As a part of the 2016 deal, lawmakers additionally required that about $2 billion in gasoline taxes be put aside yearly for the belief fund — a threshold that was tougher to fulfill this yr throughout a lockdown imposed to cease the unfold of the coronavirus.
The identical funding formulation led to a 4.3 cent improve in gasoline taxes in 2018.
Earlier than 2016, New Jersey had the second-lowest gasoline tax within the nation; solely Alaska’s was decrease.
With Thursday’s improve, the tax on a gallon of gasoline bought in New Jersey is 50.7 cents, behind solely California, Pennsylvania and Illinois.
In California, motorists pay 62.47 cents per gallon. Alaska continues to have the nation’s lowest gasoline tax, 13.77 cents per gallon.
Nonetheless, the common worth of a gallon of gasoline in New Jersey this yr is nicely beneath final yr’s common value, in accordance with Robert Sinclair Jr., a spokesman for AAA Northeast. Motorists paid a median of $2.24 a gallon this yr, down from $2.68 final yr, primarily based totally on decreased demand.
“It’s highschool economics,” Mr. Sinclair mentioned. “Demand goes down, the value goes down.”
In New Jersey, the rise within the gasoline tax was a part of a double whammy for drivers: Lower than a month in the past, tolls climbed by 36 % on the New Jersey Turnpike, 27 % on the Backyard State Parkway and 37 % on the Atlantic Metropolis Expressway.
“They’re elevating every little thing that I can consider, even with individuals out of labor,” mentioned Vanessa Castillo, 45, of Jersey Metropolis, who paid $2.15 a gallon on Thursday at an Exxon in Hudson County. That worth was barely lower than Wednesday’s nationwide common of $2.19, in accordance with knowledge collected by AAA.