President Obama Proposes $10 per Barrel Carbon Tax

Watts Up With That?

obama head

Guest essay by Eric Worrall

President Obama has proposed a $10 per barrel carbon tax to fund renewable energy, and to “encourage” people to stop using oil.

From the Whitehouse Statement;

For too long, bipartisan support for innovative and expansive transportation investment has not been accompanied by a long-term plan for paying for it. We need a sustainable funding solution that takes into account the integrated, interdependent nature of our transportation system. Travelers choose between walking, biking, driving, flying, and taking the train; and companies choose between trucks, barges, airplanes and rail lines. So to meet our needs in the future, we have to make significant investments across all modes of transportation. And our transportation system is heavily dependent on oil. That is why we are proposing to fund these investments through a new $10 per barrel fee on oil paid by oil companies, which would be gradually phased…

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