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Highway Funds Losing Money

Yet another unforeseen consequence of high gasoline prices and less driving: the gas tax-funded federal highway trust fund is being depleted, putting states' highway project funding in danger.

"As motorists cut back on their driving and buy more fuel-efficient cars, the government is taking in less money from the federal gasoline tax.

The result: The principal source of funding for highway projects will soon hit a big financial pothole. The federal highway trust fund could be in the red by $3.2 billion or more next year.

The fund, set to finance about $40 billion in transportation projects next year, is increasingly strained. [L]awmakers must figure out whether the 18.4-cent-a-gallon federal gasoline tax, which helped bring in money when fuel-hungry SUVs were hot, is still a viable way to fund transportation projects amid heightened concern about gasoline prices, U.S. dependence on foreign oil and global warming."

Full Story: U.S. highway trust fund veers toward crisis

Comments

Comments

If we can't afford to build new highways

because fewer people are driving, then why do we need to build them?

agreed!

Right now in Wisconsin there are preparing to go forward with a $1.9 Billion freeway expansion despite rising oil prices and a drop in vehicle miles traveled. So here's hoping the funding drys up~

http://urbanmilwaukee.com

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