{"id":60636,"date":"2023-09-13T18:49:29","date_gmt":"2023-09-13T22:49:29","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/georgias-governor-declares-state-of-emergency-over-inflation-and-pauses-gas-tax-is-that-a-wise-decision\/"},"modified":"2023-09-13T18:49:32","modified_gmt":"2023-09-13T22:49:32","slug":"georgias-governor-declares-state-of-emergency-over-inflation-and-pauses-gas-tax-is-that-a-wise-decision","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60636","title":{"rendered":"Georgia\u2019s governor declares \u2018state of emergency\u2019 over inflation and pauses gas tax. Is that a wise decision?"},"content":{"rendered":"
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\n \u201c<\/span>\u2018While high prices continue to hit family budgets, hardworking Georgians deserve real relief and that\u2019s why I signed an executive order today to deliver it directly to them at the pump.\u2019\u201d<\/span>\n <\/p>\n


\n \u2014 Georgia Governor Brian Kemp<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

That\u2019s Gov. Brian Kemp declaring a \u201cstate of emergency\u201d Tuesday for the Peach State and announcing a one-month halt on Georgia\u2019s 31-cent per gallon gas tax.<\/p>\n

As gas prices rise, Georgia\u2019s governor has returned to an old plan \u2014 a pause on the state\u2019s gas tax. Kemp said last year\u2019s pause saved Georgia drivers a collective $1.7 billion.<\/p>\n

\n

Kemp, a Republican, took a swipe at the White House, saying \u201call Bidenomics has done is take more money out of the pockets of the middle class.\u201d<\/p>\n

August experienced the biggest monthly inflation rate increase in 14 months, largely driven by higher oil prices. The cost of gasoline grew nearly 11% month over month, but was down roughly 3% from a year ago, the Bureau of Labor Statistics said Wednesday.<\/p>\n

Gas prices in Georgia are averaging $3.56 on Wednesday, still lower than the national average of $3.84, according to AAA. Both the national and Georgia average gas prices are up from a year ago. In June 2022, U.S. gas prices hit an all-time high of $5.01 per gallon.<\/p>\n

Are gas-tax holidays a good idea?<\/strong><\/h2>\n

Georgia\u2019s gas-tax pause starts Wednesday. But will it increase momentum for a new round of gas tax holidays elsewhere?<\/p>\n

\u201cOther states are not suspending their gas tax at this time,\u201d said Jared Walczak, vice president of state projects at the Tax Foundation, a right-leaning think tank.<\/p>\n

Last year, for example, New York state decided against a gas-tax pause, despite 73% of the public saying they would support such a measure.<\/p>\n

Some critics say gas-price pauses are more likely to impact wealthier households \u2014 research suggests they can afford to own a car and use a lot more gas \u2014 and will not go far enough in addressing the overall spike in energy prices. Others say gas-price pauses are also a Catch 22: They argue that lower gas prices will lead to higher demand, which in turn will cause prices to rise again.<\/p>\n

\u201cGeorgia\u2019s return to the well here is not necessarily indicative of other states following suit,\u201d Walczak added.<\/p>\n

Gas-tax revenue goes to infrastructure projects, and Walczak is wary of pauses \u2013 so are a number of other experts.<\/p>\n

There are more direct ways lawmakers can offer tax relief and savings such as lower state income rates and lower sales tax rates, Walczak said. It\u2019s a \u201cmixed bag\u201d on how much drivers end up saving at the pump, he added.<\/p>\n

\u201cWe have to pay for roads somehow,\u201d he said.\u00a0<\/p>\n

AAA spokesman Devin Gladden told MarketWatch that the gas-tax halt will likely make gas prices more palatable for Georgians, but said the actual impact of such gas-price pauses will be \u201cquite limited\u201d in terms of overall inflation.<\/p>\n

\u201cTo single out that this measure to fight inflation doesn\u2019t take into account we are in hurricane season.\u201d One bad storm snagging Gulf Coast oil production could increase prices, and wash away any savings for Georgia drivers, he said.<\/p>\n

New concerns on tighter oil supply<\/strong><\/h2>\n

Kemp suspended Georgia\u2019s gas tax for most of last year as pump prices spiked while energy markets grappled with Russia\u2019s invasion of Ukraine and post-pandemic domestic consumer demand. Other states temporarily also halted their gas tax, including Florida, Connecticut and Maryland.<\/p>\n

Fast forward to September 2023: New concerns on tighter oil supply are pushing gas prices higher again. Saudi Arabia and Russia recently announced supply cuts through the end of the year.<\/p>\n

Crude-oil costs make up half the cost for a gallon of gas, according to the U.S. Energy Information Administration. Federal and state gas taxes account for 14% of the cost, the agency said.<\/p>\n

During the start of Georgia\u2019s gas tax holiday last year, 58% to 65% of the tax savings were passed along to drivers, Penn Wharton Budget Model researchers wrote in June 2022.<\/p>\n

AAA\u2019s Gladden, meanwhile, remains undecided about Kemp\u2019s gas-price pause. \u201cIt begs the question,\u201d he said. \u201cWill it help to solve the problem, or create more because of the lost tax revenue?\u201d<\/p>\n

Related:<\/strong> <\/strong>American Airlines cuts profit outlook amid higher fuel prices and a $230 million labor expense<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201c\u2018While high prices continue to hit family budgets, hardworking Georgians deserve real relief and that\u2019s why I signed an executive order today to deliver it directly to them at the pump.\u2019\u201d \u2014 Georgia Governor Brian Kemp That\u2019s Gov. Brian Kemp declaring a \u201cstate of emergency\u201d Tuesday for the Peach State and announcing a one-month halt […]<\/p>\n","protected":false},"author":1,"featured_media":60637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-60636","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGeorgia\u2019s governor declares \u2018state of emergency\u2019 over inflation and pauses gas tax. 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