Eau Claire (WQOW) - The New Year will come without an ethanol tax break, which has many people wondering if we'll see an impact at the pump.
The long-running tax credit went to refiners who mixed ethanol with gas. That tax break is expiring. Tom Kloza, from the Oil Price Information Service, says the end of the tax credit means the cost for wholesalers and retailers will rise by four and a half cents a gallon on January 1.
Kloza says he expects retailers will raise prices in the coming days, but also says this is a business where wholesale prices often move by five to 10 cents a gallon in a day, so he claims January 1 is not a watershed event. He also said there's a pretty good chance we've seen the bottom end of pricing at the pump for the next six months. Prices went up a nickel in Eau Claire Tuesday.