(WASHINGTON) -- President Donald Trump said on Monday that he would like to temporarily suspend the federal gas tax as prices soar due to the war in Iran.
"Yeah, I'm gonna reduce until the -- let me tell you, as soon as this is over with Iran, as soon as it's over, you're going to see gasoline and oil drop like a rock," Trump told reporters in the Oval Office when asked if he would suspend the tax. "Going to be dropping down like a rock."
When pressed how long a suspension would last, Trump said "until it's appropriate."
Oil and gas prices have skyrocketed worldwide during the monthslong war, as the critical Strait of Hormuz remains effectively shut. As of Monday, the national average for a gallon of gas in the U.S. was $4.52, according to data from AAA, up more than $1.50 since the wear started.
Lifting the federal gas tax -- currently 18.4 cents per gallon for regular gas and 24.4 cents per gallon for diesel -- would require congressional approval.
Republican Sen. Josh Hawley posted on social media on Monday that he would be soon be introducing legislation to suspend the tax.
Trump acknowledged that suspending the gas tax wouldn't substantially decrease costs for Americans, who have reported feeling the financial strain of higher gas prices.
"It's a small percentage, but it's, you know, it's still money," Trump said in the Oval Office.
In 2022, when gas prices surged to a similar level because of Russia's invasion of Ukraine, then-President Joe Biden requested a monthslong federal gas tax holiday from Congress. His proposal was rebuffed by lawmakers, some of whom said at the time that suspending the tax would be ineffective at solving the problem.
On the current status of negotiations with Iran, Trump said the ceasefire in place is "on life support" after Iran delivered its counterproposal for a peace deal over the weekend.
"I would call it the weakest right now. After reading that piece of garbage they sent us. I didn't even finish reading it," the president said.
Still, Trump boasted of his plan to bring the conflict to an end -- though didn't detail what it was.
"You know, a lot of people said, 'Well, does he have a plan?' Yeah, of course I do have a plan. I have the best plan ever," Trump said. He later added, "But the plan is, they cannot have a nuclear weapon, and they didn't say that in their letter."