Fuel prices around the world are rising rapidly, causing problems for car owners, who are increasingly saving on the use of cars, but also for manufacturers in reduced demand. This requires state intervention, so the New York government has decided to suspend the state tax on gasoline (16 cents) until the end of 2022.
At first it doesn’t sound like much, but let’s take it as a start in the government’s efforts to prevent the fuel market from going wild. In some counties, such as Suffolk and Nassau, the government has limited the taxable amount to $ 3. Some media reports that Rockland County has limited the taxable amount to just $ 2, while Maryland has suspended the tax for a month.
Such government decisions will cost the state hundreds of millions of dollars. It is estimated that Maryland will lose about $ 100 million and Connecticut $ 90 million. The biggest losses will be recorded in New York of as much as $ 585 million and Florida, which expects a loss of $ 200 million.
Speaking of current fuel prices, in New York a gallon costs $ 5 while the current national average is $ 4.67.
Source: CBS News
