As Memorial Day weekend approaches, some experts are predicting that the average price for a gallon of gasoline could soon reach the $5 mark.
According to PFG Best’s oil analyst Phil Flynn, “We could see $5 a gallon if things take a turn in the Middle East. Right now, we’ve lost Libyan oil. If you lose one more country’s oil, or put it at risk, then I think the possibility of $5 a gallon is a real one.”
With the very real possibility that Texas motorists could soon be paying even more at the pump-at last check, the average price for a gallon of Regular Grade gasoline in Texas was $3.71, up from $2.75 one year ago, according to AAA’s Daily Fuel Gauge Report-it is a bit curious to hear some, like the Texas Transportation Commission (TTC), call for “modest increases in taxes and fees.”
While the proposed tax and fee increases are, no doubt, meant to improve transportation funding, now is clearly not the right time to raise taxes, especially when state and local governments can still raise additional revenue for roads and highways without raising taxes (see here, here, and here).
The road ahead is treacherous enough for Texas motorists; there is simply no need to pile on when we don’t have to.
-James Quintero