The gas tax holiday doesn't make sense, but repealing tax incentives and subsidies to the industry does.

Currently the Oil companies enjoy many tax advantages. For instance, they wingle through a tax loop-hole that allows them to understate foreign oil and gas income. In 2004 a new deduction was slipped into the American Job Creation Act that allows them to deduct production costs--that piece of legislation costs us 1.4 billion annually. The list goes on and on.

This industry doesn't need to be penalized, but they currently don't need special treatment either. Really, do they need tax incentives and government subsidies to chase $100-plus a barrel oil?