Today I passed a gas station charging $1.799/gallon.
That is amazingly cheap compared to what we're used to -- my maximum was $4.339/gal, on 6/17/08.
So now is the absolute best time to implement a $1/gal gas tax.
Obama should do it on Day 2.
Gasoline demand in the US is at 8.6 gal/person/week. A $1/gal tax would thus raise about $130B/yr -- and gas at the pump would still be $2.80/gal, a dream compared to last summer. Every dime of this revenue should go into R&D for alternative technologies.
Imagine what we could do with $130B. The Apollo project cost about $25B total. That's about $160B in today's dollars.
This has always been true of America: put lots of really smart people in a room, and they will figure out just about anything.
Let's get started.
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