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Illinois Gas Taxes to Go INCREASE Next Week

Gasoline taxes are expected to increase next week in Illinois, which has the highest average gas prices in the Midwest and the tenth highest in the United States.

On July 1, the tax will increase by about half a cent per gallon, depending on the mix, according to Illinois authorities. The gas tax will be raised to 39.2 cents a gallon and diesel to 46.7 cents a gallon, in line with revised legislation passed in 2019 that doubled Illinois' auto fuel tax and made annual increases automatic. It has risen in recent months.

According to the American Automobile Association (AAA), the national average retail price for regular gasoline on June 25 was $ 3,086 per gallon. California ranked first at $ 4,258 a gallon, while Illinois ranked 10th at $ 3,303 a gallon.

Mississippi, at $ 2,727 per gallon for regular gasoline, was the cheapest, followed by Louisiana at $ 2,734 and Texas at $ 2,765.

While Federal Reserve officials maintain that inflation will be transitory, the Federal Open Market Committee (FOMC) revised its projections for rate hikes at their recent policy meeting, forecasting two interest rate increases by the end of 2023, bringing them forward from 2024.

CTM News

25 June 2021

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