Obama proposes $10 per barrel oil tax — unlikely to happen

President Obama’s White House has proposed “bold” $10 per barrel tax on imports of oil.

“The White House said that the tax would encourage a shift away from an oil-dependent transportation system and provide revenue that it would use to pay for much-needed infrastructure investment.”

With a current price of $30-$40/bbl this represents a tax of the order of 25%-33% and with a senior Republican congressman calling the proposal “dead on arrival” the idea is unlikely to be enacted.

However, it is likely to put pressure on 2016 Presidential candidates to clarify their positions on the issues.

Seen objectively, it is a move that would solve one set of problems and create a set of solutions.

The fact it is being resisted shows clearly that Climate Change is a political issue, not a scientific or technical one.

http://www.ft.com/cms/s/0/88350c22-cb8e-11e5-be0b-b7ece4e953a0.html

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