President’s oil tax would tank the US

Despite tough times for the nation’s oil and gas producers, President Barack Obama is proposing a $10 per barrel oil fee to pay for clean energy and transportation initiatives.

In today’s job report, while the unemployment rate fell to 4.9%, the number of new jobs created was an anemic 151,000, below expectations.

“I think there’s absolutely no chance that a tax of this proportion laid down by this president has a chance of passing in this Congress”, she said.

Obama said the data provides proof his administration’s policies are working and claimed the economy would have done worse if Republican strategies had been adopted.

On Tuesday, when the president’s fiscal 2017 budget is announced, this program is expected to be formally proposed. “We should be proud of the progress we have made”, Obama said, while addressing reporters at a White House press briefing.

“But what is also important is we use this period where gas prices are low to accelerate a transition to a clean energy economy because we know it’s not going to last”. But the point is, it’s right to do it now when gas prices are really low. “It goes without saying that the House has no intention of adding more costs on the American people”.

Having failed to make green energy competitive, he’ll simply make conventional energy too costly for Americans to afford.

The $10 “fee” on every barrel of oil would help pay for those investments, although the charge to the oil companies would likely be passed along to drivers at as much as 25 cents a gallon, Politico’s Michael Grunwald wrote. In an unusual twist in Obama’s final year in office, the Republican leaders of the House and Senate budget committees have said they will not hold a customary hearing on the president’s budget proposal the day after they receive it.

It’s also going to be a tough sell on the Republican-controlled Congress.

Though the tax is “dead on arrival” in Congress, it does show what the president is thinking.

The tax would apply to both, domestic and worldwide organizations so as not to make it unfair for American companies to compete in the global marketplace.

“Even if the planet wasn’t at stake, even if 2014 wasn’t the warmest year on record – until 2015 turned out to be even hotter”, the Commander-In-Chief said at his January State of the Union address. The introduction of high-speed trains may result in high-speed freight lines, lowering the time and costs to bring goods to market.