The average price for a gallon of regular-grade gas in the United States reached $3.80 on Wednesday, 26 cents more than a month ago, according to data from AAA.
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Filling up is now is as low as it was in February, just before Russia’s invasion of Ukraine touched off a global energy crisis.
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State law bars the governor from renewing or extending a proclamation more than once without General Assembly approval.
The gasoline tax is the single largest source of revenue for federal highway and public transit programs.
The company said it would offer extra compensation to U.S. and Canadian drivers as part of a temporary program to offset a sharp increase in gas prices due to the Iran war.
The move is expected to save Hoosier motorists 59.3 cents a gallon for the next month.
President Donald Trump said Tuesday he has paused the effort to guide stranded commercial vessels from the Strait of Hormuz in order to finalize a deal with Iran to end the war.
The Iran war, which is in its ninth week, still sees no clear path to an end.
Hoosiers can track fuel prices in real time using IN Fuel Watch, an online portal documenting gasoline prices at more than 4,600 stations across the state.
Indiana Gov. Mike Braun on April 8 signed an energy emergency declaration waiving the 7% sales tax on gas.
Indiana Gov. Mike Braun’s suspension continues until May 8, which is when he said he would consider whether to extend his executive order.
Excluding gas prices, retail sales were up 0.6%, helped in part by government tax refunds and warm weather.
The U.S. stock market has jumped more than 12% since hitting a bottom in late March on hopes the United States and Iran can avoid a worst-case scenario for the global economy despite their war.
The big question for consumers and the economy is whether the surge in oil and gas prices will create a sustained, broader inflation shock.
The current average cost for a gallon of gas in Indiana according to AAA is $4.14, of which about 17 cents is attributable to the sales tax.
The move is an effort to calm markets and stem the economic fallout from the war on Iran, which has sent crude prices spiraling upward.
Gov. Mike Braun also discussed whether the state will suspend its gas tax as oil prices soar in the wake of U.S. military action in Iran.
Lawmakers in both parties view simmering fury over the cost of living as the top issue in next year’s midterm elections and are pitching a growing profusion of proposals to tackle the notoriously difficult problem of affordability.
Patrick De Haan, head of petroleum analysis for GasBuddy, said while it was difficult to predict with certainty, consumers could see a bump in prices as early as next week, if not sooner.
Other financial stressors—like the cost of housing or the amount of money in their bank accounts—weigh more heavily on younger Americans, according to polling.
The EPA is issuing the emergency waiver to help alleviate gasoline shortages in four Midwest states after the shutdown of a refinery in Illinois.
The Energy Department said the sale of 1 million barrels, about 42 million gallons, was timed to provide relief for motorists as the summer driving season begins.
