If you thought the hovering fuel costs couldn’t go any greater, simply wait just a few hours.
The unprecedented rising gasoline prices hold going as much as eyebrow-raising ranges in Massachusetts, as AAA on Monday reported that the common for normal fuel had jumped to $4.60. That report excessive for normal fuel within the Bay State is 21 cents up from final week.
“It’s been a new record every day,” Mark Schieldrop of AAA Northeast informed the Herald on Monday. “This is as dangerous because it’s ever been.
“In the past, there have been momentary spikes that fall back quickly, but this is different,” he added. “This is a steady building snowball that keeps getting bigger and bigger.”
The $4.60 common is 12 cents greater than the nationwide common. The state’s common is a 58% spike from the identical time final 12 months — or $1.69 greater than the common of $2.91 final May. Prices have soared because the begin of Russia’s invasion of Ukraine.
This week is the time of 12 months when fuel costs usually peak forward of Memorial Day and the summer time driving season.
“Hopefully this is the last week that prices keep hitting record levels, and drivers start to see some relief at the pump,” Schieldrop mentioned.
“Prices generally begin to ease up after this week and next week,” he added. “So we may be in the worst of it right now.”
Other states have suspended their fuel taxes amid the current spike in costs, whereas Massachusetts officers on the State House have rejected such a push from Republicans.
“Massachusetts taxpayers are in desperate need to have more money in their paychecks,” Paul Diego Craney, spokesman for the Massachusetts Fiscal Alliance, mentioned in a Monday assertion. “A great way to do this is thru broad based mostly tax reduction aimed on the center class.
“Suspending the state gas tax is a start, and reducing the state income tax by 10% would go a long way to help taxpayers keep up with the rate of inflation which stands at 8.5%,” he added. “Reducing the state income tax rate from 5% to 4.5% would represent a 10% reduction, and be meaningful for hard-working middle-class Massachusetts taxpayers.”
The Herald reached out to Senate President Karen Spilka’s workplace, asking what Spilka plans to do to handle the rising gasoline prices for residents.
A spokesperson for Spilka mentioned in a press release, “The Senate is focused on delivering direct economic relief for hardworking families and individuals and is taking several steps to do that through its FY23 budget proposal. Beyond its budget, the Senate looks forward to working with the Legislative colleagues on an equitable tax relief package.”
A spokesperson for House Speaker Ronald Mariano didn’t instantly reply to remark.
Meanwhile, AAA Northeast is carefully monitoring the demand for the summer time driving season, and the way these excessive costs influence the beginning of summer time journey season.
Schieldrop mentioned, “If demand is lower and prices affect travel budgets and driving is less than expected, it could end up causing prices to slide.”
Source: www.bostonherald.com”