Does the tax holiday make sense to you?

Politically, yes. It was going to be the new "axe the tax". Now the Conservatives are back to convincing you to vote for them, which isn't really something they're good at, at least under this leader.

As policy, no. Markets don't really work if you try to fix prices, which is what's happening if you change taxation to counteract any swings. When you consider federally funded highways are free to use, no gas tax actually amounts to a subsidy, as well, while we're trying to move away from fossil fuels.

What would be better than reducing the gas tax?

It's a long, long list. Just focusing on affordability, something that actually helps the poor and struggling primarily, as opposed to anyone who drives a lot regardless of income. UBI is a perennial suggestion.

Alternately, just doing nothing would at least leave the federal budget in better shape.