Gas prices averaged $5.83 in California last week.

Of that, more than 63 cents was due to state taxes. California taxes gasoline at 51.1 cents per gallon, plus 2.25% sales tax. Suspending California’s taxes on gasoline would cost the state about $7 billion in revenue, $5.7 billion of that being lost to the trust fund for highway construction and repair.

The state, however, is running a surplus resulting in a reserve of at least $25 billion ($29 billion according to the Legislative Analyst). By drawing on this surplus, the state highway fund could be held harmless if gas taxes were suspended for one year. Dropping the price of gas by 63 cents a gallon is not complete relief, but it would be enough to matter to California drivers, who pay the country’s highest gas prices.

Long-term, state government needs some gas taxes for upkeep of our roads. A temporary suspension of state gas taxes, however, would not imperil that. Rather, it would be a one-time response to other one-time phenomena.

There has been a windfall of revenue received by the state due to the stock market’s run up in prices, generating exceptionally high capital gains tax revenues in California.

Unlike the federal tax system, California does not impose a lower tax rate on capital gains. So every bump up in the Dow Jones brings more money to California’s budget—without any increase in tax rates. Another one-time phenomenon is the spike in crude oil prices caused by the war in Ukraine. Indeed, it’s a wonder prices at the pump have risen only 48.9% over the last year, given the 87.8% increase in the price of crude. A third is the jolt in demand caused by the recovery from the COVID recession.

It is prudent budgeting to spend one-time money on one-time projects. A temporary suspension of gas taxes fits that description.

There is political consensus in California for state government to provide some relief from higher gas prices. Three weeks ago, Gov. Gavin Newsom proposed spending $11 billion in the form of a $400 per car debit card to be sent out to all Californians who own a car, up to two cars per family. In addition to the debit cards, Gov. Newsom’s proposal would spend $2 billion not directly related to helping California drivers with gas prices. That sum includes funds to build more electric charging stations, give subsidies for bike and walking paths, and transfer money to local transit agencies to make public transportation free for the next 3 months.

Then White House Chief-of-Staff Rahm Emmanuel’s advice to President Obama over the financial collapse seems to be in operation: “You never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things that you think you could not do before.” So, the Ukraine war will bring us more bike paths.

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Before Gov. Newsom had made his proposal, the Republicans in the Legislature called for suspending the 51.1 cents per gallon for the duration of the Ukraine crisis. That does not go far enough; not only should the 51.1 cent excise tax be suspended, so also should the 2.25% sales tax imposed every time we buy gas. This approach would focus on what most Californians know but haven’t developed the political will to correct: that California has one of the highest gasoline taxes in the nation (barely edged out by Pennyslvania for the number one spot).

Suspending the gas tax, as opposed to sending out debit cards, draws attention precisely to the part California state government plays in our high price of gas.  Suspending taxes might even lead to serious discussion of whether California needs to have gas taxes so high in the first place. That, I suspect, is why the governor and his allies in the Legislature would prefer the debit-card approach—leaving the gas tax rates unmentioned, untouched, and likely permanent.

Tom Campbell is a professor of economics and a professor of law at Chapman University. He was California Director of Finance, a five-term US Congressman, and a California State Senator. He left the Republican party in 2016 and is in the process of forming a new political party in California, the Common Sense Party.