The head of the Saudi Aramco oil company warned Monday the global oil market will ​lose around 100 million barrels every week if disruptions ​to the Strait ​of Hormuz continue at ⁠the current ​rate. Amin Nasser also warned that global supplies of gasoline and jet fuel could reach “critically low levels” by summer unless Iran allows shipping lanes to reopen.

Here in the United States, Missouri Republican Senator Josh Hawley said Monday he’s introducing legislation that would suspend federal taxes on gasoline and diesel fuel. Gas is currently taxed at 18.4 cents per gallon, diesel at just over 24 cents. Hawley’s bill would suspend them entirely for 90 days, depriving the Treasury of billions of dollars of tax revenue. This comes after the Trump administration released a record 8.6 million barrels of oil from the U.S. Strategic Petroleum Reserve last week in a bid to lower U.S. gas prices, which have soared to an average of more than $4.50 a gallon.