Florida Gov. Ron DeSantis touted the success of the state’s October gas tax holiday sending gas prices to the fifth lowest in the nation.
“[I]f you look at the prices in Florida since that’s gone into effect and been internalized into the market, we have the fifth lowest gas prices in the country right now,” DeSantis said during a press conference in Nokomis, per Florida Politics. The gas tax holiday went into effect on Oct. 1.
“I actually saw it at $2.99. I have not seen it under three dollars in a long time. Certainly, I don’t think, since Jan. 20 a year and a half ago,” the governor added as the crowd cheered.
According to a press release from the governor’s office, the state’s tax holiday, which lasts until Oct. 31, will save Floridians $200 million by lowering prices by 25.3 cents per gallon. The fuel savings are part of an extensive tax relief package DeSantis signed in May.
However, the OPEC+ group’s decision to reduce oil production by two million barrels per day could drive fuel prices up as it attempts to salvage oil prices after months of decline, the Washington Examiner reported.
The OPEC+ decision will likely throw a wrench into Democrats’ reelection plans with midterm elections roughly a month away as Americans weigh options at the polls.
Furthermore, a recent report by the Bureau of Economic Analysis (BEA) revealed that the real gross domestic product (GDP) declined by 0.6 percent in the second quarter of 2022, supporting concerns that the country has reached a recession despite attempts by the current administration to downplay the economic crisis, RSBN previously reported.