Today the average price of Gasoline in the United States has dropped to $1.929 per gallon, per the AAA's assessment of national prices. Of that, roughly $0.48 come from state and federal gasoline taxes.
Due to the economic slowdown and the attention Americans are now paying to energy prices and their effect on our National Security and budget, I believe it's high time to significantly raise the federal gasoline tax.
UPDATE Some have argued this is a bad idea because of the economic downturn.
The Europeans have FAR higher taxes than I'm proposing. If they can do it, why can't we? What if the gov in the 70s decided "Well, you know the economy really sucks right now so let's not raise the gas tax, or CAFE standards, or anything because it'll hurt business and consumers." When the economy recovers, that money will come out of the poor and middle class anyway. But it will be heading overseas rather than working here at home for all of us.