Suspending Federal Gasoline Tax is Nuts

The stock and commodities markets are closed for the Memorial Day holiday.

Trading resumes Tuesday with oil and fuel prices at record levels just in time for the beginning of the peak summer driving season.

Talk of suspending the federal gasoline tax is nuts. When you lower the price of a commodity (gasoline), you encourage more consumption. More consumption will only drive up the price.

When the federal tax is reinstated, as it must be, the price of gasoline will be much higher than it is now.