(The Center Square) – North Carolina’s unleaded gasoline prices and diesel fuel prices, respectively, are Nos. 2 and 3 in the nation on Tuesday morning, according to AAA.
The shift to being among the best in the nation is tied to Republican majorities in the General Assembly going back into voting session last week and delivering a suspension of the fuel taxes for each through the end of November. First-term Democratic Gov. Josh Stein two days later on Friday signed the Relief at the Pump proposal into law.
From Murphy to Manteo, the average for a gallon of regular unleaded gasoline is $3.81, down 10 cents from Monday, 28 cents from Friday when Stein signed, and 31 cents from Wednesday when lawmakers overwhelmingly gave approval. The average for diesel is $5.76, down 8 cents from Monday, 22 cents from Friday, and 23 cents from last Wednesday.
Tuesday’s national averages are $4.34 for gas and $6.27 for diesel. Georgia’s $3.79 per gallon norm is best in the nation; for diesel, Texas ($5.72) and Georgia ($5.74) are the only states lower than the Tarheel State.
North Carolina’s fuel tax of 41 cents per gallon this year is only eclipsed by California (73.6), Indiana (64.5), Washington (60.17), Pennsylvania (58.7), Michigan (53.4), Illinois (49.6), New Jersey (49.15), Maryland (46.81) and Virginia (42.4).
Motor fuel taxes fund the North Carolina Department of Transportation’s highway and multi-modal projects, accounting for more than half of the state transportation resources. The revenues go into the Highway Fund and the Highway Trust Fund.
The consequence of suspending the fuel tax for seven weeks is a loss of revenue for money used to help maintain highways through the state Department of Transportation. The state’s Stabilization and Inflation Reserve account will replace the fuel tax revenue that the state Department of Transportation’s Highway and Highway Fund would otherwise receive during the suspension period.
An estimated $362.3 million is in play, according to Rockingham County 13th term Sen. Phil Berger Jr. The president pro tempore of the Senate also said the account to draw from has a balance of about $518 million available. First-term Republican state Treasurer Brad Briner, in published reports, said $11 billion in reserves means the amount would not negatively impact the state’s top-level credit rating.
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