New Jersey reportedly has the fourth highest gas tax in the nation. While the Garden State continues to pay over $4 a gallon at the pump, lawmakers are turning their attention towards temporarily lowering that tax.
Gov. Phil Murphy supports a federal gas tax holiday. The state's tax of 42.4 cents a gallon is set by a statutory formula and would need a law to change it.
Gas stations had to clear out inventory bought at the old tax rate and don't get refunds on it. Now higher crude oil and wholesale prices will negate any drop.
Gas prices in New Jersey are set to increase on November 1st as the gas tax hike goes into effect.
Something else that will increase in response? Uber rates.
You may notice longer than usual lines at the gas pumps this weekend. While your out and about this weekend, it might be a good idea to gas all your vehicles up before the gas tax hike takes effect next week.