Obama’s Proposal to Raise Taxes on Oil Will Be ‘Dead on Arrival’

President Barack Obama wants to impose a $10 per barrel tax on crude oil. The Republican representative also mentions that he considers Obama’s proposal as an election-year distraction, and his colleagues are committed to “affordable American energy and a strong U.S. economy”.

On Thursday, the White House proposed a fee of $10 per barrel of oil in the budget plan that the Obama administration plans to unveil next week. Administration officials say the tax is needed to cut greenhouse gas emissions and to pay for the construction of clean transportation systems. The proposed tax would be phased in over five years, though the Republican-controlled Congress will undoubtedly reject the idea.

“Alternatively, they argue that the reason you’re feeling insecure is because immigrants or poor people are taking more and more of your paycheck, and that is just not true”, Mr. Obama said.

The proposal faces an uphill battle in the Republican-led Congress, which has repeatedly pushed back against the president’s climate change initiatives.

The U.S. unemployment rate dropped Friday to its lowest rate since February 2008 – and President Barack Obama probably doesn’t think he’s getting the credit he deserves.

“To me, the only thing the president is trying to accomplish is to further damage a wounded industry that he doesn’t like”, said Oil company owner, Bob Sullivan.

“One of the greatest challenges of our time is climate change”, the USA leader said. Although the White House believes that the tax could create thousands of jobs, others expressed concern that with the American economy still recovering from a financial crisis, the new tax could do more harm than good. Exported oil wouldn’t be subject to the tax, though Obama misspoke during his remarks and said it would.

It was a blow to the White House – not necessarily because they required Clinton’s support for the plan, but because her opposition implicitly suggested Obama’s pursuit of the deal came at the expense of American workers.

This is nothing more than a tax on gasoline, diesel and other fuel, paid for by Americans, at a time when they’re enjoying low prices at the pump. “Obama [has] laid out more of his vision of how we can meet this agreement by challenging Big Oil’s stranglehold on how America powers its transportation sector”.

“All of us, when we drive our cars, heat our homes or use fossil fuels in more indirect ways, create … costs without paying for them”, Summers wrote then.