Ignorance: McCain's and the People's

Bryan Caplan, whose book The Myth of the Rational Voter: Why Democracies Choose Bad Policies I strongly recommend, defends the McCain proposal in the New York Times on seemingly perverse grounds. 

Caplan agrees that the gas tax will not lower prices:

Why are economists so opposed? In the short run, the supply of gasoline is basically fixed; it takes a while to build a new refinery. The demand for gasoline, in contrast, is more responsive to price; we’re already seeing greater use of public transportation and brisk sales of fuel-efficient cars. When you combine fixed supply with flexible demand, it’s suppliers, not demanders, who pocket the tax cut. That’s Econ 101.  Nevertheless, I think it’s an idea worth supporting. In fact, I’ve got . . . arguments in favor of it, though I doubt that either candidate will want to repeat them in public.

He goes on to argue that the gas tax reduction will do little harm, as compared to price controls.  While I think he is correct, as far as his claim goes, the problem is that the real world "goes" further.  As I suggested, McCain might get pissed that the oil prices were not reduced and then support regulation.  Moreover, Hillary has already  suggested a windfall profits tax combined with the gas tax reduction. 

Still, Caplan might be right -- the gas tax reduction might be the least bad thing possible.  But call me an idealist, I am not sure he is right.  Why not use the rise in gas prices as an opportunity to argue for opening up drilling in ANWR and on the US Coasts?  Oh yeah, I forgot, McCain opposes drilling in ANWR.