Letters to the Editor
-
Missing the point
your article misses the main point that Obama makes. That this is a gimmick that obscures the fact that the era of cheap oil is over. OK so we take off the 18.4 cents per gallon federal tax. What happens when oil goes from $120 per barrel to $160 per barrel at the end of the summer. The price increases will already have eaten the tax savings and the return of the tax will be that much more of a shock.
The main problem with your argument is that the gas prices during the time of the Illinois tax holiday saw the decrease of the overall price at the end of the summer. There is no guarantee that the price will go down at the end of this summer. In fact I don't think that the price of oil is going down anytime soon since we have probably already entered the period of oil production stagnation and eventual decline.