Here's a piece on CNN with 6 fixes to high gas prices, let's take a look:
- Tax oil companies more, give the money to motorists. Bad. High prices beget more production; we want to reduce the incentive for companies to produce more?
- Limit oil speculation. Bad. If speculation drove high prices, couldn't we just cram the stock market full of speculators and we all could retire tomorrow? Speculators assume risk, don't prevent the market from functioning.
- Ease refining restrictions. Good. There are environmental issues, of course, but if the goal here is to attack high prices, let companies serve the public by increasing supply of the high priced types of gas.
- Lift the ethanol tariff. Good. The effect may be small, but it would be undoubtedly downward.
- Open the Strategic Petroleum Reserve. Good. Why we even have this is beyond me; crank that mother open and let people use it.
- Suspend the gas tax. Good. Hear, hear! As price the price of gas has increased, the percentage paid in taxes has obviously gone down, but dropping the game tax will cut the price by a nontrivial amount depending on what state you're in, or what particular gas taxes were to be dropped.