Should I squeeze opened soda bottles to preserve the carbonation?

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Why: Mike's dad Mike was all, "MIKE! Are you the one who's been doing this to all the bottles?"

Daniel said Daddy Seymour did that to all his bottles one time, too.

Answer: No! It will actually make whatever is in it (probably club soda) go flat even faster.

The bottle will "want" to snap back to its original shape and create a mini-vacuum that "sucks" CO₂ out of the pop. Looked at another way, the CO₂ is going to come out of solution until the pressure equalizes, and since the pressure is starting out lower (i.e., the volume of trapped gas is smaller, which is the same thing in this case because the bottle will expand easily to its original volume), there is more "room" for the CO₂ to come out of solution.

Physics!

Source: Ask MetaFilter, Ask a Scientist

The More You Know: Apparently this is what you should do:

Most effective? Keep the bottle as cold as possible, pour your soda into a GLASS container when you drink it (plastic has all sorts of "nucleation sites", or imperfections off which bubbles seem to launch themselves, depleting your soda of precious CO2 rather rapidly).

You can also buy little pressurizer things (like Fizz Keepers) that may or may not actually do anything.