Obama Proposes $10 Tax On Each Barrel Of Oil

Oilprice.com ^ | 05-02-2016 | Barnie

[bananaman22]

The Obama administration will reportedly unveil a proposal next week that would place a $10 tax on each barrel of oil produced in the United States. The proposal is part of the President’s budget for fiscal year 2017.

The $10 oil tax would raise an estimated $32 billion, and the money would be used to fund an ambitious program of investments in clean energy, mass transit, high-speed rail, self-driving cars, light rail, subways, buses, and much more. The investments could total $300 billion in new spending.

The proposal would help bring America’s infrastructure into the 21st century, and provide “a clear incentive for private-sector innovation to reduce our reliance on oil and invest in clean-energy technologies that will power our future,” according to a White House memo.

[Rumplemeyer]

US uses about 7 million barrels a year. The old math tells me that’s a 70 billion dollar tax increase each and every year.

---

Try that again. Do you mean million a day?
Because 7,000,000 x 10 = 70,000,000.

[Pontiac]

We do need our road and bridges fixed

Sure we do.

But why crush another domestic industry with punishing taxes in the process.

Why tax one industry to artificially prop up a competing industry that can not possibly compete in a free market.

These market interventionist schemes do nothing but damage the nations (and the world's) economy and line the pockets of politicians and their cronies.

[Pontiac]

Thorium Reactor...Much better than Nuclear

It is nuclear. Just not Uranium/Plutonium.

[equaviator]

Good luck with keeping kids and large dogs away from those spinning propellers.

[Blue Jays]

Those who would be the candidates most likely to be "up in arms" about this tax are too busy going to work and keeping this country afloat.

[jwalsh07]

Thanks my bad. We consume 7 billion barrels of petroleum products per year. Bottom line at $10/barrel is the $70billion/year additional taxes.

[Mike Darancette]

That is a brilliant idea; price American oil out of the market so it will be less expensive to buy foreign oil.

[UCANSEE2]

but to slap $10 on every barrel extracted within this country, seems to be a totally regressive idea.

We currently have a totally regressive government.

[dartuser]

I was actually suggesting, albeit in a somewhat veiled hint, that welfare recipients actually do much of the labor to fix our roads and bridges.

Somewhere along the line ... there will be a ditch that needs digging ...