President Obama will propose a $10-per-barrel fee on oil, paid by oil companies, to cover the costs of his $300 billion “clean” transportation programs in his new federal budget, the White House said Thursday.While his budget has little chance of passing in the Republican-led Congress, the president is proposing a massive increase in spending on mass transit, high-speed rail and other options to reduce carbon emissions and gridlock. To pay for it, Mr. Obama will call for a $10 tax per barrel of oil.
“The new fee on oil will also encourage American innovation and leadership in clean technologies to help reshape our transportation landscape for the decades ahead,” the White House said in a statement.
Mr. Obama’s spending plan for fiscal 2017 will be submitted Tuesday to Congress.
Sen. John Barrasso, Wyoming Republican, said the tax would be passed on to consumers at the...
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Today that represents about a 30% tax. The oil industry is suffering as it is, but is this a knockout punch?
ReplyDeleteThat's $300 Billion out of the pockets of consumers that will not have it to spend on food, medicine or consumer goods.
ReplyDeleteSomeone should tell Obama there is no such thing as a free lunch.