Spinning toll roads' asphalt into gold
Pennsylvania and New Jersey are considering leasing them to firms. The states could get billions. But at what cost?
By Paul Nussbaum
Inquirer Staff Writer

What is a turnpike worth?

The answer to that billion-dollar question is critical in Pennsylvania and New Jersey, where venerable state-owned toll roads now are being viewed less as ribbons of commerce than as streams of revenue.

Political leaders in both states are considering leasing the toll roads to private operators. What the states receive is clear: lots of cash. What they lose is the subject of intense debate.

Estimates of the roads' value vary wildly - from $2 billion to $30 billion for the Pennsylvania Turnpike and from $12 billion to $38 billion or more for the New Jersey Turnpike and the Garden State Parkway. Because there are few examples to look to for guidance, the two states are essentially guinea pigs in their own experiments.