Department of Treasury announces drop in gas tax. Here’s why you might not have seen a change.

The state Department of the Treasury announced a drop in the gas tax Friday by 8.3 cents, but many New Jersey residents say they haven’t seen a change at the pump.

News 12 Staff

Oct 4, 2021, 9:14 AM

Updated 928 days ago

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The state Department of the Treasury announced a drop in the gas tax Friday by 8.3 cents, but many New Jersey residents say they haven’t seen a change at the pump.
Drivers shouldn’t expect an immediate drop at the pump because the gas currently in the tanks at stations is already paid for. Until the tanks are refilled, drivers will have to wait to see the prices come down. 
Drivers should also keep in mind that the price of crude oil is at the highest it's been for 2021, and that's a contributing factor to what drivers pay when they fill up.
“Crude oil closed Friday over $75 per barrel and that price alone makes up three quarters of the price that we see at the pump,” says Tracy Noble, spokesperson for AAA Mid Atlantic.
This is the time of year when stations are switching from the more expensive summer blend fuels to the less expensive winter blends. As the switchover to the winter blend fuels happens, the price of gas will go down. 
Until then, AAA says to be savvy consumers and shop around. Once the current tanks are emptied at stations, drives should see the 8 cent decrease from the tax rate being lowered.  


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