The FIRST thing that needs to be done is to sign THE NATIONAL FUEL TAX HOLIDAY BILL.
BTW, they did it for the payroll tax, and that saved only $ 20/month.
No Federal Tax on gasoline will save 40 cents a gallon!
No, it would not. The lost tax revenue would be made up by increased ponzi borrowing, spending and more debt, which is what has to be done with the short fall in SS. The result is that gas would do down due to the removal of the tax and up because the dollar is further destroyed in its global purchasing power and the net result would be more interest due on the national debt. Gas prices would rebound.
If you eliminated every expenditure of the US government including defense, except welfare, unemployment, medicare, medicaid and social security (pensions) and kept just those at current levels you would still be 1 trillion dollars in debt each year on the federal level.
This is arithmetic not politics. This is the problem on both state and federal levels. No one, including Ron Paul, is dealing with it.