Gas In New Jersey Is About To Get Cheaper
Gas prices have been the topic of conversation over the past year and even though prices have fallen, it is still very expensive to fill the tank. There may be some relief in sight for New Jersey drivers. Starting this Saturday, October 1st, the New Jersey gas tax will drop one cent per gallon. The state will still rank high on the list of gas taxes in the nation (number 11) but at least it’s a decrease. Why? According to NJ.com “A state law enacted in 2016 requires the tax rate be adjusted each October to ensure it generates roughly $2 billion per year in revenue to support the Transportation Trust Fund, a program to pay for critical infrastructure improvements to New Jersey’s roads and bridges.”
This rate is determined by a formula outlined in the law. This is year two of seeing a decrease. The new rate is nearly 7 cents lower than New York’s but more than 18 cents higher than in Delaware. Pennsylvania’s rate of 58.7 cents on every gallon ranks third highest in the nation. It’s been an up and down ride for years – in fact, NJ gas tax has grown by 30 cents since 2016. Before then, the last increase had been in 1988. Not sure how much that one cent a gallon savings will help, but at this point, every little bit….well, helps. Safe travels!