As I said in my previous post, a gasoline tax holiday wouldn't make much, if any, difference in the price of gas at the pump. But if it did lower prices, the U.S. would be joining much of the rest of the world in helping keep demand artificially high. That's a recipe for fiscal disaster, and it distorts the market in disturbing ways.
Many countries - especially in the developing world -- are actually directly subsidizing fuel prices. In the name of helping their citizens cope, they are subsidizing energy waste, subsidizing an addiction to imports, and subsidizing the growth of greenhouse gas emissions.
Of course, as oil prices rise, so do the costs of these fuel subsidies. Many of these countries are also trying to hold food prices steady as the prices of global food commodities soar.