According to the Energy Information Administration, the average retail cost for a gallon of unleaded gasoline fell to $2.15 this week. The significant decrease in gasoline prices over the past month is a welcome relief to consumers and was reflected in the recent boost in consumer confidence. Now that energy prices are falling, some politicians in Illinois are trying to increase local gasoline taxes. From the Chicago Tribune: “With the demand for an improved road network in fast-growing Kane County increasing at a faster pace than the federal, state and local cash available to meet it, county officials are revisiting the possibility of doubling the county gasoline tax to 4 cents from 2.” [Full Story] When local, state and federal gasoline taxes are combined, motorists in the Land of Lincoln already pay an average of 54.6 cents per gallon of gasoline—4th highest nationally. For additional information on gasoline taxes, click here.
