News to Know for May 11: Youngkin reacts to rising gas prices; Henrico pushes car payment tax deadline; Hanover School Board update

Virginians are feeling pain at the pump and at the grocery stores. Governor Glenn Youngkin is...
Virginians are feeling pain at the pump and at the grocery stores. Governor Glenn Youngkin is reacting to the rising cost of living.(Pexels via MGN)
Published: May. 11, 2022 at 5:48 AM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

RICHMOND, Va. (WWBT) - Virginians are feeling pain at the pump and at the grocery stores. Governor Glenn Youngkin is reacting to the rising cost of living. Let’s dive into what he said along with our other top headlines.

Pain At The Pump!

Virginia’s average gas price sits at $4.24 a gallon and climbing.

Even after passing the last record yesterday, gas prices are at a new record high today. Right now drivers across the country are paying an average whopping $4.40 per gallon.

Virginia and the Richmond area are not far behind - at $4.25 a gallon.

Meantime, Gov. Glenn Youngkin says his 90-day gas tax holiday would bring immediate relief to Virginians by suspending the 26-cent tax from each gallon.

“But now is the time to give Virginians a break. Prices are running away from us. We have more money in the system than we thought. Over a billion dollars more in the commonwealth transportation budget. It’s Virginians’ money and it’s time for us to let them have it,” said Gov. Youngkin.

Under Youngkin’s proposal, the holiday would be phased out in the fall and would cost the state about $470 million.

State Democrats tried to offer Virginia relief at the pump with a $50 gift card idea that failed. The governor says the logistics of it were unclear.

Inflation Impacts In The Grocery Store

Another area Americans are taking a financial hit is in the grocery stores.

The USDA says food prices have gone up nearly nine percent since last year. That’s a trend that it anticipates will only get worse.

Shoppers tell us they’re trying to work around these high prices.

The Federal Reserve did recently increase interest rates in a move to try and curb inflation - but a VCU economics professor warns this will take time.

“The Fed doesn’t want to raise rates too quickly for exactly the reason we just talked about which is they don’t want to induce a recession,” Christopher Herrington said. “It’s not going to happen overnight. It’s going to be a process of months and perhaps even a couple of years before we see inflation back down, you know, around that two percent target.”

We’ll get a better look at the impact of inflation when the Consumer Price Index for April is released later today.

Henrico Pushes Car Payment Tax Deadline

A person driving a car.
A person driving a car.(Pexels)

Higher car values led to higher personal property taxes across central Virginia. Now Henrico is working to provide some relief.

County leaders voted unanimously to pass part one of the county’s tax relief plan - pushing back the payment deadline to Aug. 5.

Supervisors will take up the second part of the tax relief plan later this summer. That is a 52-cent tax rate credit that will be applied to the second payment due in December.

Hanover School Board Updates

The Hanover School Board is not announcing any changes to the Student Code of Conduct or its transgender policy.

Last night, the board talked about its transgender policy during a closed session but did not address it specifically during the public meetings.

The district is facing a lawsuit from the ACLU because it has not adopted a transgender bathroom policy, as required by state law.

Also on the agenda - changes to the Student Code of Conduct to explicitly prohibit protests and walkouts - the board says it won’t vote on that until June.

Cool With Increasing Clouds

Looks like today is going to be a pretty overcast day. It will also be breezy, with winds in the NE between 10-20 mph.

Highs are expected to be in the upper 60s.

Final Thought

“Hard times don’t create heroes. It is during the hard times when the ‘hero’ within us is revealed.” — Bob Riley

Copyright 2022 WWBT. All rights reserved.

Send it to 12 here.

Want NBC12’s top stories in your inbox each morning? Subscribe here.