Now both McCain and Clinton are in favor of a gas tax holiday and each are attacking Obama on his reluctance to pander on it. I hope he doesn't cave, because the holiday is a stupid idea.
The gas tax actually does something. It goes to build and maintain our roads. Eliminating that revenue now (or anytime for that matter) is a pretty shortsighted, stupid idea. After all, it's not like our infrastructure is in great shape to begin with.
Clinton's pander is marginally better than McCain's because she at least is proposing to tax the oil companies to recover the lost revenue. It's something. Although I didn't see a mechanism in the Clinton plan that prevents the oil companies from passing that tax on to the consumer in the guise of higher prices. Anyway...
But the idea is stupid because it isn't solving anything. Provided the demand for gas is somewhat elastic (and it is as we are currently watching the consumption of gas fall), any cut in the price of gas will do nothing but drive up demand, which will drive up price and consumers will be right back to where they were in the beginning except that the oil companies will be making an additional 5% (the amount of the foregone tax).
I understand that McCain doesn't know shit about economics (and he seems determined to prove it to us), but I expected more from Clinton. Oh well.