The gas-tax holiday returns

iStockphoto.com

The summer gas-tax holiday is back, and John McCain thinks he may have a winning issue:

Along with Barack Obama, many economists largely dismissed the notion of a gas tax holiday as a political ruse that would do little to lower prices, but McCain has repeatedly said he does not believe the proposal would be a panacea for America’s energy woes. […] Instead, McCain argued, low-income families could save some extra cash to pay for their children’s school supplies this fall, or perhaps treat themselves to a nice dinner.

I’m no mathematician, but let’s do some quick number-crunching here. Suppose you buy a tank of gas each week and your car holds 15 gallons. The 18.4-cent a gallon gas tax will cost you $2.76 each week. There are 12 weeks left until Labor Day, the end of summer. That means a typical person would save $33. If you’re a childless couple living in Falls Church, VA, that might buy you dinner at the Olive Garden — where the Chicken Alfredo will run you a cool $13.50 — but no wine.