Donald Trump pledged to suspend the US federal gas tax in a bid to reduce pressure on Americans after the US-Israel war on Iran sparked a sharp rise in fuel prices.

The US president told reporters on Monday that his administration would look to pause the tax “till it’s appropriate”, as drivers count the cost of the surge in oil prices in the two months since US and Israel forces attacked Iran.

The federal gas tax – 18.4 cents per gallon for gasoline, and 24.4 cents for diesel – raises about $500m each week for the federal government.

Suspending it is “a great idea”, Trump told CBS News on Monday. “Yup, we’re going to take off the gas tax for a period of time, and when gas goes down, we’ll let it phase back in.”

He later confirmed the idea during public remarks at the White House, acknowledging the gas tax was a small percentage of the rising costs.

The national average of gasoline prices hit $4.52 per gallon on Monday, nearing its highest levels since 2022, according to AAA – up from $3.14 per gallon a year ago.

The increased fuel costs come amid an affordability crisis in the US, a top concern for voters ahead of this year’s midterm elections as they get squeezed on the prices of everyday goods. People across the country have told the Guardian they are cutting back on basic needs as fuel costs rise.

Suspending the tax requires congressional action. Republican lawmakers immediately said they would introduce bills to suspend the tax. Josh Hawley, a Republican senator from Missouri, said on X that he was introducing legislation, and Anna Paulina Luna, a Republican from Texas, said she would introduce a bill in the House of Represenatives on the topic “in light of Trump’s recent remarks”.

“American families need this relief on gas prices,” Luna said. “My office will be working directly with President Trump to ensure we deliver this win for the American people.”

Oil prices have continued to climb since Trump called Iran’s response to US peace proposals “totally unacceptable” over the weekend.

Top oil and gas companies have pulled in big profits as these fuel prices increased. Analysis for the Guardian found that the world’s top 100 oil and gas companies “banked more than $30m every hour in unearned profit in the first month of the US-Israeli war in Iran”.