From the AP comes this story.
Essentially, Congress is grandstanding for mid-terms. They seem to think that a gas tax rebate is in order, which I will gladly take graciously, if it is offered to me. Who wouldn't?
But honestly, it isn't going to help much. Anyone that has payed attention in a basic microeconomics course, can see it. But that isn't the big issue here. That would be, Congress has no business in the oil business or any other business, for that matter.
Where would it end? The drug companies? Dairy products? The gas companies' profit margins are 8.5 percent. Want to see the industry collapse? Then just cut that even lower. Stocks will de-value, a selloff may occur, but may it not even be worth buying. Who wants to own stock that doesn't make money? That's why you buy it, right?
How about price controls?
That's it. Let's just create some long lines at gas stations right as we get into summer. Waiting, waiting, waiting for a long time, in the heat. Think of the daily fights. Take a trip down memory lane and pretend you are in the 1973 Arab oil embargo. Pop in a Led Zeppelin CD and wait for your turn at the pumps.
No thanks. I say leave it alone and change our behavior, at least until someone smart enough comes along and actually tries to find some alternative methods to carbon-based fuels. The precedent an intervening Congress would set, would not be one we want to set.