• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 19 hours Could Venezuela become a net oil importer?
  • 40 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 34 mins Oil prices going Up? NO!
  • 23 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 19 hours Gazprom Exports to EU Hit Record
  • 21 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 19 hours Could oil demand collapse rapidly? Yup, sure could.
  • 19 hours Oil Buyers Club
  • 1 day Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 23 hours Why is permian oil "locked in" when refineries abound?
  • 12 hours Oil prices going down
  • 22 hours EVs Could Help Coal Demand
  • 17 hours Saudi Arabia turns to solar
  • 10 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 6 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
Alt Text

The Oil Giant That Saw Its Cash Reserves Plunge 90%

India’s top oil exporter has…

Alt Text

China Plans To Create A $78 Billion Natural Gas Giant

Chinese regulators are looking to…

Alt Text

Permian Bottlenecks Begin To Bite

The pipeline bottlenecks in the…

Nick Cunningham

Nick Cunningham

Nick Cunningham is a freelance writer on oil and gas, renewable energy, climate change, energy policy and geopolitics. He is based in Pittsburgh, PA.

More Info

Trending Discussions

Obama Proposes $10 Tax On Each Barrel Of Oil

Obama Proposes $10 Tax On Each Barrel Of Oil

The Obama administration will reportedly unveil a proposal next week that would place a $10 tax on each barrel of oil produced in the United States. The proposal is part of the President’s budget for fiscal year 2017.

The $10 oil tax would raise an estimated $32 billion, and the money would be used to fund an ambitious program of investments in clean energy, mass transit, high-speed rail, self-driving cars, light rail, subways, buses, and much more. The investments could total $300 billion in new spending.

The proposal would help bring America’s infrastructure into the 21st century, and provide “a clear incentive for private-sector innovation to reduce our reliance on oil and invest in clean-energy technologies that will power our future,” according to a White House memo. Related: Fundamentals For Oil Still Bearish, But Sentiment Is Shifting

It would be the largest infrastructure spending program since the Eisenhower administration, which helped build the nation’s highway system.

“Since then we’ve just been bumping along, doing short-term fixes, and I give them a lot of credit for laying out this kind of long-term investment,” said former Pennsylvania Governor Ed Rendell, co-chair of Building America’s Future, a group that advocates for infrastructure spending. He made his comments to Politico, who first reported on the story. “I also give them credit for having the guts to say how they would pay for it all. That’s very unusual in this area.”

The $10-per-barrel tax on oil stands little chance in the Republican controlled Congress.

By Nick Cunningham of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • cramer2016 on February 06 2016 said:
    "The proposal would help bring America’s infrastructure into the 21st century," - to the same place where the government central planning brought the USSR in the 20th century ...
  • masterbiaster on February 06 2016 said:
    Just like the good muslim obama is Why are you taxing our oil instead of muslim oil imports. You are a traitor
  • masterblaster on February 06 2016 said:
    Obama wants to tax us oil and eliminate US jobs and drilling so his ARAB masters can own the oil trade. He needs to be impeached
  • John Scior on February 06 2016 said:
    Its insane ideas like this that make the Dems lose elections. Go back to your ivory tower and put on your rose tinted glasses.
  • R Jensen on February 07 2016 said:
    Go back to Kenya, Barry Soetoro or whatever your name is.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News