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President Trump said during a telephone interview with CBS News on Monday morning that he plans to temporarily suspend federal gasoline taxes. He said, "I think it's a good idea. We will suspend gasoline taxes for a period of time and gradually restore them as oil prices fall." According to data from the American Automobile Association, gasoline prices have risen by over 50% since the outbreak of the Iran war on February 28th, reaching over $4.52 per gallon on Sunday. Analysts believe that oil prices may remain high due to Iran's blockade of the Strait of Hormuz. However, suspending the fuel consumption tax would require legislative approval from Congress. The current federal fuel taxes are 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel. If the collection is suspended, the federal government would lose approximately $5 billion in revenue each week. Some Democratic lawmakers have proposed legislation to suspend or reduce fuel taxes.