Gas prices are already reaching ugly heights this summer, Save Jerseyans, but they may soon get worse.
That’s because New Jersey’s Department of the Treasury dumped ugly collection numbers on Friday showing a $5 million drop in gas tax revenues over the past 13 months.
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Thanks to a 2016 “compromise” between then-Governor Christie and the Democrat legislature to automatically raise gasoline taxes based on revenues to replenish the Transportation Trust Fund (TTF), New Jersey’s gas tax may rise by a cent or two effective October 1st.
The current rate is 50.7 cents per gallon.
New Jersey’s rate was a mere 15 cents per gallon before the 2016 law change that hiked the gas tax by 23-cents all at once. It’s now the 10th highest in the country.
Notwithstanding the massive jump in the gas tax over the past few years, New Jersey ranks 3rd (tied with Michigan) for most gas tax dollars diverted from roads.
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