Gas prices have continued to lower just a week after hitting record highs. Prices are still high, but it’s a start. On Saturday, March 19, the national average price for a gallon of gas slipped down to $4.262, according to data from AAA. That’s down a little bit from Friday, when the average was $4.274. The record high for a gallon of gas reached $4.33 just last week, on March 11.
This price decrease is more than welcomed. Still, officials are working hard with the hopes that prices will continue to go down.
At a Glance
- Gas prices are going down, partly thanks to cheaper oil prices.
- The national average for a gallon of gas fell to $4.262 on March 19.
- Many lawmakers are also trying to bring costs down for consumers.
Oil Prices Have Dropped Under $100
Thankfully, gas prices are going down in conjunction with oil prices. Last week, oil prices started to drop, eventually falling to $96.44 per barrel. This drop has directly impacted gas prices across the country and has contributed to our national average price decrease.
Overall, states should be seeing pretty fast price changes at the pump thanks to this. However, some states may get lower prices quicker than other states. The main thing is that prices will continue to drop as long as the price of oil stays under $100.
Many Lawmakers Attempt To Lower Gas Prices Further
For some lawmakers, lower oil prices still don’t have enough effect on what we pay at the gas station. Several officials have made moves to lessen the impact left by high prices at the pump.
For example, Gov. Gretchen Whitmer proposed freezing Michigan’s 6% sales tax on gas and diesel fuel as a way to lower high gas prices. By doing so, road and bridge funding would still remain intact. This comes as Gov. Whitmer decides to veto attempts to suspend a different tax at the pump.
Gov. Larry Hogan immediately suspended Maryland’s state gas tax for 30 days due to price surges. The law applies to the state’s 36-cents-a-gallon tax for gas. This applies to diesel fuel, too, which has a tax of almost 37 cents. This means that someone with a 12-gallon tank will save about $4.32 every time they fill up.
Some southern states are getting in on state gas tax suspensions, too. Gov. Brian Kemp has signed a bill into law that will suspend Georgia’s fuel tax through the end of May. House Bill 304 was passed without opposition.
Georgia’s gas prices include a federal tax of 18.4 cents per gallon and a state tax of 29.1 cents per gallon. On top of that, many cities and counties also charge their own taxes. Diesel fuel prices in GA include a federal tax of 24.4 cents per gallon and a state tax of 32.6 cents per gallon.
According to Fox Business, this bill will also apply to Georgia’s taxes on aviation gas, liquefied petroleum gas, and other fuels, including compressed natural gas.