Update #1: The NYT covered this story on Tuesday (a few days after BMG dug into it).
Update #2: Economists pan the “Gas Tax Holiday”, conclude “Score one for Obama” for being on the right side of the issue.
Update #3: A nice op-ed by Friedman in the NYT today (Wednesday) agreeing with many of the sentiments here. Here’s a nice quote:
…the true American energy policy today: “Maximize demand, minimize supply and buy the rest from the people who hate us the most.
Hillary Clinton knows it’s time to act, take some of the windfall profits of big oil to pay to suspend the gas tax this summer, investigate the oil giants for price gouging and collusion
This is basically agreeing with McCain’s similar plan just a few weeks ago, calling for a gas tax holiday from Memorial Day to Labor Day.
Putting aside any kneejerk response to parroting the McCain campaign, this is bad climate change policy to the core. It is true gasoline costs are rising due to a variety of reasons including (continuing) Middle East regional instability, increased demand from China and India, and of course pathetic US efforts to conserve gasoline usage. Yet no candidate who wants to honestly claim to be a future leader in turning back the tides of climate change could offer a “Gas Tax Holiday”.
Regardless of which candidate one supports, if we earnestly want to stave off climate change, then Clinton needs to be called out on being on the wrong side of this issue. In contrast, Obama has come out against the “Gas Tax Holiday”, and stated:
The only way we’re going to lower gas prices over the long term is if we start using less oil.
more on the flip side
cross post: elemental cycles