Home » World » How much will North Carolina drivers save if they suspend gas and diesel taxes? | Univision 40 Raleigh WUVC

How much will North Carolina drivers save if they suspend gas and diesel taxes? | Univision 40 Raleigh WUVC

Emma Rasiel, a professor in the Department of Economics at Duke University, said Wednesday at a conference with other economists that if there is a suspension of the tax during the summer, “it will be up to gasoline suppliers to decide how much to transfer to consumers.” , he indicated.

“I think it’s a pretty small impact”

The federal tax is 18.4 cents per gallon (3.8 liters) for gasoline and 24.4 cents for diesel.

“It’s the gas suppliers that get that break. Maybe that will pass 8 to 10 cents to consumers. Overall, I think it’s a pretty small impact. Maybe $1 or $1.50 off the cost of filling your tank,” Rasiel explained.

The expert does not believe that the suspension of the federal tax “makes a big difference.”

“I think it’s more of a PR exercise than anything else,” Rasiel added.

For his part, oil analyst Patrick De Haan indicates that drivers could save weekly:

  • Pickup truck: $5.52
  • Minivan: $3.68
  • Large car: $2.94
  • Small or compact car: $2.21

The “True Story” of the Gasoline Rise

Connel Fullenkamp, ​​an expert in financial markets at Duke University, indicates that “The real story behind gas prices is refining capacity.”

Fullenkamp indicates that much of the refinery capacity was shut down during the pandemic. “We are seeing a lot of increases in gasoline prices due to the lack of refining capacity,” he said.

“A new refinery takes a long time to build. It is very expensive to build. It is not clear if we are going to add refining capacity in the US in the short term,” he said.

In addition to the federal tax, the White House asks states to suspend their taxes or take some similar relief measure.

Regular gasoline averages $4,594 in North Carolina, down from $4,955 nationally.

North Carolina lawmakers are pushing a bill that seeks to give drivers $200 amid high prices. 👇

Paying $200 for Gas: The Bill Driven by North Carolina Senators

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