This seems to be the John McCain answer:
CAVUTO: I think you know, Senator, we’ve been in and out another all time high for oil and gas prices today. Oil hovering around 113, 114 dollars a barrel. Many are sort of jumping on your proposal to nix the federal gas tax — a little north of 18 cents — throughout the summer. Are you afraid though, by the time we get to the summer, we’ll be up that much and more in gas prices?
MCCAIN: I’m very concerned about it, Neil. And obviously the way it’s been going up is just terrible. But I think psychologically — and a lot of our problems today, as you know, are psychological — the confidence, trust, the uncertainty about our economic future, ability to keep our own home. This might give them a little psychological boost. Let’s have some straight talk, it’s not a huge amount of money. But it might be nice to be able to save a few bucks and maybe buy something else the next time that they have to fill up their gas tank and say, “You know I’m going to be able to afford that little expense now.” A little psychological boost. That’s what I think it would help. But we also, I think, we need to stop competing for a limited supply
Wait a second – if the supply curve for gasoline is very inelastic (“limited supply”) the incidence of this tax relief will accrue to the suppliers. So the consumer will get very little extra money. John McCain strikes me as elitist and out of touch on the economic issues.