Recently presidential hopefuls Hillary Clinton and John McCain have both proposed a cut of the federal gas tax for the summer to help consumers with the current gas crunch.  As gas prices are now averaging $3.60 per gallon this may at first sound like a good idea.  Who wouldn’t want to save a little at the pump?  Barack Obama actually disagrees with the other two presidential hopefuls on this and this is the first time I find myself agreeing with him on something.  Regardless, the idea here is that a reduction in the federal tax on gas would hurt gas prices.

Here’s why, a small reduction (the federal gas tax is less than $.20 per gallon) would artificially lower the price of gas at the pump.  This would instill an increase in gas usage and actually end up increasing the price of gas rather quickly and maybe help rise it upwards of $4.00 or more per gallon.  The reason the price has now stalled at around $3.50 to $3.70 per gallon (depending upon where you are in the country) is that recently gas use has actually declined due to the high costs.  Consumers are starting to cut back.  They are cutting down on wasteful trips and trying to find ways to be more fuel efficient.

This is good as it helps reduce demand and will eventually bring the price back down to a more manageable level.  We may never get back to the $1.45 levels we were at just 4 or 5 years ago due to the increase for gas and oil demand from other large high demand countries like China and India whom were previously not.  Regardless, if we learn to conserve and cut unnecessary use we could eventually bring the price back down to the $2 range. 

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The problem here is that if you reduce gas taxes whether federal or state, the savings will spurn people to go right back to wasteful driving and spending habits that put us in this mess in the first place.  Its akin to the credit and mortgage mess and the current recession and economic slowdown or whatever George Bush wants to say it is or isn’t.  You have to let nature and the economy run its course.  If you keep patching things up with a quick Washington fix all you do is put it off to a later time and then it will build into a unavoidable bubble like the current real estate fiasco.  People have to learn from their mistakes.  The government can’t hold your hand and bail you out for every little thing like this.

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In most cases, when the government gets involved it ends up going afoul in some way and costing the tax payers billions in the end.  Yes, I know Hillary Clinton said she would pass these costs on to the big oil companies, but these are the same companies that spend millions on lobbyists and backing presidential campaigns (in other words that will never happen).  Also, it is key to remember that the rich have tax accountants and attorneys that make sure they pay little in comparison to what you pay (percentage wise on average the wealthy in America only pay 1 to 2% of their income in taxes whereas the middle class pay 25 to 30% or more).  So, in essence, if you are middle class (which most people are) then you will shoulder the brunt of the future tax bill for this and other Washington based fiascos.  So to sum it up, federal gas tax cut is bad.  Learning how to be more fuel efficient and less dependent on foreign oil is priceless.

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