The price for a gallon of gas is the lowest it has been since 2010. Having fallen more than a dollar since the summer, the price decline, if it sticks, could save the average household about $1,100. Of course, gas prices can be volatile, but according to the Energy Information Agency, they’re expected to stay around where they are through 2015.
Given the need to shore up the Highway Trust Fund and the recent price decline at the pump, shouldn’t an increase in the gas tax be on the table?
In fact, a few reasonable members of Congress from both sides of the aisle have suggested phasing in an increase of about 15 cents per gallon over a number of years, which, according to the Congressional Budget Office, would largely account for the impact of inflation since 1993 and provide the trust fund with the infusion it needs to meet its obligations.
Let’s say we phased in such an increase over three years, as per one bipartisan proposal (and that’s not the only one). That’s an increase of a little less than half a cent per gallon per month, which would be lost in the noise of weekly price movements. Fully phased in, it’s an extra $3 for a 20-gallon tank.
Join the conversation as a VIP Member