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material about the debate


material about the debate ENRG-7100-21

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debate whether Obama should impose $10 fee on crude oil
Energy Mrkts, Inst & Pol
Prof. Smith, Eric
Class Notes




Popular in Energy Mrkts, Inst & Pol

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This 3 page Class Notes was uploaded by YUQING XU on Monday February 22, 2016. The Class Notes belongs to ENRG-7100-21 at Tulane University taught by Prof. Smith, Eric in Spring 2016. Since its upload, it has received 39 views. For similar materials see Energy Mrkts, Inst & Pol in Energy Management at Tulane University.

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Date Created: 02/22/16
Pros: A White House memo outlining his plan suggested that its $10­a­barrel fee would not only be  necessary to pay for his sustainable transportation dreams, but would do some good on its own  by increasing fossil­fuel prices and creating “a clear incentive for private­sector innovation to  reduce our reliance on oil and invest in clean­energy technologies that will power our future.” Two senior administration officials  said transportation accounts for 30 percent of  U.S. emissions, and that Obama’s plan would boost spending on green transportation  infrastructure by about 50 percent. (Former Pennsylvania governor Ed Rendell, who was briefed about the plan in his role as co­ chair of the pro­infrastructure group Building America’s Future, called it the boldest  transportation blueprint since Eisenhower envisioned the interstates.) Jeffrey Zients, Obama's chief economic adviser, told reporters the fee would  apply to oil that is imported into the U.S. He said oil pumped in the U.S. that is exported would not be taxed, ensuring a "level playing field" for American  producers. The oil fee would also provide for the "long­term solvency" of the Highway  Trust Fund, a dwindling pool of money that helps finance projects such as  maintaining the country's roads and bridges. Last week a White House official said the tax would be applied to oil that is consumed in the United States, including imports, but not to crude shipped overseas. Some revenue would be shuttled in the Highway Trust Fund towards maintaining the nation’s roads. To address fears over a hit to consumers, the White House in its proposal Tuesday said 15 percent of revenues from the oil tax would go to helping households with “burdensome” energy costs, with a focus on those in the northeast transitioning away from using oil to heat their homes. The oil tax has been cheered by environmentalists, who have pushed the administration to move the country away from its dependence on fossil fuels. “President Obama has laid out an ambitious roadmap for the future that will help protect our air, water, lands and wildlife, meet our climate commitments, and invest in low-carbon transportation solutions and innovative clean energy technologies,” Gene Karpinski, president of the League of Conservation Voters, said in a statement Tuesday. Cons: There is no real chance that the Republican­controlled Congress will embrace Obama’s grand  vision of climate­friendly mobility in an election year—especially after passing a long­stalled  bipartisan highway bill just last year—and his aides acknowledge it’s mostly an effort to jump­ start a conversation about the future of transportation. But by raising the specter of new taxes  on fossil fuels, it could create a political quandary for Democrats. The fee could add as much as  25 cents a gallon to the cost of gasoline, and even with petroleum prices at historic lows, the  proposal could be particularly awkward for Hillary Clinton, who has embraced most of Obama’s  policies but has also vowed to oppose any tax hikes on families earning less than $250,000 a  year. The Republican- Controlled Congress will not embrace the proposal because they have just passed a long-stalled bipartisan highway bill last year. Political quandary for Democrats. Add 25 cents a gallon to the cost of gasoline. The proposal could be particularly awkward for Hillary Clinton, who has embraced most of Obama’s proposal but has also vowed to oppose any tax hikes on families earning less than $250,000 a year. Republicans in Congress are extremely unlikely to support the tax. House Speaker Paul Ryan quickly called the tax "dead on arrival in Congress" and warned it would hurt poor Americans by raising energy prices. The tax would be paid for by oil companies, It also comes at a time when the  energy industry has been crushed by the dramatic crash in oil prices. The proposal comes at a very difficult time for the oil industry. Almost all oil  companies have cut jobs, many have filed for bankruptcy and others have  defaulted on their loans. Even the biggest oil companies have posted huge  drops in profits and slashed plans to invest in their business expansion. For the oil industry, a tax would raise the cost of gasoline by 25 cents a gallon  and killing American jobs. undermine the country’s energy industry, at a time it is already struggling to survive under historic lows in the price of oil and natural gas. “His proposal places a dangerous bet on unproven energy and gives the upper-hand to nations that compete against us. And, it increases taxes not only on the industry, but also on virtually every American,” Use of the fee: The American Petroleum Institute estimates the oil tax would add 25 cents to the cost of a gallon of gasoline. The federal tax on gasoline is currently 18.4 cents per gallon. The last time Congress raised it was in 1993. The plan calls for boosting spending on clean transportation infrastructure by  50% and includes integrating new technology like self­driving cars. expanding high-speed rail, building up mass transit systems and expanding research into cleaner-burning planes and automobiles, along with self-driving cars.  fund transportation improvements in addition to doubling federal clean energy research and development outlays in  the final federal budget proposal of his presidency. 


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