Posted in: Gas Prices,
by Patrick DeHaan on Apr 20, 2012 03:26 PM
Average gasoline taxes continue to rise, being pushed higher by states who charge sales tax on gasoline purchases. For April, the American Petroleum Institute in its monthly motor fuel tax report, indicates the national average for gasoline tax rose to 49.5c/gal from 48.8c/gal in January.
Most areas across the country saw either no change or a rise in gasoline taxes while Connecticut was the only area that saw gasoline taxes fall, likely thanks to a cap on gasoline taxes that passed recently.
As we believe gasoline prices have already peaked, we may likely see gasoline taxes begin to gently fall as the wholesale cost of gasoline also drops. The U.S. national average today is just 4c/gal ahead of the same date last year.
Meanwhile in Canada, average gasoline prices are up 4c/L during the same day one year ago, with little change in the last few days in their local prices. Canadians living in the Eastern portion of Canada should continue to expect volatility and perhaps higher prices as U.S. refining capacity remains low on the East Coast, thus keeping prices higher.