Thursday, April 17, 2008

Gas prices rise, McCain sinks deeper.

It's such an ad-hoc corollary to my last post that I couldn't resist the temptation to blog about it even a day late. As you must know by now if you bother to keep up with the US's presidential campaign, John McCain has asked for a "gas tax holiday:"

[McCain] said he would push Congress to suspend the 18.4 cents a gallon tax on gasoline and 24.4 cents a gallon tax on diesel between May and September – a move his advisers said would cost $8bn-10bn in revenues.

He also reiterated his call for the government to stop adding to the US Strategic Petroleum Reserve so as to ease pressure on supplies. US crude oil prices rose to a fresh record high of $113.93 on Tuesday.

Mr McCain has become increasingly populist in tone over recent weeks as he competes with Barack Obama and Hillary Clinton, the Democratic presidential hopefuls, to appear most responsive to economic concerns.


At least Senator McCain is true when boasting (?) about not understanding much economics and incentives. Either that or we have to question his campaign's claim that global warming is one of his main concerns, up there with education, health, and national security.

No comments: