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Obama Wants New Oil Tax


February 6th, 2016 09:04 AM

Yesterday Obama announced that he wants to add a $10 per barrel tax to oil in order to fund mass transit, high speed rails, self-driving cars and transportation related infrastructure.

This comes as gas prices are hitting record lows and storage facilities in the United States are filling up.

The problem with low oil prices to Obama, is that it makes less reliable energy sources even less attractive for world consumption and infrastructure advancement.

The program will cost $300 Billion dollars over a ten-year period and is likely to mostly benefit those in major cities for the most part.

Think about it. What does a farmer or rancher working from our great plains, or the family that worked hard to buy some Acres in the Colorado Rockies need any of these things? High speed rails, mass transit and especially self-driving cars are useless to many Americans who don’t live in a major city. Can a self-driving car detect potholes in a dirt road?

The tax would be passed directly onto consumers. Prices would go up to at least $2.50 a gallon during the American peoples first break in gas prices that we have seen in a long time (thanks to Saudi Arabia, Iran, and American Oil fracking innovations and technologies).

Here is a video of Obama defending his oil tax hike proposal.

 

No matter what President Obamas objective, anything involving oil prices and new taxes will likely see a fight in the U.S. Congress or be dead on arrival as soon as it hits the floor.



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Dr. Caskey has over 30 years experience as a trusted financial professional. Over the past three decades, he has helped scores of valued clients create, protect, and distribute wealth in an effort to greatly enhance their overall quality of life. He lives with his wife Jeannine in Firestone, Colorado. They have raised 5 kids and have 11 grandkids.

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