Nobody likes high gasoliine prices. John McCain says he has a plan to reduce gasoline prices for average Americans. I studied his plan. If it worked, and it won’t, McCain’s would will save Americans about $25 a year.
The truth is this. The days of $1.50 a gallon for gasoline are over. As a politician I have an obligation to tell people that we can put a windfall profits tax on the oil companies. They can afford it. But that won’t reduce the price of gasoline. We’ll just take that money and find someplace else to spend it.
McCain calls his plan a Gas Tax Holiday. That’s a great line. But it won’t matter. The truth is that American’s already have the lowest gasoline prices of any major developed country in the world. Gasoline is about $10 a gallon in Europe and Asia. Most of that cost is taxes.
McCain wants to eliminate all gasoline taxes from Memorial Day through Labor day, which would save most U.S. drivers about 18-cents a gallon. The voters love that idea but voters are not very good with math.
20 gallons a week means a savings of about $4.00 a fill up. If drivers fill up twice a month, that’s a whopping $8.00 savings. It’s a little over three months between Memorial Day and Labor Day so the average driver saves about $25 a month.
McCain lied. It’s not a good deal for anyone. I lied, too. We won’t be lowering gasoline prices anytime soon, if ever.
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