New Jersey gasoline hit a new record (again) on Friday at $5.041 per gallon. It’s obviously higher in a number of places, and families are struggling to fill their tanks.
In light of the deepening crisis, Assemblyman Jay Webber (R-26) called on Trenton this week to institute a gas tax holiday.
The idea has yet to gain traction in the legislature. New Jersey’s gas tax is tied to the Transportation Trust Fund meaning that funding for roads projects would theoretically take a hit if tax revenues dipped.
New Jersey’s gas tax stands at 42.4 cents per gallon, so a suspension of the tax would take prices back below $5 at least for the time being.
Webber says the answer is to draw on budget surpluses to make up the difference; the Murphy Administration recently upgraded its revenue forecast by $4.5 billion.
“CT, NY + others have cut gas taxes to help their residents. Nothing in NJ,” Webber tweeted I support an immediate gas tax holiday – we need the relief, and we have budget surpluses to build our roads in the meantime.”
$5 & counting.
CT, NY + others have cut gas taxes to help their residents. Nothing in NJ.
I support an immediate gas tax holiday – we need the relief, and we have budget surpluses to build our roads in the meantime. https://t.co/rrtL3OIdVj— Jay Webber (@JayWebberNJ) June 7, 2022