Virginia’s 17.5-cents per gallon went into effect on January 1, 1987.

Today its purchasing power is about eight cents; less than half the original.

According to the recently released draft VTrans2035 Final Report, restoring that purchasing power today would require a tax rate of 36-cents per gallon.

The current state gasoline tax generates about $850 million per year.

A 36-cent per gallon rate would generate about $1.8 billion per year.

Had previous General Assembly’s the political will and common sense to adjust the rate gradually over the years, the result would have been billions more for transportation.

Now, Virginia’s transportation funding abyss is so deep that indexing alone is not nearly enough.

A gas tax isn’t the only solution, not a silver bullet, not the long term solution.

However….

Maintenance now consumes 750 million state and federal construction dollars annually.

Virginia could lose federal dollars as early as next year for lack of state matching funds.

A gas tax may not have a “snowball’s chance in hell” in the 2010 General Assembly.

If not…..