We all remember June of 2008 when we faced the staggering price of $4 per gallon for gasoline.
What we don’t recall is that by the close of 2008 gasoline prices had stabilized to a more palatable $1.59 per gallon. Within weeks, the historical transformation was underway as our new President took office.
Below is a graph of gasoline prices since President Obama took office. One might ask where the press is?
The federal government is currently contemplating an additional 15 cent gas tax in addition to the current 18.4 cent federal gas tax in place. The average gas tax is 47.4 cents as of April 2010.
Additional State taxes levied:
California: 8.25 percent sales tax
Connecticut: 7 percent gross earnings tax
Georgia: 4 percent prepaid state tax
Hawaii: 4 percent gross income tax
Illinois: 6.25 percent sales tax
Indiana: 7 percent sales tax
Iowa: 1 cent per gallon Environmental Protection Charge
Michigan: 6 percent sales tax
New Jersey: gross receipts tax of 4 cents per gallon for on-highway use fuels
New York: 8.0 cents per gallon state sales tax in addition to local sales taxes
Virginia: 2 percent sales tax in areas where mass transit systems exist
Vermont: Motor Fuels Transportation Infrastructure Assessment Fee (subject to change on a quarterly basis for gasoline and 3.0 cents per gallon on diesel fuel)
Local option taxes (LOTS) are allowed
Florida assesses a State Comprehensive Enhanced Transportation System (SCETS) tax on gasoline which is two-thirds of each county’s rate. In addition, the State collects a “ninth cent tax” and a second local tax. These taxes add an unweighted average of 15.0 cents to the gasoline State tax.
In Hawaii, LOTS are as follows:
Honolulu: 16.5 cents per gallon
Maui: 16.0 cents per gallon
Hawaii: 8.8 cents per gallon
Kauai: 13.0 cents per gallon
In Nevada, additional county taxes on gasoline range from 5 to 10 cents per gallon.