New Jersey’s gasoline tax will rise 22%, to 50.7 cents per gallon, to maintain a revenue stream for road and rail projects amid a massive drop in fuel consumption. Diesel will go up 19%, to 57.7 cents. The increase, announced by state Treasurer Elizabeth Muoio, will take effect on Oct. 1. Tax-rate changes, she said in statement, “are dictated by several factors that are beyond the control of the administration.” The revenue stream feeds the $16 billion Transportation Trust Fund. By a 2016 law, the rate must be examined each August and raised if it appears that projected consumption won’t generate enough money to cover debt and current projects from 2017-2024. The revenue numbers are reviewed by the treasurer, with the nonpartisan legislative budget and finance officer as a consultant. “Highway fuel consumption […]