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Friday, July 18, 2008 12:00 AM

McCain suggests longer gas tax holiday

A temporary suspension of the federal gas tax won't actually benefit consumers, but now John McCain says it might need to last even longer than the three months he'd originally supported.
Alex Koppelman

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  • Friday, July 18, 2008 12:17 PM

    Would probably backfire on McCain.

    The federal gas tax is only 18.4 cents! Now a gas tax holiday ten years ago when gas was around a dollar a gallon would have meant something (about a 18% discount), but now at $4 a gallon it wouldn't make much of a dent (only about 4.5% discount). The last time I filled up it cost me $80, and believe me I'd still be cursing the pump if it "only" cost me $76.

    —Mr Smith Read Mr Smith's other letters

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