President Donald Trump told CBS News on Monday that he hopes to suspend the federal fuel tax as prices near all-time highs.

“I think it’s a great idea,” Trump told CBS. “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.”

The move could knock 24.4 cents off diesel prices and 18 cents off gasoline prices in short order if implemented.

“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.” – President Donald Trump

The average cost of a gallon of diesel was $5.64 last week, according to the EPA. Meanwhile, as of Monday, May 11, the average national gas price was $4.52 a gallon, according to the AAA motor club, 50% higher than the average of just under $3 a gallon before Trump began the war against Iran.

For the trucking industry, small fleets and independent owner-operators are bearing the brunt of the impact with less bargaining leverage on contracts and haul rates. And now, with fuel tanks costing almost $300 more per week to fill than a month ago, many small operators are considering parking their trucks for good.

Given an average of six miles per gallon, the cost of diesel alone has pushed fuel expenses over $1 per mile, leaving many fleets operating with little to no profit as fuel prices spike.

However, the president cannot suspend the fuel tax without Congress’s approval.

Lawmakers from both parties support the idea and have pushed for a gas-tax suspension, saying it would provide much-needed relief for families and businesses that rely on their cars and trucks to get to work and school and make key deliveries to markets.

Major trucking groups oppose President Donald Trump’s plan to suspend the federal gasoline tax to counter rising prices at the pump, as the cost of oil soars while the war with Iran drags on.

The American Trucking Associations, Truckload Carriers Association and National Tank Truck Carriers released a joint statement detailing their position on such a proposal.

“We understand and appreciate the desire to provide relief to Americans facing higher fuel costs. However, history shows that gas tax holidays deliver negligible benefit to consumers. Because the tax is collected at the wholesale level and not at the retail pump, most savings never reach the consumer,” the statement said. “While the average motorist pays about $1.63 per week in federal fuel taxes, a suspension would translate into only about 30 cents in weekly savings.

“Without replacement funds, fuel tax revenues supporting critical investments in highway safety and infrastructure projects would evaporate, hindering the safe and efficient movement of people and goods across the country.”