In recent weeks, as the price of crude oil and refined gasoline have continued to decline from their summertime highs, an increasing number of people have been jumping on the gas tax bandwagon. Many analysts and pundits have come out in favor of a tax to keep fuel prices high and encourage the use of more efficient vehicles. Two segments however, have been notable by their silence: politicians and the oil industry. I wouldn't expect any spineless politician to actually come out in favor of taxing gasoline back up to $3.50-4.00 a gallon, after all the only thing they really care about is the next election. Even President-elect Obama is opposed to it.
However, it was surprising to see Paul Foster, the chairman and CEO of El Paso-based Western Refining come out of the closet in an interview the other day. Foster, a self-avowed conservative Republican normally opposed to taxes, actually favors a gas tax of at least $2 a gallon. He agrees that the only way to get people out of gas guzzlers and reduce our oil imports is to keep fuel prices high enough to discourage its use.
Should it happen? Absolutely! Will it happen? Almost certainly not.
[Source: CNN Money