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It’ll take more than political policy to lower prices.
Levies average 37 cents a gallon nationwide. Three states have made the move and more may join them, but it might not provide enough relief.
A survey found more than half of drivers have either reduced their hours or quit in response to rising fuel costs.
A barrel of crude topped $130 last week and now sells for less than $100. Gas prices follow oil quickly on the way up, slowly on the way down.
Analysts expect drivers to switch sooner or later. But pump prices alone won’t drive them to.
There are several reasons. For one, the state is highly dependent on foreign crude oil.
The people and equipment they need are already hard at work.
Bus and train ridership has dipped since the start of the pandemic. High fuel prices, spurred in part by the war in Ukraine, may change that.
And they’re passing the cost on to their customers.
The savings would average about $100 a year for drivers, and that’s assuming all the savings would get passed on to consumers.