The Senate voted yesterday to suspend daily deposits of 70,000 barrels of oil into the Strategic Petroleum Reserves. Reports say this could save motorists between 2 and 5 cents a gallon.
Two of three presidential candidates have talked of suspending the federal gasoline tax for the summer months. Such a measure would reduce prices an additional 18 cents per gallon.
Therefore, IF oil prices level off, these two measures together would save a maximum of 23 cents a gallon; approximately 5-7 percent of the current price.
While many would benefit marginally from such a cut, I am concerned about the bigger picture as I see it.
The bigger picture is this: it is time to find sources of energy other than petroleum. If you don’t buy this from the environmental perspective, it seems to me you ought to buy this from the economic and/or national security perspective.
Gas prices have gone up – at least tripled – over the past 4 years. Periodically during this time, when prices shot up, only to level off, or even back down a little from high points, we hear reports of people taking drastic measures to cut costs – traveling less, trading in for vehicles with better fuel economy, even using public transportation.
Then, as soon as prices plateau, it seems people make the necessary adjustments to go back to life as usual.
It seems as if we will only maintain the needed resolve if gas prices not only stay high, but continue to climb.
Are you ready for $5 a gallon? How about $6? What will it take?