Illinois Tax Cut Brings 5-Cent Drop at Pumps

Diesel and gasoline prices receded in Illinois last week after suspension of the state’s sales tax on motor fuel. Within days, the tax holiday knocked a nickel or more off pump prices.

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Sky-high fuel prices continued to prompt responses from officials and politicians in other states as well, as Connecticut cut its gas tax, one of the highest in the nation, by 7 cents, and lawmakers in New Jersey and Iowa took steps in the same direction.

Within a week of the Illinois tax suspension, Chicago-area prices had fallen to $1.63 from $1.68 for diesel, and to $1.86 from more than $2 for gas, according to AAA (formerly American Automobile Association).

On July 6, AAA’s statewide average was $1.56 for diesel, down from $1.62, and $1.77 for gas, down from $1.89.

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