Mark Carney suspends gas tax

The tax holiday will last until Labour Day and is expected to cost the federal government approximately $2.4 billion.

Carney stated that the measure is necessary to offset economic chaos caused by the Iran war and the Strait of Hormuz blockade.

While the move has been welcomed by many Canadians, Alberta Premier Danielle Smith has refused to match the relief at the provincial level.

The Prime Minister also signaled plans to move quicker on other economic priorities, including domestic energy production.