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Would it be political suicide for Obama not to suspend the gas tax if republicans push the issue?

With the Middle East in peril and the Saudi Kingdom at risk of an overthrow, do you think it would be wise to suspend the tax at all levels? It would save roughly fifty cents a gallon at the pump. Releasing from the reserves will have minimal short term impact. We have 727 billion barrels in reserve and the US consumes an average of 20 million barrels a day. The price per barrel is not likely to go down but up. If republicans insist on the suspension to battle stagflation, would Obama agree? When the effects of gas prices start having their affect on the chances of an economic recovery, it will be political suicide for Obama.

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Carpy

Asked by Carpy at 3:10 PM on Mar. 12, 2011 in Politics & Current Events

Level 39 (114,053 Credits)
Answers (4)
  • He's screwed either way. If he doesn't do it, people think it's the tax costing them tons of money, companies will blame him for their shortfalls when they can't afford to keep their fleets fueled. If he does do it, the little bit of savings will be overshadowed by the fluctuating prices within a few months. Whether he does it or not, it's going to top out around $4-4.50ish a gallon, where it will again hit that point where people can't afford it, start conserving seriously, and don't have as much money to spend on all the other petroleum-based products in their life. Demand for crude drops because all retailers have a surplus, and the price will drop again, though it may stall closer to $2.50 this time instead of bouncing back down to the $2.05s.
    NotPanicking

    Answer by NotPanicking at 3:16 PM on Mar. 12, 2011

  • I thought they were thinking of increasing the gas tax. I know our gov., Bev Perdue, was talking about doing just that in NC. I haven't heard anything lately with the collective "WHAT" that went up all across NC. I think if he does anything short of opening up all lands and areas, not just the shallow water, to drilling and then allowing companies to build refineries, he is sunk. Solar and wind power is a dream that is down the road. We need help now, immediately.
    jesse123456

    Answer by jesse123456 at 3:57 PM on Mar. 12, 2011

  • It will never happen. Obama will adjust gas taxes either higher or lower.
    stacymomof2

    Answer by stacymomof2 at 9:56 PM on Mar. 12, 2011

  • *will NOT adjust* sorry
    stacymomof2

    Answer by stacymomof2 at 9:57 PM on Mar. 12, 2011

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