March 24, 2022
Yahoo!life recently published insight featuring Jay Zagorsky, Senior Lecturer in Markets, Public Policy, and Law, discussing how gas tax waivers will only provide a minor impact on the general public’s gas spending.
The recent rise in gas prices stems mostly from Russia’s invasion of Ukraine. With many Americans across the country frustrated by the increase in prices, policymakers have considered enacting changes to the gas tax as a way of mitigating their pain at the pump.
However, Jay doesn’t think either high prices or the abatement of the gas tax will last for too long. Some states, like Delaware, have already seen their gas prices fall naturally. Eliminating the gas tax, Jay believes, would only create marginal change in most motorists’ lives.
“Doing the math, we find that cutting gasoline prices by 44 cents per gallon saves the average person in Maryland about $10 monthly – the price of an average cheese pizza.”
