This is why New Jersey Gas Prices will increase this year

Anyone who lives or vacations in New Jersey knows about how the Gas Prices spike every summer. In the past, we assumed it was an adjustment to the busy travel season along with "Supply and Demand".

But now there will be another culprit for the rising gas and you can point the finger directly to the politicians in Trenton. New Jersey's taxes on Gasoline and Diesel automatically adjust each year to meet the revenue goals to fund the state's Transportation Fund to improve infrastructure. Now those Revenue Targets will rise by roughly 18 percent over the next five years which will result in increases to the Gas Taxes.

Why New Jersey Gas Prices Are Increasing

New Jersey Governor Phil Murphy has signed new legislation that will increase the Revenue Target for the Infrastructure Fund.  Since the Gas Taxes directly fund these Revenue Goals, the tax will increase by an average of two cents per year until July 2028.

As New Jersey attempts to be one of the states that will phase out the sale of new gas-burning vehicles by 2035, it seems counterproductive to have the funding of the state's Transportation Infrastructure tied to the Gas Tax. Isn't it bad enough that prices at the gas pump are going to increase over the next five years and now you want to phase out gas-burning automobiles?

New Jersey Taking Money From Electric Vehicle Owners

The other major item in this new legislation is that New Jersey is creating an Annual Registration Fee for Electric Vehicles. Starting July 1st of this year, all residents who own Electric Automobiles must pay $250 for their registration. The price will go up $10 each year until it caps at $290 in July of 2028.

So in summary, whether you are driving a gas-burning automobile or an electric vehicle, New Jersey is finding new ways to take money out of your pocket each year. The Garden State is already the third highest in the United States in Household expenses, but thank you to Governor Phil Murphy and the Trenton Politicians for making us pay more money for daily essentials.

Unlike Governor Phil Murphy and the Trenton Politicians, these New Jersey towns cut their Property Taxes and are doing what they can to alleviate the financial burden on their residents: