What’s under your Christmas tree? The gift that keeps on giving: higher prices at the pump
Fall is one of my favorite times of the year. I love to feel the cool crispness in the air and see the leaves on the hardwood trees change colors and fall to the ground. The daylight hours are shorter and rain and snow are welcome weather patterns, relieving drought, helping to extinguish wildfires and replenishing lakes, rivers, creeks, ponds and reservoirs.
Festive national holidays like Thanksgiving, Christmas, Hanukkah and New Year’s Eve typically include food, drink and celebration, and usually either a gathering of family members or friends and a shared meal. Many families observe traditional customs and rituals during these fourth quarter, end-of-year holidays, such as exchanging gifts, hanging stockings on the fireplace mantle, lighting the menorah candles, singing Christmas carols, hanging mistletoe overhead, attending religious services, singing Christmas carols, traveling to see relatives, hanging Christmas lights or watching Christmas movies.
The examples shared above no doubt bring warm memories of past holidays and eager anticipation of the major holidays fast approaching again this quarter. And while many of us can look forward to receiving one or more gifts under the Christmas tree, we will all share at least one gift in common this year courtesy of the Washington State legislature and Gov. Jay Inslee, namely, S.B. 5126, the Washington Climate Commitment Act.
According to an analysis by the Washington Policy Center, one effect of this bill is that our gasoline and diesel tax will nearly double at the beginning of 2023 by taxing CO2 emissions, potentially adding another $0.46 per gallon to the existing $0.49 per gallon state gasoline tax. Washington Policy Center environmental director Todd Myers has projected an increase of $0.56 per gallon for 2023 diesel prices, and by 2030, an additional $0.80 per gallon of gas and $0.97 per gallon of diesel.
The Democratic majority passed this bill and other tax increases despite strong opposition from Republicans in both houses of the state legislature. Now that the midterm election is underway, it will be fascinating to see which candidates the voters in Washington and Pierce County cast their Nov. 8 ballots for. Taxes are a gift that keeps on giving.
Bruce Cook is a business and financial consultant, insurance executive, author, speaker, angel investor and entrepreneur. He serves on several boards of directors, and lives in Lakebay with his wife.