Better yet, the federal retail excise should be ended, and a $10/bbl import and export tax put on petroleum.
Because you want to hurt the US refinery business and put an end to our refining surplus capacity and the associated jobs?
Do not look for the government to help any business. The best they can do is get out of the way.
I see no societal benefit to an export tax, but I would like to see a debate on a $1/bbl tax on oil imported by ship. Along with an authorization for the next president to increase that tax by $5/bbl if he deems it warranted. That would give the Saudis a reason to lie low and not rock the oil boat.Just a little dabble in Mercantilism, with the threat of more if we see our domestic producers getting whipsawed by market manipulations. OPEC deserves it after the Embargo. That was a long time ago now, but lest we forget. North American Energy Independence is within our grasp, and we shouldn’t let the opportunity pass.