Indiana to suspend gas tax for one month as prices surge

Gas price worries continue across US amid Iran war

We are now hearing that President Donald Trump believes the U.S. military is close to accomplishing its goals in Iran.

Indiana on Wednesday moved to pause its gas tax, becoming the second state to do so as fuel prices climb amid the U.S.-Israeli conflict with Iran.

Republican Governor Mike Braun announced the 30-day suspension of the state’s 7% fuel usage tax that could be extended depending on developments in the Middle East.

Indiana to suspend gas tax

What they're saying:

"I am suspending Indiana's gas tax for at least 30 days to provide Hoosiers relief from the pain at the pump from high gas prices," Braun said on Facebook.

A gasoline station attendant pumps gas into a car at a filling station. (Credit: Sean Gallup/Getty Images)

The state's 7% gas tax will be suspended, but officials said it may take a few days before drivers see the lower prices at their local stations. 

Big picture view:

The average gas price in Indiana is $4.13, according to the American Automobile Association (AAA). The ​average price was $3.46 ​a month ago.

Prices of gas remain high

News of the temporary ceasefire between the United States and Iran earlier this week immediately sent oil prices tumbling. 

Within minutes of President Donald Trump announcing an agreement had been reached, crude oil prices had fallen below the $100 mark.

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About an hour after the announcement, the price of oil had dipped all the way into the $91/barrel range before working its way back up. As of 9 p.m., crude oil was trading around $97/barrel, which was still a $20 drop from its intraday-high.

Despite this, the ongoing conflict with Iran continues to drive up the fuel prices around the world. 

As of Thursday, the average price of gas in the U.S. was $4.16, with five states averaging over $5.00.