Gas Prices

[tomonomics]

There are a few Costco's in NJ that have $1.99 gas. Averages are closer to $2.25 But we have one of the lowest state taxes (11 cents per gallon), so we're always a little lower. And we don't even have to get out of the car to pump it!

The Federal gas tax hasn't been touched in 20 years (18 cents). So in NJ, we're at a 15% tax rate for gasoline. (keep in mind when was was $4, we were at a 7% tax rate)

In Britain it's approx 61% tax per litre at the current prices. So that's $2.14 per gallon, with an additional 20% VAT on top of that.

This will not be popular, but I think we're overdue for a review of our current gas tax rates. I'd rather see some additional money go towards alternative technologies and mass transit. Some states have addressed this recently, but with elections coming up I doubt we'll see anything in the next two years.

But hey, it's cheap now so lets get those Hummers back in the showrooms!!!