Source:"Senate to hold gas prices hearing - The Senate Energy Committee will hold a hearing next month to determine reasons for U.S. gasoline prices, the panel said Friday.....Lawmakers admit there is no short-term fix to pain at the pump, but are nervous about political fall-out."
Actually there is a short term fix. Remove the federal gasoline tax. "The U.S. federal gasoline tax as of 2005 was 18.4 cents per U.S. gallon (4.86 Â¢/L), and the gasoline taxes in the various states range from 10 cents to 33 cents, averaging about 22 cents per U.S. gallon (5.8 /L)."
According to my numbers it would save the US tax payers about 25,576,000,000 per year at the pump. Though the roads would not be funded, at the rate that gasoline is rising, they will not have to be, because no one will be driving on them.
BTW - that savings is real.
The CNN article mentions what a l cent rise in gas costs, I just took that number and multiplied it by 18.4, actually I just typed it into my windows calculator and it did the number crunching.