History of the Oil and Gas Tax

Paper Summary:

In order to explain how taxes affect the U.S. economy, this paper examines the history of the oil and gasoline tax and how the fluctuation thereof impacts the economy.

From the Paper:

"A fuel tax in the United States is one that is charged on the purchase of gasoline and acts like a sales tax. It is often used for transportation costs in America. The first state to tax gas was Oregon in 1919 at just one cent per gallon. The enactment of the Revenue Act of 1932 brought about a federal gasoline tax in the United States. Upon signing the act, Hoover stated, "While many of the taxes are not as I desired, the bill will effect the great major purpose of assurance to the country and the world of the determination of the American people to maintain their finances and their currency on a sound basis" (188 Statement on Signing the Revenue Act of 1932. June 6, 1932). As of 2005 this tax has gone up to 18.4 cents per gallon with the state gas tax averaging about 22 cents per gallon. When a consumer goes to a gas station to purchase gas the price displayed includes the tax within it."

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