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The federal excise tax landed on the statute books in 1917 and remains there, crimping sales of new trucks and inhibiting the industry’s ongoing push toward greater environmental progress.

Prices of fuels like diesel and jet fuel are surging as refineries in the region reduce production or shut completely, while fuel makers elsewhere balk at high crude prices.

The century-old maritime law that requires American ships be used to transport goods between U.S. ports would get a 30-day exemption.

North American Class 8 truck orders jumped year over year in February, with ACT Research preliminary data showing orders rose 156% to 46,200 units.

Experts say prolonged high gas prices may drive some EV interest and sales, especially if drivers assume their electricity prices won't be affected by the crises.

“The United States is the largest oil producer in the world, by far, so when oil prices go up, we make a lot of money,” Trump posted on social media.

The gap in goods and services trade shrank more than 25% from the prior month to $54.5 billion, Commerce Department data showed March 12.

Iran has escalated its attacks aimed at generating enough global economic pain to pressure the U.S. and Israel to end the war, targeting oil fields and refineries in a handful of Gulf Arab nations.

The Trump administration plans to release 172 million barrels from the U.S. emergency oil reserve as part of the coordinated effort by nations around the world to ease surging crude and fuel prices.

House Speaker Mike Johnson sought to calm concerns about rising fuel costs, saying the recent jump in prices will recede as the conflict with Iran stabilizes.