Americans are enjoying a (temporary) period of reduced gas prices, but that could soon change if Obama’s latest proposal for an additional $10 per barrel tax were to be adopted. Considering the price of oil is around $30 a barrel right now, this new tax would increase oil and gas prices by more than 30 percent.
Here’s the crazy logic behind this idea as revealed by a White House statement:
By placing a fee on oil, the President’s plan creates a clear incentive for private sector innovation to reduce our reliance on oil and at the same time invests in clean energy technologies that will power our future.
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