Here’s how state lawmakers want to help Californians facing high gas prices. GraceGedye reports:
sector since he was elected to the legislature. That representsIn February, economists at the nonpartisan Legislative Analyst’s Office reviewed research on how changes in fuel taxes affect fuel prices, said Seth Kerstein, an economist at the agency.
That was before Russia invaded Ukraine and the sanctions on Russian companies and gas that followed threw the international gas market into flux. Gas tax breaks “come up every time there’s some kind of oil shock,” said Bushnell. “And that’s the absolute worst time to cut these taxes if the goal is to relieve customer prices.” Gas sellers are less likely to pass all of the savings on to customers when the supply of gas is constrained. In other words, while the war is affecting the gas supply, a gas tax cut could mean more profits for gas sellers, and less of a price reduction.
“While the war is affecting the gas supply, a gas tax cut could mean more profits for gas sellers, and less of a price reduction.”In addition to the question of just how much tax breaks would actually save consumers, Borenstein said reducing or getting rid of the gas tax would be bad policy. “We need gasoline prices to reflect the real costs to society,” said Borenstein, referring to the negative effects of greenhouse gas emissions, air pollution, as well as costs of cars hitting other cars, bikers, or pedestrians. When you add up all those costs,We rely on your generous support to cover the stories that matter most to you. If you find our work valuable in these difficult times, please support our journalism.
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