would be a good time to raise the gas tax. Seriously.
In fact, it should be raised using a ratcheting mechanism.
Whenever the nationwide price of gas goes up, that should
become the new price. If the wholesale price goes down, the
difference would be replaced by a tax increase. That way the
price at the pump would never go down.
Oh, and oil companies should never get subsidies. Never.
If more exploration is needed and they think they can’t
afford it, they can ask for a federal loan. But repayment
would be expected. Chief corporate officers would be
personally liable for repayment.