Even as gasoline prices reach record highs in Texas and across the country, data shows that demand for the fuel is rising quickly to meet pre-pandemic levels....
and across the country, data shows that demand for the fuel is rising quickly to meet pre-pandemic levels.
Demand for fuel in Texas has fully recovered from the pandemic lows. Last year, the state collected $2.7 billion from the 20-cents-per-gallon fuel tax on gasoline, nearly at the 2019 level of $2.8 billion. And diesel taxes show that Texans are consuming more diesel, with the state collecting $983 million in 2021, up from $952 million in 2019. And from January to May, the state collected even more revenue from fuel taxes than it did during the same period last year.
Demand for transportation fuel in the state, even if the economy goes through a mild recession, is not likely to drop, Weinstein said. “It’s fiscal policy and it increases overall demand in the economy, which is what has got us into this inflationary cycle that we’re in now, so it’s likely to contribute to it,” he said.“It’s merely a matter of trying to make it look like they’re doing something about it, when in reality the solutions are longer-term,” Bullock said.Douglas Davis was consolidating his errands Thursday morning, stopping by the post office and grocery store near Casa Linda.
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