For a long time economists have felt that demand for oil is inelastic. This year's roller coster ride of oil prices was an unplanned experiment that seems to prove otherwise. For the first time there is open consideration of a substantial gas tax as a way to save oil, reduce emissions, and increase energy independence. http://money.cnn.com/2008/11/06/news/economy/gas_tax/index.htm?postversion=2008111005

While it would seem that a deep recession is the wrong time to increase any tax, consider the proposal in a book "Carbonomics" which argues for a carbon "untax" that is recycled back to taxpayers through other tax cuts. I'd start off the "untax" not on carbon but on petroleum to focus on energy independence. To read about the untax http://www.energypolicyblog.com/?p=158 For a free PDF copy of the book see http://stoft.com/p/42.html.

With the fresh evidence that lower gas prices is zooming oil consumption right back up and a fresh administration this may be the political moment to implement an oil "untax".