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Obama proposing $10-a-barrel oil tax to pay for clean transportation

Scorpio

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Obama proposing $10-a-barrel oil tax to pay for clean transportation

By Robert Schroeder

Published: Feb 4, 2016 5:43 p.m. ET



Republican congressman: ‘Obama’s worst idea yet?’


MW-DE551_APC_20_20150130160848_MG.jpg
Bloomberg


A contractor walks on an Anadarko Petroleum Corp. oil rig site in Fort Lupton, Colorado.
President Barack Obama is proposing a $10-a-barrel tax on oil to pay for clean transportation projects, the White House said Thursday.

The tax, which will be part of the budget request Obama unveils next week, would be paid for by oil companies and gradually phased in over five years. It would apply to imported oil, not exported U.S. oil, White House National Economic Council Director Jeff Zients told reporters.


Obama’s proposal lands in the midst of the 2016 election campaigns, and is likely to be harshly criticized by both Republican presidential candidates and lawmakers. In past years, Obama has proposed eliminating subsidies for the oil-and-gas industries. But those efforts have never made it through Congress.


House Majority Whip Steve Scalise of Louisiana said the proposal could be Obama’s worst idea ever.


The tax would add roughly 25 cents to a gallon of gasoline, at current prices.

The White House said Obama’s plan would boost investments in clean transportation by about 50%.

Zients said the administration recognized oil companies would “likely pass on some of these costs” to consumers.

But he added that the U.S.’s “crumbling infrastructure imposes a huge cost on American families,” by reducing competitiveness and by adding time and fuel costs to workers who are stuck in traffic.

Brian Milne, energy editor and product manager at Schneider Electric, said the tax would “definitely” increase gasoline prices.

“Maybe the president thinks because oil and gasoline prices are low, he can slip the tax through that will eventually be passed on to consumers without many realizing that they’re paying the government more to fuel their vehicles and warm their houses,” Milne said in an email. “However, I don’t think it will have enough support to move through Congress.”

http://www.marketwatch.com/story/ob...ean-transportation-2016-02-04?dist=beforebell
 

glockngold

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Champion of the middle class strikes again. :mining:
 

the_shootist

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Hope and Change is destroying us
 

AurumAg

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Thus proving my point:

If "clean energy" is so efficient, then why does it require a fed.gov subsidy?


Is your shovel ready?
 

the_shootist

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Obama's madness has no boundary...he's killing as much of us off as possible before he leaves the Whitehut
 

Usury

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"It would apply to imported oil, not exported U.S. oil, White House National Economic Council Director Jeff Zients told reporters."

Whaaaaat does that mean? What about domestically produced, refined and sold oil? If it's only a tax on imports, that amounts to a tariff. Good grief...it's like dealing with idiot gang-members that don't even understand logic and grammar.
 

the_shootist

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How about raising some money to pay down the debt? Tax and spend us into oblivion why don't ya?
 

Joseph

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Thus proving my point:

If "clean energy" is so efficient, then why does it require a fed.gov subsidy?


Is your shovel ready?

As a matter of fact, it is.

my.shovel.2.JPG
 

Thecrensh

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It would clean up the environment because fewer people would be able to drive, ergo fewer emissions. GENIUS! Just like the ACA was going to reduce healthcare costs.
 

Usury

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The crazy thing is that the author also says it would add 25 cents per gallon. Well let's see....there 42 gallons of oil per barrel. And each barrel makes approximately 19 gallons of gas. So $10/19=~53 cents per gallon tax increase. Which is about a 1/3 increase.

So they lack both mathematic skills as well as grammar skills....don't know why I'm surprised.
 

nickndfl

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He said today he wants to add the $10 to our oil exports too. The man has lost his mind.
 

Usury

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Sounds like more proof Odumbass's loyalty is with the Muslim worl (I.e. Middle East countries), since the POO decline is clearly a battle by them to put US producers out of business. A tax on oil exports would bankrupt them all tomorrow.
 

Mujahideen

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I hope everyone pays as much attention to their congressman as they do to the presidential election.

The blame for this if it passes will be put on the president, and rightfully so, but the actual culprit would be congress.
 

Usury

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At this point I wouldn't put it past the impersonator in chief to enact this via executive order.

He's shown willingness time and time again to side-step CONgress by doing so.
 

the_shootist

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I propose we ride the Kenyan out of DC on a rail (that proposal won't go anywhere either)
 

Joe King

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"It would apply to imported oil, not exported U.S. oil, White House National Economic Council Director Jeff Zients told reporters."

Whaaaaat does that mean? What about domestically produced, refined and sold oil? If it's only a tax on imports, that amounts to a tariff. Good grief...it's like dealing with idiot gang-members that don't even understand logic and grammar.
What I would think he meant was that the proposed tax would be imposed upon US purchasers of crude oil, no matter where it was produced.
Ie: it would make US consumers pay for US infrastructure. (assuming that's what the $ would be spent on)

To charge a $10 tax on exported oil would simply take our exported oil off the market. You can't ask $10 more for your product if there are already far too many of those products sitting on the shelf awaiting purchase. To do that is to say you don't want to sell any of it.



How about raising some money to pay down the debt? Tax and spend us into oblivion why don't ya?
Attempting to pay off or even pay down the debt by any substantial amount is a virtual impossibility.
It would be like flushing the $ used to do so down the toilet.
As f'ed up as it seems, (and it is f'ed up) under the current debt-based monetary system the World operates on, a nations debt is an indirect measure of the nations wealth. To have no debt is to say you have no wealth. Like I said, it's f'ed up and just one example of the topsy turvy World we live in.
 

nickndfl

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He will get exactly the opposite effect imposing the tax, less green energy, than allowing the market to find and sustain it.
 

Joseph

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I hope everyone pays as much attention to their congressman as they do to the presidential election.

The blame for this if it passes will be put on the president, and rightfully so, but the actual culprit would be congress.

I've been voting against my incumbent congressman (Joe Wilson) and senator (Lindsey "no war too big - no war too small" Graham) for 20 years to no avail. You can get road kill elected here as long as it has an (R) behind his name.
 

the_shootist

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I've been voting against my incumbent congressman (Joe Wilson) and senator (Lindsey "no war too big - no war too small" Graham) for 20 years to no avail. You can get road kill elected here as long as it has an (R) behind his name.
Democrat/Republican...it makes no difference....they're both the same and we, as Americans , need to decide when enough is enough. I fear when that moment comes for America it will be too late to defeat the tyrants