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Business & Economy

NC Gas Tax Rises as Prices Fall

North Carolina's gas tax will increase by 2.5 cents this week. Analysts say that will cost drivers about $20 per year while raising about $150 million for the state's transportation fund. About 60 percent of that money comes from the gas tax. The increase goes into effect Friday, just before the holiday weekend. But Tom Crosby of Triple A Carolinas says it won't stop drivers from hitting the road for Independence Day.

Tom Crosby: "The price of gas has been dropping rather dramatically over the past four or five weeks. If people were worried about the price of gas, they're more inclined to travel now; a 37-cent drop in the price with a 2.5 cent sales tax, that's still a net 34.5 cent improvement over what it was last month."
The increase will raise North Carolina's gas tax to 35.3 cents per gallon. The state currently ranks number 13 in the nation for highest gas taxes.

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