Only 48% of the price that Americans pay at the pump actually goes to oil companies. The rest are due to surcharges, fees, and most importantly; taxes. With that in mind, gas taxes are on the rise in roughly a dozen states.
States Where Gas Taxes Are On The Rise
Tennessee Gov. Bill Haslam is putting his fellow Republican lawmakers to the test. He plans 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% 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.
Download the City Vs City cost of living calculator that compares gas prices at the ZIP code level and even accounts for the gas taxes so that they can’t be buried in the price any longer!