Stupid Move! It pretends the laws of economics don't exist. The price of gas will be what the public is willing to pay for the supply available. Now that tax money will go into the profit margin of the gas station and the oil companies. Why do people think the laws of economics can be wiped out by the stroke of a pen? Hey why don't we negate gravity by having the governor sign a decree?
here we go again
I, for one, whole heartedly believe that the less government has to do with nearly anything, the better off we all are.
Bzzt. Dropping the tax means one less cost in gasoline delivery. Gas stations that don't drop the price accordingly will be undercut and outsold by those that do (having recognized they don't have an extra $0.075+4% overhead to pass on to consumers). The price WILL go down; perhaps asymptotically and never quite reach the full theoretical drop, but it will drop significantly.
Now let's make sure he doesn't tack it back on later...
Huh? How is it a stupid move? Gov Perdue just removed government from the equation and is letting the market go free!