On the recordMay 8, 1996
here they go again. Snake oil salesmen looking for a magic cure. The Republicans have come up with this idea that the 4.3-cents-a-gallon tax that was put on back in 1993 somehow did not cause the price of gas to go up in 1993, did not cause it to go up in 1994, did not cause it to go up in 1995. But all of a sudden, in 1996, this pent-up tax caused it to go up 30 cents a gallon. Well, we are not really buying that. We know that they are really reaching for straws. We heard Philip K. Verleger, Jr., who is an oil economist, say, if you cut taxes, the incremental difference is going to go to big oil, not to the motoring public. In fact, an analysis by the Democrats in the Committee on Commerce has shown that, while this gas price was going up, just during April and March of this year, that the value of the stock options by oil company executives rose by $32.8 million.
Source
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