Senator Jim Holzapfel

October 22, 2009   

Contact: Kate Cocozza / (732) 840-9028
Senator Jim Holzapfel

Crude Oil Prices Top $80 a Barrel

With crude oil prices topping the $80 per barrel threshold, Assembly Republican members Dave Wolfe and James Holzapfel today said an increase in the state’s gasoline tax, which Governor Corzine recently said he is considering, would have far reaching and devastating consequences on the state’s economy and its residents who are already buried in suffocating taxes and debt.

The 10th Legislative District lawmakers said that in addition to paying more for gas at the pump, prices for goods and services will increase as well as higher transport costs will be passed onto consumers.

“It’s not just a matter of people having to pay more out of their pockets for gas, which would be bad enough in itself, but the trucking industry will pass their costs onto companies who will pass their costs onto consumers,” explained Wolfe, R-Ocean and Monmouth. “And right now, the last thing our residents need is another tax increase and higher prices at food and department stores.”

Crude oil prices spiked at $82 a barrel today, before settling at $80.09. On Wednesday, they hit a year high of $81.37 a barrel. Analysts blame the falling price of the U.S. dollar for the increase. An Associated Press article on Monday reported a spokesperson for Goldman Sachs indicated the price could hit $85 a barrel by the end of the year. As a result, the president of Lipow Oil Associates predicted gas prices would increase another 10 cents per gallon over the next week.

“It’s cruel and it’s wrong to kick a person when they are down, and that’s what Governor Corzine will be doing if he increases the gas tax,” said Holzpafel, R-Ocean and Monmouth. “What’s so disturbing is that his actions indicate he has no regard for the plight of middle class people. His answer to every fiscal problem is to take more money out of their pockets.”

“He talks about making tough and painful decisions,” added Wolfe. “He hasn’t made one tough decision in four years. Raising taxes isn’t difficult. It’s the easy way out. If you want to know about tough and painful, talk to an unemployed father or mother who can’t pay their mortgages or bills or a senior citizen on a fixed income. While this may come as a shock to the governor, there are other alternatives for funding the state’s transportation needs.”

Wolfe and Holzapfel said the Corzine administration should consider the Republican “Common Sense Plan for an Affordable New Jersey” which calls for dedicating $500 million in existing annual motor vehicle fees to the Transportation Trust Fund in order to fund transportation projects.

Crude Oil Prices Top $80 a Barrel With crude oil prices topping the $80 per barrel threshold, Assembly Republican members Dave Wolfe and James Holzapfel today said an increase in the state’s gasoline tax, which Governor Corzine recently said he is considering, would have far [...]