Personally, I think that most of any gas tax cut would go into the pockets of the oil companies. It's not going to reduce demand, so why would it reduce the price unless it increases supply? And why would it increase supply, given the tight market conditions we've already got? It would have no short term affect on supply, and in the long run, the higher margins oil companies are already earning would be enough to motivate production anyway.
If we are going to have a tax cut, it should be an income tax cut.
Wrong. Any tax cut is good conservative policy. Same goes for spending reform on welfare entitlement programs. Good conservative policy.