CONNECTICUT GAS TAX HIKE COSTS
DRIVERS AN ADDITIONAL $205,000 PER DAY
The average retail price of
regular gasoline hit $4.00 per gallon in Connecticut today. Connecticut
joins several other states [Alaska, California, D.C., Hawaii and
Illinois] in the nation to have reached this level.
The Connecticut Petroleum Gross Receipts Tax, one of the two state taxes
Connecticut applies to gasoline, is now at 24.25c per gallon and is the
highest amount of GRT since 2008. In context, based on the average
wholesale price of gasoline on February 1st, the CT GRT was raising
19.20c per gallon. The wholesale price increase in gasoline since
February 1st, from $2.55 up to today's wholesale price of $3.22 - has
resulted in Connecticut drivers paying an automatic, additional 5c per
gallon in Connecticut Petroleum Gross Receipts Tax.
As of today, the total state taxes Connecticut imposes on gasoline costs
motorists 49.25c per gallon. The federal excise tax adds another 18.4c
per gallon, for a total state and federal tax burden on gasoline of
67.65c per gallon in Connecticut, among the highest in the nation and
the absolute highest in the Northeast.
Each 1c a gallon increase costs Connecticut drivers $41,000 per day.
This means that the 5c per gallon increase just due to the Connecticut
Petroleum Gross Receipts Tax is adding another $205,000 per day in
additional costs to buy regular gasoline.
ICPA represents more than 576 Connecticut based independent businesses. These
businesses serve more than 680,000 heating fuels consumers, employ 13,000 Connecticut citizens at
the majority of our state's 1,600 motor fuels outlets and 600 heating fuels
offices are at 10 Alcap Ridge, Cromwell, CT 06416. For more information
about today's Press Release, contact Gene Guilford or Chris Herb.