DON'T FIDDLE WITH THE FEDERAL TAXES ON GASOLINE

It would be pretty hard to explain to the average motorist why a gallon of the lowest-octane unleaded gasoline costs nearly 25 cents more in Jefferson City than it does in Cape Girardeau. But most motorists would gladly forgo an explanation if there were just some way to pin fluctuating fuel prices on something.

In recent weeks, motorists in our area have seen gas prices soar to nearly $1.50, settling down to about $1.25 to $1.30 a gallon most recently. A 25-cent dip looks good right now, but too many of us remember when you could fill the tank for under $1 a gallon just a few months ago.

Foreign oil-producing countries are said to be the cause of the latest price increase. When they want to get more per barrel for their oil, they threaten to cut production. They do this because they know prices at American gas pumps will rise immediately, producing a howl of protests. In the end, the foreign oil barons get more money while production levels barely dip.

Not bad work, if you can get it.

But the cost of gasoline in the United States is far more complicated than that. Some would suggest that underutilized U.S. reserves of oil and federal stockpiles of gasoline are major contributors to high prices at the pump. Refinery production, international transportation and the pricing whims of wholesalers and individual retailers also play a role.

One factor that has become a talking point in recent days is the federal fuel tax. Why not cut this tax -- or eliminate it entirely -- and give consumers a little relief?

As we've said before, there is a serious down side to this idea.

The first target was the 4.3-cent-a-gallon federal tax imposed in 1993. This tax was heaped on top of the existing 18.4-cent tax in order to generate revenue to offset the national deficit. In fact, some of the Transportation Trust Fund's purse has been used to make the deficit look smaller since the 1960s. In 1993, the additional 4.3-cent tax was added specifically to generate deficit-reduction revenue. In 1997, Congress finally mandated that all federal fuel tax revenue be used for the trust fund and nothing else.

There doesn't seem to be a shortage of highway projects that would benefit from federal funding. Much of Congress -- both Democrats and Republicans -- appear hesitant to give up the federal fuel taxes, even temporarily.

In fact, most estimates conclude that eliminating the 4.3-cent tax wouldn't even make a difference in the pump price at most stations, but Missouri would lose $460 million a year in highway funding.

Unless Congress is willing to do the obvious -- find ways to cut highway spending -- it would be highly imprudent to lower the federal tax. As we've seen in this latest roller coaster ride, gas prices can come down just as quickly as they go up without adjusting the fuel tax.