McCain, Clinton Gas Tax Plans 'May Help Oil Companies'

Bloomberg reports:

Hillary Clinton and John McCain are both pushing a "gas-tax holiday" to give consumers an 18.4- cent-a-gallon price break. Clinton says the plan will take excess profits from oil companies. McCain says it will help families buy school supplies.

Economists have a different take: They say the oil companies may end up the biggest beneficiaries, while the aid to families wouldn't be enough to buy a $35 backpack.

The trouble with the plan, they say, is that oil prices are rising because of low supplies, and companies will continue to charge the average $3.60 a gallon and just pocket the money that would have gone to federal taxes.

"That's $10 billion, and it's going into the pockets of oil refiners," said Leonard Burman of the Tax Policy Center in Washington. "The last time I checked, they didn't need it."

Keep reading here.

Comments

[jah2008]

Aww, don't they look cute together. They might as well be on the same ticket. Hillary, after all, is sounding more Republican everyday.

[gregjones]

Google: PROJECT FOR NEW AMERICAN CENTURY (PNAC).....

Document written by Neo-Cons in 1992 planning the invasion of Iraq, Iran and Syria (in that order). Each participant in the plan signed the bottom of it (like the Constitution)....names like Wolfowitz, Cheney, Rumsfeld, Andrew Card, Bolton, and many others who ended up on the Bush cabinet. The plan was written by Bill Krystol (the 'pundit' on Fox News). If McCain or Hillary are elected....the plan will be carried out. This is what Hillary meant when she proclaimed....Obama CAN'T WIN ! This is also why it seems that McCain and Hillary are on the same side....because they are. The other day Huffington Post began to expose how the 'military experts' who have appeared on ALL the cable news were all paid by the Pentagon (Bush Regime) to mislead America in order to continue the war...(and further the PNAC Plan). This is why they keep bringing up Iran as the next target....and Hillary exposed herself when she proclaimed she would 'obliterate' Iran. Hillary, the GOP, McCain and the Republican corporate media (which owns many of the companies that make the tanks, bombs and other weaponry) are doing everything to stop Obama from winning. If he does win....their PNAC Plan will be put to a hault. THIS MUST BE STOPPED !!! Don't vote to just win....vote FOR the future of our country !

Greg Jones
www.Blacks4Barack.org
(A Multi-Racial, Grassroots Org....Dedicated To Truth)

[Maddy08]

The people of Indiana are considered "stupid" by the Clintons who seem to think that they will not realize that the gas tax relief will cost 300,000 jobs. Moreover, it is an impossibility that a bill can be passed by the summer months - even if it was considered - which it will not be in any way, shape or form.

The old hat trick is once again being used to make it seem as if the gas tax relief is a good idea, while on the other hand, the money Clinton proposes to use to pay for it has already been promised for another program she is promoting.

If there are any people from Indiana blogging here, read the Indianapolis Star wherein the editorial clearly outlines that Clinton is "pandering" just to obtain votes. The gas tax is a lie and will not provide relief but cause additional misery in the long term.

[incontempt]

Clinton and McPain promote 300,000 lost construction jobs before anyone has filled in the potholes...which will then lead to more broken tires and frustrated drivers as bridges are falling...

Why don't you two chuckleheads come pander here and fill in some potholes!!!

[emcneill]

It is a sad day when Americans would rather see 300,000 other Americans lose their jobs so they could save $28 - $30 worth of gas for three months.

It is even sadder when a presidential candidate feels nothing regarding the prospect of these people losing their jobs so she can win an election.

What if that was your mom, dad, brother or sister losing their jobs? How would you make it? All of that for $28 worth of gas.

Haven"t we been screwed enough? Haven"t enough jobs been lost to foreign countries? We should never lose jobs because someone wants to win votes.

[Daisy1111]

I thought Obama didn't run negative ads?

[LINY516]

There is a differnece between a personal attack and an issue ad.
The issue -- the stupid gas tax holiday proposed by the two with EXPERIENCE who are ready from day one.

The wrong experience doesn't amount to anything. Just read the historical accounts of the Buchanan administration. The president who had the most experience entering the office.

[KillTheMessenger]

That should have been "sniper fire", of course. My German sometimes shows through. :-)

[KillTheMessenger]

Can we have a campaign Bull-O-Meter, please? We should calibrate it in units of McClintons. Zero McClintons is the value of a federal gas tax holiday. Staying in Iraq for 100 years is -1 McClintons. Obliterating Iran with nuclear weapons is -10 McClintons. Running through imaginary flack fire counts for -0.5 McClintons and admitting that one has no knowledge of economy during times of enormous economic stress on American families is -1.5 on the McClinton scale.

[DWX]

The price of oil in the world is determined by the NY Mercantile Exchange and not by OPEC conglomerate, EXXON, or any oil companies. It is the average investor in the stock market that determines the price per barrel of oil. If there is a world-wide recession, the resource stocks i.e. (oil, mining, natural gas, etc.) will tumble since the world demand for commodity will be diminished. In France, the gas price is at $8.34 / gallon and Canada the average price is $5.20 / gallon. We are paying far less than the rest of the world, so why are we still crying. Maybe, the high price of oil will finally curtail our driving habit and actually contribute our part in the fight against Global Warming.

[NewMexicoForObama]

hehe. Gotta love that picture!!!

[SFkid]

Every Economist EXPERT says this Gas Holiday Tax does absolutely nothing for relief. What it does do is raise gas prices, harms the environment, takes away from infrastructure, oh but it save you 30 bucks, if that.

[SCG]

Someone needs to ask senator Clinton why the gas tax cuts didn't work in her state?

The counties that cut their local gas tax, had the same pump prices (in some cases higher) than neighboring counties that kept the tax. The oil companies pocketed the difference.


See story posted below.

[cinemaven]

Huffpo can't possibly be talking about an Obama ATTACK AD... that wouldn't be possible since they only call Clinton ads attack ads (even when they don't mention or refer to Obama)

[TodStewart]

Hillary (the Hydra) Clinton has a face for every snake:
http://www.youtube.com/watch?v=sN_nQOHj__s

[SCG]

It's a hoax, the word used was sh*tting not sh*t and the last comment doesn't match the lip movements.

[blubastian]

They all know it's a hoax but they are desperate and I can't blame them. Things are looking pretty bad for Obama right now!

[Savanarola]

Does Cantor speak for all Jews like Wright spoke for all Blacks? Tell us Hillary.

[thicky]

Anyone who thinks a suspension of the federal gas tax is a good idea is either mentally handicapped or severely mentally ill and should be charged with felony stupidity. The punishment: take away their voting privileges.