At some point, oil companies will stop production in the US because it will not be profitable to drill. Low gasoline prices won’t matter much if oil companies start laying off workers.
We’ve been there before, oil prices will rebound, but before that happens, Obama plans to keep the gas prices artificially high by adding more taxes. In WA State, they considering adding $1.17 to the price of gasoline. Fuel for seven western states is produced in WA, that would also pay that tax and other states would follow.
Where did you see that figure? I’ve been following the gas tax conversation here in the state with respect to funding transportation projects but i haven’t seen it that high.