John McCain argues for suspending the 18.4 cents per gallon federal tax on a gallon of gasoline. Hillary Clinton sort of agrees but, Barack Obama says “no” and calls it a gimmick.

Now an assortment of states are talking about cutting their taxes on gasoline too. State taxes on a gallon of gasoline averaged 28.6 cents in the first quarter of 2008 is in addition to the federal per gallon tax of 18.4 cents. Some State are talking about all sorts of tax cut ideas Florida wans to cut it 33.2 cent tax by a dime; New York has no intention of cutting its 42.3 cent tax a bit on average taxes add 42 cents to a gallon of gasoline. Missouri’s idea is to refund gasoline taxes to State motorist when they submit their gasoline receipts they will get a check back for its 17 cents a gallon tax.

Forty-six percent (46%) of America’s Likely Voters favor a federal gas tax holiday this summer. A Rasmussen Reports national telephone survey found that 42% are opposed and 12% are not sure. Most voters who earn more than $75,000 a year oppose the gas tax holiday. Most who make less than $60,000 a year favor that policy change. Among those make less than $20,000 a year, 62% favor the gas tax holiday while only 11% are opposed

OPEC may decide to increase production taking pressure off of prices and feightening speculators who account for 20-40% of crude oil costs. Analyst say there is an even change crude will fall below $100 a barrel if OpPEC increases production.

Last 5 posts by Richard Cochrane

• Self-flagellating Fundamentalist And Obama Biblical Plague – May 12th, 2008
• Obama’s Growing Casualty List. – May 12th, 2008
• The Race Is About Race – May 11th, 2008
• Here comes the Apocolypse- again. – May 10th, 2008
• Houston, we have a problem in Obama’s own words… – May 9th, 2008