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State gas taxes will drop July 1, but will gas prices follow?

By Joe Dashiell, jdashiell@wdbj7.com
Published On: Jun 28 2013 08:17:43 PM EDT
Updated On: Jun 28 2013 08:18:51 PM EDT

Earlier this year, the General Assembly and the governor approved changes that will reduce the state's tax on gasoline by about six cents a gallon. Drivers we talked with today said they hope prices go down, but they aren't holding their breath.

State gas taxes will drop on July first, but will the price of gasoline follow?

Earlier this year, the General Assembly and the governor approved changes that will reduce the state's tax on gasoline by about six cents a gallon.

Drivers we talked with Friday said they hope prices go down, but they aren't holding their breath.

“I wish it was going down,” Fritz Dieudonne said.

“I’m hoping and praying that they will drop the prices down,” Gay Fuller said.

“Yeah, I'd love to see it drop. I think it would be good for middle class people. It looks good one way, but time will tell on the other,” Dave Gwyn said.

The state is trading the gas tax of 17.5 cents per gallon, for a wholesale tax of 3.5 percent.

Because the tax will now rise with the price of gasoline, the savings we expect next week could quickly disappear.