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 $10 Oil Tax

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ggbaird



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PostSubject: $10 Oil Tax   February 6th 2016, 6:43 pm

White House Proposes $10 Per Barrel Oil Tax
President Obama Unveils Transportation Plan That Promotes Cleaner Technology


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President Obama has proposed a $10 per barrel oil tax that would provide funds for new investment in green transportation and reduce carbon emissions that contribute to climate change.

The new proposal would also pay for modernizations in the country's transportation infrastructure. Not only would it ensure the long-term solvency of the nation's Highway Trust Fund, it would pay for investments in autonomous cars, high-speed rail and new public-transit options, the White House said.

Announced Thursday, the plan is part of the President's 2017 budget proposal that's expected to be submitted to Congress next week. It comes at a time that oil prices are hovering at their lowest levels in 13 years, according to the Energy Information Administration. Those prices have helped consumers at the gas pumps but wreaked havoc on the oil industry and been stumbling blocks for the global economy.

Obama's proposal comes two months after the world's leading nations reached an agreement in Paris to curb emissions that contribute to global warming. In the United States, approximately 30 percent of greenhouse gas emissions come from the transportation sector, the White House said Thursday, and the tax on oil will spur a switch from fossil fuels to more environmentally friendly energy sources.

"By placing a fee on oil, the President's plan creates a clear incentive for private-sector innovation to reduce our reliance on oil and at the same time invests in clean energy technologies that will power our future," the White House said.

The tax would be phased in over a five-year period. Though it is levied on oil companies, motorists could see an approximate 25-cent per-gallon increase in gasoline prices as a result, according to multiple analyses. Jack Gerard, president of the American Petroleum Institute, says the White House proposal would harm consumers.

"The White House thinks Americans are not paying enough for gasoline, so they have proposed a new tax that could raise the cost of gasoline by 25 cents, harm consumers that are enjoying low energy prices, destroy American jobs and reverse America's emergence as a global-energy leader," he said. "On his way out of office, President Obama has now proposed making the United States less competitive."

Obama's proposal includes $20 billion in spending above current levels on increased transit options between cities, suburbs and rural areas and aims to make high-speed rail a "viable alternative to flying" in major regional corridors. It includes an additional $10 billion for shifting the way local, state and regional governments plan new projects together and for clean-vehicle infrastructure.

"The investments in vehicle research and deployment would get clean autonomous vehicles on the road more quickly and more safely, while ensuring electric cars and other alternative vehicles have the technology and the charging infrastructure they need," the White House said.

It's not the first time Obama has focused on electric vehicles. Early in his tenure, he predicted 1 million EVs would be on American roads by 2015. That didn't happen, but Thursday's proposal paves the way for their eventual arrival.

The proposal earmarks an additional $2 billion per year in research and development for clean autonomous vehicles and aircraft. It's unstated, but a portion of that money could be used to help build and administer a national connected and autonomous car testing facility in Michigan. Earlier this week, state officials sketched plans to build a 335-acre testing facility that incorporated some level of federal involvement. The plan also would expand funding for the Diesel Emissions Reduction Act Grant Program.

Overall, the proposal increases funding for clean transportation initiatives by about 50 percent from current levels provided in the American Recovery and Re-investment Act of 2009, according to the White House.

Beyond clean initiatives, the plan would fund the Highway Trust Fund and more everyday repairs needed on highways and bridges.

Introducing the plan, the White House reminded lawmakers of the investment President Eisenhower made in the interstate highway system, which connected 20th century America and paved the way for growth of new cities across the country.

"But what remains today of that system is not ready to meet the challenges of a growing 21st century economy," the White House said. "What used to be the world's leading transportation system is no longer even in the top ten."

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ggbaird



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PostSubject: Re: $10 Oil Tax   February 6th 2016, 6:49 pm

Obama preparing 'larger speech' on $10 per barrel oil tax
This Discussion Is Just Starting


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Yesterday, President Obama took advantage of the low price of a barrel of oil (just about $31, today) to propose a $10 a barrel tax. As you might suspect, people have a lot of questions about this proposal, and during a Q&A with reporters yesterday after a briefing on the lower unemployment rate, the President said that he's going to address the issue with the American people soon.

"I'll probably make a larger speech about that and the direction we need to go on this," Obama said. "The basic proposition is that right now, gas is $1.80 and gas prices are expected to be low for a while, for the foreseeable future. That overall can be a good thing for the economy. But what is also important is that we use this period where gas prices are low to accelerate a transition to a clean-energy economy, because we know that won't last."

And that's the thing. While no one expects the price of oil or gas to go up a lot any time soon, low prices like the ones we see now are a perfect time to introduce a fee or a tax like this. After all, the oil industry was more than happy to pay $40 or $50 per barrel not too long ago, when that's the price the market set. The President continued:

"Every one of us have seen the cycles where gas prices go down and pop back up, and the idea here is that if we're saying to oil companies, which by the way got a significant benefit in the omnibus and allowed them to export oil – until then domestic oil producers couldn't export. If we say to them, we know you need to re-tool, we'll allow you to export and we're going to impose a tax on a barrel of oil, imported or exported, so that some of that revenue can be used for transportation, some can be used for investments for basic research and energy sources of the future, and then 10-15-20 years from now, we're going to be in a much stronger position when oil starts getting tight again and prices go up again. We will have further weaned our economy off dirty fuels, and made not just environmental progress, but a stronger economy. We'll look back and say that was a smart investment. My point is it's right to do it now when gas prices are really low, and they will be low for quite some time to come."

The NRDC called what the President wants to do, 'a worthy proposal', but you can bet that this is a discussion that will take a while to sort out.

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Hilux



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PostSubject: Re: $10 Oil Tax   February 6th 2016, 6:50 pm

Obama is bat shit crazy !
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TheQuig

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PostSubject: Re: $10 Oil Tax   February 6th 2016, 7:38 pm

O'Bama doesn't care, he has money. The price of gas will not affect his driving habits. He could care less about the rest of us.

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joemac

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PostSubject: Re: $10 Oil Tax   February 6th 2016, 8:50 pm

The engines on AF1 haven't been shutdown since he took office.   He flies AF1 to Florida and back to tell us how we all need to be green.

I would have a question for BHO, "What do we do now with the current 18.4 cents and 24.4 cent tax on every gallon of gasoline and diesel?  Can we have an accurate accounting of where this money goes before we declare a new tax is a necessity? The next generation military piece of hardware?  We just launched a $13 billion dollar aircraft carrier, it's nearly 300% more expensive than the last generation.   We're around $500 billion into the F35 program, is it operational yet?

If my calculations are right there's around $25 billion in gasoline tax revenue generated.  Diesel fuel tax generates roughly twice that amount. Roll in state and local taxes there's on average around 50 cents of every gallon is tax.  

In a barrel roughly 19 gallons of gas can be refined.  With diesel only around 12 gallons can be refined from a single barrel.

Looking at gasoline alone this would be a 200% increase in federal tax on every gallon of gas sold today or roughly a 50 cent increase per gallon.  

National average currently is $1.75 for a gallon of gas.  It would under BHO plan cost $2.25.
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TheQuig

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PostSubject: Re: $10 Oil Tax   February 6th 2016, 9:38 pm

Interesting. I would have thought diesel would produce more per barrel than gasoline. But then again I don't know how they refine either, I just thought diesel went through less refinement. Learn something every day.

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theshyguy



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PostSubject: Re: $10 Oil Tax   February 6th 2016, 10:47 pm

Me too Quig.

I read about this right after he announced it and Paul Ryan already shot it down and I'm glad he did. The least they an do is limit his damage because they don't seem to be interested in reversing it.

And to a point already made, I love how all these global warming people demand we all use less oil and mandate energy requirements and what kinds of bulbs can be made yet they largely fly around the planet in private jets instead of flying commercial. Hypocrite doesn't begin to describe them. And their latest argument is that trees are actually increasing global temperature.

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theshyguy



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PostSubject: Re: $10 Oil Tax   February 6th 2016, 10:50 pm

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TheQuig

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PostSubject: Re: $10 Oil Tax   February 7th 2016, 1:31 pm

That tree theory in Europe is just crazy! I wonder if they take into consideration that broad leaf trees lose their leaves for several months while the conifers don't.

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toyboxrv



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PostSubject: Re: $10 Oil Tax   February 7th 2016, 1:54 pm

The tax would apply to all products that come from crude, not just gas and diesel. Jet fuel, asphalt, motor oil and other things would all go up.

Because of the density of the crude there is less than half a barrel of oil making that 19 gallons of gas and asphalt is way denser than crude using up more of the original material. It would make current fed gas tax a little more than double current amounts.
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Diesel Dan

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PostSubject: Re: $10 Oil Tax   February 12th 2016, 1:35 pm

Should have went with Ross Perot and his $0.50/gallon tax back in the early 90s.
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