At least on this topic.
Economists in general oppose a tax holiday because it would encourage consumption of gasoline at a time of soaring demand.
Billionaire oilman T. Boone Pickens, a longtime Republican donor, criticized Sen. McCain’s policy in an interview with The Wall Street Journal and other news organizations last week.
Mr. Pickens said suspending the federal gas tax “sends a signal that we have plenty of gasoline and diesel, and that’s not the case.”
Yep; what Boone said.
If that’s the case, then the price would soon go right back up to where it is now, the only difference being that producers would get the 18.4 cents per gallon and not the government.
Don’t get me wrong, I think suspending the gas tax isn’t the best idea, if for no other reason than it’s completely unnecessary. Had we suspended the summer formulation requirement instead, as I suggested here, then consumers would have saved much more 18.4 cents per gallon and the Federal government would actually have made more money since more gas would be sold.
yours/
peter.
Didn’t I just read that recently, under the shade of secrecy, that T. Boone was negotiating with Kurdistan for the rights to the oil fields in the north of Iraq? Is he talking out of both sides of his mouth? He seems to be pushing for alternative power [wind in West Texas] and at the same time finegaling in Kurdistan to get rights to drill, drill, drill for fossil fuels. This “Swift Boat” Texan is not to be believed. He is the consummate deceiver.