WASHINGTON (AP) — Get rid of the federal gas tax — at least for the summer. Tax Big Oil to help the rest of us out. Get drilling in that Alaska refuge. Soaring gasoline prices are suddenly the nation’s No. 1 crisis, and all the presidential candidates are offering cures.
Never mind that economists and energy experts see little value in such measures, at least in the short run. Or that even some top congressional leaders are raising eyebrows. It’s election season, and presidential contenders and other politicians are jumping on the bandwagon.
The slew of proposals includes: a summertime suspension of federal gas taxes, backed by John McCain and Hillary Rodham Clinton; a windfall-profits tax on oil companies, supported by Clinton, Obama and many other Democrats; a cry for new refineries, nuclear power plants and drilling in the Alaska wilderness, sounded by President Bush and his GOP allies; calls by those in both parties to stop buying oil at $117 a barrel — only to pump it back into the ground for strategic reserves.
“I think we are in a political crazy time. Some of this stuff being proposed borders on the irresponsible,” said Frank Verrastro, director of the energy and national security program at the Center for Strategic and International Studies. Read the rest of this entry »