Business Intelligence Watch TMC

$4 is not out of the question

September 6, 2005

There's more to this recent headline than just the pain felt at the pump.

More money spent on gasoline, which has skyrocketed beyond $3 per gallon, means less money spent elsewhere. Remember that the all-important holiday shopping season starts in less than three months. Sales during that brief window of opportunity for retailers can mean the difference between profitability and disaster.

But some help may be on the way, at least in certain places.

It's been reported that under a proposal in New York state, the sales tax would be suspended beyond the $2-per-gallon level. Some have called for a complete repeal of state taxes on gasoline.

According to another report, Connecticut is looking at suspending its 25-cent per gallon tax. Also, Georgia has dropped its state fuel tax for a month while Massachusetts is considering a similar strategy.

Also suggested has been a 90-day suspension of the federal tax on gas, which would save 18 cents per gallon.

In other news, an all-time low of negative 0.6 percent was reported as the savings rate of Americans in July. What does this mean? We're using our savings to deal with the gap between spending and take-home pay.

The time for relief from exploding gas prices is now.

 

By Glenn J. Kalinoski, Executive Editor, Customer Inter@ction Solutions



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