Gas prices up about 17% since war with Iran began INDIANAPOLIS (WISH) — On Monday, Gov. Mike Braun said he might consider suspending Indiana’s gas sales tax if the war with Iran lasts longer than a few weeks. The governor’s comments came as the statewide average hit $3.49 per gallon, up 59 cents from one week ago, according to data from GasBuddy. Braun said he first wants to see how long the war lasts. “It’s only been a little more than a week. If we had not done this at this time, it probably would have been worse in the mid- and long-term,” Braun said. “Just like the stock market can go up and down, you can’t dismiss it, but you’ve got to give it time to play out.” Gas prices are rising because all shipping has been halted through the Strait of Hormuz due to the war. Barely 25 miles wide at its narrowest point, well within range of rockets and some conventional artillery, the strait separates Iran and the United Arab Emirates at the entrance to the Persian Gulf. Twenty percent of the world’s oil is shipped through it and Braun said the key to bringing gas prices down will be securing the strait. Indiana levies a 7% use tax on gasoline on top of the gas excise tax. Braun said he doesn’t currently plan to suspend it but indicated he might change his mind later. “If the thing gets belabored beyond what most think will be two and a half to three weeks, I think the administration is coming there, I don’t expect Iran to just roll over,” he said. “If we completely hamstring them with the two main threats, their nuclear long-term plans and their missile production, it’ll be different. And once you secure the supply coming through the Strait of Hormuz, you’re going to see it go down, ideally as much as it went up. And if not, everybody will have to use the tools in their own toolchest to make sure you mitigate it.” Indiana Democrats have long pressed for repealing the gas use tax. Rep. Carey Hamilton, D-Indianapolis, who serves on the House Utilities Committee, said that’s her preference now. “Certainly, I think (suspending the gas tax) is what we’ve supported in the past and I think we’d support that now,” he said. Indiana’s gas use tax has come up before when gas prices spiked due to international crises. When oil prices rose following Russia’s full-scale invasion of Ukraine in 2022, Democrats unsuccessfully pressured then-Gov. Eric Holcomb to temporarily waive it. Discussions around gas price relief also are happening at the national level. On Monday, energy ministers from the G-7 countries, which include the United States, met to discuss the possibility of releasing some crude oil from strategic reserves to boost the supply and stabilize prices. The U.S. Strategic Petroleum Reserve currently holds 414 million barrels, a roughly four-month supply. President Donald Trump has not yet said if he plans to release any. Sen. Jim Banks, R-Indiana, told News 8 Monday afternoon that Trump is currently negotiating with partner countries in the Middle East to increase their oil production.”I’m concerned about that. That’s another reason why I hope that this war will be over in a very short period of time, that it won’t drag out for months or, certainly, for years,” Banks said. ...read more read less