05/07/2008 05:12 am ET | Updated May 25, 2011

Does A Gas Tax Holiday Actually Work?

Both John McCain and Hillary Clinton have called for a "gas tax holiday" this summer to offer commuters and vacationers some release from spiraling gas prices. They have urged Congress to suspend the 18.4 cent federal gas tax and 24.4 cent diesel tax between Memorial Day and Labor Day, a step that could cost the government about $10 billion in revenues. The only major candidate to oppose the idea is Barack Obama who voted for a similar measure in Illinois eight years ago. Obama now says that consumers will derive little benefit from the tax moratorium. So who is right?

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