New York’s tax break on gasoline went into effect on Wednesday, June 1. The state is suspending the sales and excise taxes on each gallon of gas, which equates to a total discount of 16 cents per gallon through the end of the year. Many counties across New York have also followed suit and will suspend or cap gas taxes at the county level.
Monroe County will tax gas as if it costs $2 per gallon. Motorists will save 8 cents per gallon if gas costs $4 per gallon, which combined with the state tax cap will save motorists 24 cents a gallon.
As of Tuesday, May 31, the national average price for a gallon of gasoline was $4.62 and the New York State average was $4.93. As of June 2, the suspension of the gas tax in NYS had already had an impact, lowering the average price per gallon to $4.83, a drop of 10 cents per gallon. One year ago, the national price was $3.05 and the NYS average was $3.08.
Oil prices were just above $114 per barrel as of June 2. OPEC has suggested it could begin producing more oil if Russian output drops below a certain level, which could bring oil prices down.
Meanwhile, the state average for diesel fuel was at $6.36 on June 2, a drop of 9 cents from the day before. A year ago, the average cost for a gallon of diesel was $3.24.
With Memorial Day in the review mirror, motorists are hoping for some relief at the pump. That will depend on oil prices, demand, and geopolitical factors. In a typical year, pump prices peak around Memorial Day and taper off over the summer though summer prices are almost always more expensive than winter prices due to increased demand and summer blend fuel that is more expensive to produce.
To conserve fuel, motorists should map routes, avoid peak traffic times like rush hour, and combine errands into one trip while using cruise control when possible. Drivers should also make sure tire pressure is at the vehicle’s recommended level for the best gas mileage while removing any unnecessary and bulky items from the car since it takes more fuel to accelerate a heavy vehicle. Get more tips at https://gasprices.aaa.com/news/fuel-saving-tips/. Motorists can also benefit from comparing pump prices before filling up with the AAA Mobile App for iPhone, iPad, and Android.
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