Pain at the pump? Understanding rising gas prices, from taxes to the Iran War | Hey, NJ
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Pain at the pump? Understanding rising gas prices, from taxes to the Iran War | Hey, NJ
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Hey, NJ! This week, we're talking about skyrocketing gas prices.
Since the U.S. and Israel attacked Iran on Feb. 28, gas prices have increased by more than 50%. According to AAA, the average price for a gallon of gas in New Jersey currently sits at $4.50.
With cost-of-living concerns atop many people's minds, there've been growing calls to suspend both the federal and state gas taxes to offer motorists a bit of relief.
Hosts Maddi Ference and John P. McAlpin are joined by "Hey, NJ" regulars John Reitmeyer and Benjamin J. Hulac to discuss the political and economic implications of suspending the gas tax, the difference in federal and state tax policies and other ways the government can counteract rising gas prices.
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