|Senator’s John McCain and Hillary Clinton share a tender moment after Congress passes the summer gas tax holiday bill they both support.|
After Congress passed a summer gas tax relief bill sponsored by presidential candidates John McCain and Hillary Clinton, gas prices dropped to under $1.00/gallon for the first time in years. Though the gas tax itself is only 18 cents per gallon, worldwide response to the government’s sacrifice of gas tax revenue was overwhelming.
“We were so impressed we decided to reduce our profits to just two cents/galloon” said David O’Reilly, CEO of Chevron. “If the government can give up that much, it’s the least we can do.”
OPEC members responded quickly as well, dropping oil prices and increasing production. “The United States has demonstrated a true commitment to reducing energy costs with their tax holiday – we are honored to follow their lead,” said King Abdul Aziz of Saudi Arabia.
Senator Barak Obama, a long time opponent of the gas tax reduction was apologetic. “I’m man enough to admit when I’m wrong,” said Obama. “I was sure eliminating the gas tax for the summer was nothing more than a political stunt that would have no significant impact on the energy crises and would have the greatest benefit to owners of large gas guzzling vehicles. Who would have guessed that people would use their savings to make down payments on small cars and hybrids, increasing our overall energy efficiency to the point that oil imports dropped 50% virtually overnight?”
In addition, the gas tax cut triggered an end to the recession, as the economy boomed and energy costs dropped. Construction companies particularly benefited from a dramatic increase in highway construction projects made necessary by the deterioration of roads nationwide due to the lack of maintenance caused by the lack of gas tax funds.