Barack Obama is not backing down in his opposition to a so-called gas tax holiday this summer. If anything, he's becoming more vocal in calling it a bad idea and slamming John McCain and Hillary Clinton for proposing it. He told voters in Winston-Salem, N.C., this afternoon that suspending the 18.4-cent-a-gallon federal gas tax between Memorial Day and Labor Day would save them only about $25 to $30.
Some economists, he said, believe the proposal could backfire and actually raise prices by increasing demand. "We don't know that the oil companies will actually pass on the savings," he added.
And by taking revenue away from the Highway Trust Fund, which finances road and bridge repairs, the gas tax holiday could delay badly needed improvements and cost thousands of construction jobs, including 7,000 in North Carolina, he told voters.
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