PITTSBURGH -- In a speech delivered at Carnegie Mellon University in Pittsburgh yesterday, U.S. senator and presidential candidate John McCain (R-Ariz.) proposed that the government suspend all federal taxes on gasoline from Memorial Day to Labor Day this year. "The effect will be an immediate economic stimulus," he said, "taking a few dollars off the price of a tank of gas every time a family, a farmer or trucker stops to fill up."
He added, "Over the same period, our government should suspend the purchase of oil for the Strategic Petroleum Reserve [SPR], which has also contributed to [image-nocss] the rising price of oil. This measure, combined with the summer-long 'gas-tax holiday,' will bring a timely reduction in the price of gasoline. And because the cost of gas affects the price of food, packaging and just about everything else, these immediate steps will help to spread relief across the American economy."
Click hereto view the full prepared text of McCain's speech.
McCain has outlined several "near-term, tangible plans" to address some of the challenges now confronting Americans. On the issue of energy, according to a statement on his website:
John McCain will help Americans hurting from high gasoline and food costs. "Americans need relief right now from high gas prices. John McCain will act immediately to reduce the pain of high gas prices." John McCain believes we should institute a summer gas tax holiday. "Hard-working American families are suffering from higher gasoline prices. John McCain calls on Congress to suspend the 18.4-cent federal gas tax and 24.4-cent diesel tax from Memorial Day to Labor Day." John McCain will stop filling the SPR to reduce demand. "International demand for oil is bolstered by federal purchases for the SPR. There is no reason to fill it when oil is so expensive, the overall SPR is of adequate size and when it places further upward pressure on prices." John McCain will end policies that contribute to higher transportation and food costs. "Ethanol subsidies, tariff barriers and sugar quotas drive up food prices and hurt Americans; however, we cannot take the wrong direction and cut off trade for American goods." John McCain will propose a national strategy for energy security. "John McCain is a proven conservative, and his strategy will not rely on subsidies, rifle-shot tax breaks, line-items for lobbyists or big-government debacles. It will promote the diversification and conservation of our energy sources and substantially reduce the impact of our energy consumption on the planet. It will rely on the genius and technological prowess of American industry and science."Click herefor full statement.
Andclick here for McCain's gas tax petition.
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