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NY Suspends Gas Tax Until 2023

No matter who you are, the odds are that you have been affected in some way by the rapid rise of gas prices seen throughout the country. This recent surge has posed a huge inconvenience for most Americans, forcing them to change their spending habits, eating habits, and how they commute to work or school to save money. Many have been looking for relief along the way, and it seems to be coming.

Gas Tax Suspension

On Wednesday, June 1st, a bill passed in New York by Gov. Hochul, took effect and got rid of the State’s tax on gas until at least the end of 2022. This will provide some relief to New Yorkers in the form of paying 16 cents less per gallon. The state estimates $600 million in savings across the state for residents from this temporary tax cut.

Gas Before The Suspension

New York’s average price per gallon as of Tuesday, May 31st was $4.93. This is a whopping 60% increase from last year around this time, which last year had a per gallon average of $3.08 in the state and $3.05 across the nation. One of the main reasons for the massive price increase is record-high inflation across the country, and the war in Ukraine contributing simultaneously.

Around The Country

New York wasn’t the only state to put a suspension on its gas tax over the last few months. Some other states that introduced a suspension were Connecticut, Georgia, and Maryland with a growing number of other states also pushing for some kind of suspension. The Governor of Florida Ron DeSantis signed a budget in May that included a one-month gas holiday for the fall that would drop gas prices by 25.3 cents per gallon, saving consumers roughly $200 million.

Wrap Up

Relief, even though it’s temporary can still be seen as a huge step in the right direction to tame this gas price surge. If it had to come at any time, summer seems like the perfect time as gas prices are typically their highest around this time.  Additionally, those looking to start taking some long road trips for a vacation can at least look forward to cheaper prices for gas than we’ve seen recently.

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