This week on Fox News, Neil Cavuto asked Sen. John McCain (R-AZ) about the worth of rescinding an 18-cent gas tax as prices at the pump escalate this summer. McCain responded that “a lot of our problems today” are “psychological.”

Transcript:

Cavuto: I think you know, Senator, we’ve been in and out another all time high for oil and gas prices today. Many are sort of jumping on your proposal to nix the federal gas tax — a little north of 18 cents — throughout the summer. Are you afraid though, by the time we get to the summer, we’ll be up that much and more in gas prices?

McCain: I’m very concerned about it, Neil. And obviously the way it’s been going up is just terrible. But I think psychologically — and a lot of our problems today, as you know, are psychological — the confidence, trust, the uncertainty about our economic future, ability to keep our own home. This might give them a little psychological boost.

Let’s have some straight talk, it’s not a huge amount of money. But it might be nice to be able to save a few bucks and maybe buy something else the next time that they have to fill up their gas tank and say, “You know I’m going to be able to afford that little expense now.” A little psychological boost. That’s what I think it would help. But we also, I think, we need to stop competing for a limited supply, as far as the Strategic Petroleum Reserve is concerned. Let’s just stop buying that as well. But it might be a nice thing to happen.