New Yorkers are paying far too much for the essentials of modern life.
For evidence, look no further than the gas pump: State taxes add about 50 cents to each gallon of gas and diesel, the second-highest gas tax in the country.
And New York’s electricity prices are the fourth-highest in the nation. That impacts more than just your monthly bill; it adds to overhead for every business in the state, one reason for the drastic decline of the Empire State’s once-thriving manufacturing sector.
It doesn’t have to be this way: Burdensome taxes and regulations are a big part of why New York’s energy costs are so high.
Our recent study for the Pacific Research Institute analyzes the impact of state energy regulations on economic efficiency. The 50 State Index of Energy Regulation ranks states from those with the most economically efficient energy policies to those where regulation impedes efficiency the most.
New York is dead last.
Impeding economic efficiency comes with a cost. Lifting unnecessary regulations would give New Yorkers a hefty raise — and spur economic growth.