Letters to the Editor
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Some of it will go to the oil companies
The demand curve for oil is inelastic as economists say. That is as the price goes down the demand goes up but not as much for most products. In an "inelastic" demand scenario most of the gas tax cut will show up in the price cut but since demand still goes up for gas with a price cut, the oil companies will end up making more money as a result of the cut.
The best way to deal with the price of gas is to tax the hell out of it but pay back consumers with tax cuts that are as close to revenue neutral as possible. Obams plan for a middle class tax cut is closer to this scenario than what McCain and Clinton are proposing