While motorists may welcome any effort to lower prices at the fuel pump, economists say suspending the state gas tax could impact funding for roads, highways...
Customers pump gas as a Walmart in the 4800 block of S. Cooper Street where the price was of $3.89.9 for unleaded gasoline on Thursday, July 7, 2022, in Arlington. The price had been $3.94.9 just an hour earlier at the same location.While motorists may welcome any effort to lower prices at the fuel pump, economists say suspending the state gas tax could impact funding for roads, highways and public education.
“You don’t know if the lifting of that tax will be fully reflected in the retail price because there are many factors that affect the retail price of gasoline,” he said. “However, just the new revenue estimated from the Comptroller of Public Accounts over and above prior expectations is well in excess of the total collection of gasoline taxes. Thus, the state could easily offset the losses from surplus funds,” Perryman wrote in an email.
. This week, the price of regular gasoline was about $4.18 per gallon, according to the agency’s website.
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