Obama’s New Oil Tax Plan Will Hike Gas and Heating Prices

From The Blaze.com (Feb. 5):

President Barack Obama will propose a $10 per barrel tax on oil in the last annual budget he submits to Congress.

Obama reportedly hopes the tax will reduce carbon emissions and plans to use the revenue for spending on public transportation.

If such a proposal passed, then oil companies would likely pass the cost of the new tax on to consumers, meaning gas prices would increase, Patrick DeHaan, senior petroleum analyst for GasBuddy.com, told USA Today.

“Something like this would trickle down and be a $10 per barrel tax on motorists,” DeHaan said. “This is not something oil companies are going to absorb.”

Economist Donald Marron of the Urban Institute believes the tax hike would more than the double the federal gas tax. The 18.4 cents per gallon federal gas tax is figured into the price at the pump; Marron estimates that the proposed oil tax would increase the price of a gallon of gas by 22 cents. [read more]

So, the American people have to be sacraficed to the global warming gods again. Just great. So, much about caring for the poor and middle class.  What else is knew. It’s like a reflex—I must raise taxes.

What isn’t said in the article is this stupid plan will also lead to higher prices for any business that uses trucks to deliver their goods—like food. They are going to pass on the expense too. The president like most Leftists are stupid about economics. Then again maybe they just don’t care.

Hopefully no Republican will vote for this proposal. The Dems if they know what’s good for them shouldn’t either. They just have to supress their instinct which is hard.

As for the public transportation part of the plan that should be left up to cities and town gov’s to subsize. Then again you have the private sector like Uber that’s gradually replacing public transportation (which really makes the Left nervous).