Both Senators John McCain and Hillary Clinton have proposed a summer Gas Tax Holiday as a response to the dramatic increases in fuel prices across the country. Their plans call for the suspension of the federal tax of 18.4 cents on gas and 24.4 cents on diesel from Memorial Day to Labor Day. At first glance one might think “I would like to pay 18 cents less per gallon, that’s a good idea,” but if you glance again you will see that it is a potential disaster.

First, the revenue from the federal gas and diesel taxes go towards the Highway Trust Fund, to ensure a “dependable source of financing for the National System of Interstate and Defense Highways and also as the source of funding for the remainder of the Federal-aid Highway Program.” This is the fund that is used to build, maintain, and repair roads and highways, the importance of which reflected by the tragic collapse of the I-35 bridge in Minnesota last August.

While that calculated average savings for a single commuter during the gas tax holiday ranges from $23 to $28, the holiday could cost the government 9 billion dollars and more than 300,000 jobs. And according to the American Society of Civil Engineers, “every dollar invested in highway infrastructure generates $5.40 in economic benefits through reduced delays, improved safety and lower vehicle operating costs.” (Wired) Is it worth getting a $28 dollar savings if it means more than 300,000 will be left unemployed by it?

Guess what, the savings probably won’t even be that high. The real winners will be the oil companies, which will be able to raise prices to match the increased demand. One economist calculated an actual “9- to 12-cent reduction in the cost of a gallon of gas to the consumer, with the remainder of the reduction coming in wholesale prices.”

Hillary Clinton counters the Highway Trust Fund issue by saying that she would make up the lost revenue with a windfall profits tax. Even so, this is a waste of 9 billion dollars in revenue that could be used to actually address the energy independence issue, but would instead just amount to what equates to at best a $28 stimulus check.

Instead of campaign-year snake oil remedies we should be looking at a real long-term energy strategy. Investing in the next generation of renewable energy technologies while building green infrastructure and green-collar jobs is the solution we should be seeking, not policies that will actually contribute to the climate crisis.