2026, Griffin said that if the critical shipping route remains shut for an extended period, the economic consequences would be unavoidable. He noted that a disruption lasting between six and 12 months would almost certainly result in a global downturn, given the strait’s importance as a key transit point for oil shipments.
The Strait of Hormuz handles a significant portion of the world’s crude oil supply, and any sustained blockage would likely drive oil prices higher, intensifying inflationary pressures across major economies. While oil prices have eased slightly from peak levels reached during recent tensions, they remain elevated at around $100 per barrel, compared to under $70 before the conflict began.
Griffin emphasized that global markets have so far shown resilience, with stock prices recovering to levels seen prior to earlier U.S. military actions in the region. However, he cautioned that investor confidence remains highly dependent on the duration and scope of the conflict. Many market participants, he said, may be underestimating the risk of further escalation and its potential impact on global growth.
He also pointed to heightened vulnerability in Asian economies, which rely heavily on energy imports and are particularly sensitive to oil price fluctuations. A sustained increase in fuel costs could slow industrial output and consumer demand across the region.
At the same time, Griffin suggested that prolonged disruption could accelerate a structural shift toward alternative energy sources, including wind, solar, and nuclear power, as countries seek to reduce reliance on volatile supply routes.
His remarks highlight growing concerns among financial leaders that geopolitical instability in critical energy corridors could have far-reaching consequences for global economic stability.
Ken Griffin, founder and chief executive of Citadel, warned that a prolonged closure of the Strait of Hormuz could push the global economy into a recession, underscoring the fragile balance of energy markets and geopolitical stability.
Speaking at the Semafor World Economy conference in Washington, D.C., on Tuesday, April 14, 2026, Griffin said that if the critical shipping route remains shut for an extended period, the economic consequences would be unavoidable. He noted that a disruption lasting between six and 12 months would almost certainly result in a global downturn, given the strait’s importance as a key transit point for oil shipments.
The Strait of Hormuz handles a significant portion of the world’s crude oil supply, and any sustained blockage would likely drive oil prices higher, intensifying inflationary pressures across major economies. While oil prices have eased slightly from peak levels reached during recent tensions, they remain elevated at around $100 per barrel, compared to under $70 before the conflict began.
Griffin emphasized that global markets have so far shown resilience, with stock prices recovering to levels seen prior to earlier U.S. military actions in the region. However, he cautioned that investor confidence remains highly dependent on the duration and scope of the conflict. Many market participants, he said, may be underestimating the risk of further escalation and its potential impact on global growth.
He also pointed to heightened vulnerability in Asian economies, which rely heavily on energy imports and are particularly sensitive to oil price fluctuations. A sustained increase in fuel costs could slow industrial output and consumer demand across the region.
At the same time, Griffin suggested that prolonged disruption could accelerate a structural shift toward alternative energy sources, including wind, solar, and nuclear power, as countries seek to reduce reliance on volatile supply routes.
His remarks highlight growing concerns among financial leaders that geopolitical instability in critical energy corridors could have far-reaching consequences for global economic stability.
Cathay Pacific Airways announced on Saturday, April 11, 2026, that it will reduce a portion of its passenger flight schedule from mid-May through the end of June, citing a sharp increase in jet fuel costs linked to the ongoing conflict in the Middle East. The move reflects mounting pressure on global airlines as fuel prices continue to rise due to supply disruptions and regional instability.
Cathay Pacific Airways announced on Saturday, April 11, 2026, that it will reduce a portion of its passenger flight schedule from mid-May through the end of June, citing a sharp increase in jet fuel costs linked to the ongoing conflict in the Middle East. The move reflects mounting pressure on global airlines as fuel prices continue to rise due to supply disruptions and regional instability.
Tensions involving Iran and disruptions in the Strait of Hormuz, a critical shipping route connecting the Persian Gulf to the Gulf of Oman, have placed significant strain on the global economy. The obstruction of oil tanker traffic has led to a sharp rise in oil prices worldwide, increasing transportation costs and placing added financial pressure on both businesses and private vehicle owners reliant on fuel.
While the broader economic impact has been negative, the situation has creat
Tensions involving Iran and disruptions in the Strait of Hormuz, a critical shipping route connecting the Persian Gulf to the Gulf of Oman, have placed significant strain on the global economy. The obstruction of oil tanker traffic has led to a sharp rise in oil prices worldwide, increasing transportation costs and placing added financial pressure on both businesses and private vehicle owners reliant on fuel.
While the broader economic impact has been negative, the situation has creat
RIO DE JANEIRO — Monday, April 6, 2026 — Surging energy prices linked to global geopolitical tensions are putting pressure on Brazil’s flagship cooking gas subsidy program, raising concerns about its sustainability just months ahead of the country’s presidential election.
The initiative, known as “People’s Gas,” was launched by President Luiz Inacio Lula da Silva in November 2025 as a central component of his energy policy, aiming to provide free liquefied petroleum g
RIO DE JANEIRO — Monday, April 6, 2026 — Surging energy prices linked to global geopolitical tensions are putting pressure on Brazil’s flagship cooking gas subsidy program, raising concerns about its sustainability just months ahead of the country’s presidential election.
The initiative, known as “People’s Gas,” was launched by President Luiz Inacio Lula da Silva in November 2025 as a central component of his energy policy, aiming to provide free liquefied petroleum g
The Strait of Hormuz, a narrow waterway connecting the Persian Gulf to the open ocean, remains one of the most strategically important routes in the global economy. Located between Iran and Oman, this passage serves as a critical channel for transporting oil from major producing countries to markets around the world.
A significant portion of the world’s oil supply moves through this route each day, making it essential for maintaining stable energy markets. Because many countries r
The Strait of Hormuz, a narrow waterway connecting the Persian Gulf to the open ocean, remains one of the most strategically important routes in the global economy. Located between Iran and Oman, this passage serves as a critical channel for transporting oil from major producing countries to markets around the world.
A significant portion of the world’s oil supply moves through this route each day, making it essential for maintaining stable energy markets. Because many countries r
