NY State Gas Tax to be Suspended, Here's How Much You'll Save

Albeit a week late, New York State reached an agreement on a fiscal budget Thursday. Part of the agreement includes a temporary suspension of the statewide gas tax.

The tax will be suspended starting June 1st and carry through the end of the year. The state's surcharge on gas is about 33 cents a gallon, so how much will you save? About half that. The estimated savings for a gallon will be about 16 cents a gallon. Not a huge dent, but it's something.

Schenectady Assemblyman Angelo Santabarbara sponsored the bill:

My proposal to suspend the state gas tax is IN the final state budget proposal —big step towards getting it passed! It will provide some much-needed for hard-working families here in upstate

Money to make up for lost revenue from the gas tax will come from the general fund and will go toward road and bridge repair as well as to the MTA in New York City.

The six month period of the gas tax suspension, also called a 'gas tax holiday' will cover all grades of unleaded and diesel fuels.

The national average for a gallon of unleaded is $4.15, the average price in New York State is $4.26.

[Daily News]

LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.

Source: NY State Gas Tax To Be Suspended, Here’s How Much You’ll Save