Last week, New York State Senator Charles J. Fuschillo, Jr introduced legislation that would eliminate the NYS tax on gasoline during Summer months.
Co-sponsor Senator Fuschillo (R-NYSD 8) along with Sponsor Sen. Andrew Lanza, introduced bill S07594, which provides for the suspension of taxes on gasoline and similar motor fuels between Memorial day and Labor day of 2008. The bill has been referred to the investigations and government operations.
“High gas prices hurt New York’s families and businesses across the board. With the current economic situation, families are counting every penny to make ends meet. This means that people are buying fewer goods, taking fewer trips, and dining out less. Lower gas prices would put more money back in the pockets of New York’s families during the summer travel season and better stimulate the economy,” said Senator Fuschillo, a member of the Senate’s Transportation Committee.
If enacted, New Yorkers would save approximately 33 cents per gallon in state gasoline. Around $ 6.60 for a 20 gallon fill up or $3.30 for 10 gal. This would work out to over $110 in savings for the summer months (20 gal. tank, if you fill up once a wk.). Local small businesses would benefit the most, leading to lower prices on consumer goods and services.
Currently, a barrel of oil is trading at $116.35 on the NYMEX.
