Yeah, make gas cheaper until the crude downslope catches up with the price at the pump. Cheaper gas, thats bad.
Looks like we can mark you down in the category of voters who should know better.
Right now, the bottleneck for gas supply is the refineries which are operating at near 100% capacity. So supply is essentially inelastic.
Econ 101: When supply is inelastic, the price will rise until the quantity demanded falls to match the quantity supplied. So removing the tax will have virtually no effect on the price consumers pay.
Where will that extra money go? The oil companies.
Where does the money come from to make up the lost revenues? Under McCain's plan, you. Other taxes you pay will be shifted to fill in the holes (he's a little vague on that part).