• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 2 hours New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 5 hours Permafrost Melting Will Cost Us $70 Trillion
  • 1 hour Nothing Better than Li-Ion on the Horizon
  • 5 hours Russia To Start Deliveries Of S-400 To Turkey In July
  • 5 hours Occidental Offers To Buy Anadarko In $57 Billion Deal, Topping Chevron
  • 2 hours UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 5 hours Facebook Analysts Expect Earnings Will Reinforce Rebound
  • 21 hours Countries with the most oil and where they're selling it
  • 1 hour How many drilling sites are left in the Permian?
  • 9 hours ..
  • 22 hours Section 232 Uranium
  • 1 day Deep Analysis: How China Is Replacing America As Asia’s Military Titan
  • 15 hours Iran Sabre Rattles Over the Straights of Hormuz
Alt Text

The Biggest Winner Of Trump’s Waiver Decision

Saudi Arabia appears to be…

Alt Text

Has Trump Given Up On Keeping Oil Prices Low?

While Trump’s decision not to…

ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Trending Discussions

Gasoline Taxes About To Rise In These 12 States

Nearly 20 states have raised gas taxes or recalculated gas-tax formulas in recent years to generate additional revenues. Which, of course, is an extremely politically expedient way to raise taxes on the unsuspecting masses since, when gas prices soar, those price increases can later be blamed on those evil oil corporations.

As the Wall Street Journal points out, the ease with which higher gas taxes have been passed through state governments over the past two years have emboldened at least a dozen more states, all of which are now actively considering additional gas taxes.

Tennessee Gov. Bill Haslam is putting his fellow Republican lawmakers to the test, with a plan to raise the state’s gas taxes for the first time in nearly three decades.

In Alaska, Gov. Bill Walker, an independent, proposed tripling the state’s gas tax to 24 cents a gallon by 2018. The state has the lowest gas tax in the country and hasn’t raised it since 1970. In his recent state of the state address, Mr. Walker said he is trying to deal with a $3 billion fiscal gap, after state revenues collapsed by more than 80 percent from four years ago, due in large part to the drop-in oil and natural-gas prices.

New Jersey’s Republican Gov. Chris Christie raised the state’s gasoline tax last year by 23 cents a gallon, his first tax hike in two terms as governor, which he offset with some other tax reductions.

On Thursday, the Republican-dominated Indiana House voted 61 to 36 in favor of increasing the state gas tax from 18 cents a gallon to 28 cents with annual adjustment increases possible through 2024. The bill now goes to the state Senate. Related: Panic In Vienna: OPEC Needs To Bring Down Costs To Compete With U.S. Shale

In yet another map that looks eerily similar to the 2016 electoral college map, here is where states currently stand on gas taxes. Of course, the irony here is that the ultra-liberal states of the Northeast and West coast have the highest gas taxes...and while that might play well with their global warming narrative, gas taxes are among the most regressive forms of tax as they disproportionately impact lower-income families.

Despite serving as an easy scapegoat, as the U.S. Energy Information Administration notes, only 48 percent of the price that Americans pay at the pump actually goes to the evil oil companies for crude production. Meanwhile, on average, nearly 20 percent of gas costs get sent to various federal, state and local government entities with the highest taxed states like PA, WA, NY and CA collecting even more.

 

By Zerohedge

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Michael Mueller on March 01 2017 said:
    Maybe I missed it. Which 12 states are raising taxes?
  • Justin Smith on March 02 2017 said:
    You did not miss it. No mention of the other states raising taxes.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News