• 5 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 8 minutes So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 14 minutes China Tariff Threatens U.S. LNG Boom
  • 2 hours Realism Replaces Unlikely Bromance: Macron and Trump Aren't As Chummy As They Used To Be
  • 2 hours The Warning Lights: Full-Blown Trade War Would Cost Jobs, Growth And Stability
  • 3 hours Tesla’s Powerpack Battery in Australia Made up to $17 Million
  • 1 hour Lucid Motors Partners With Electrify America For ‘Ultra-Fast’ Charging
  • 2 mins Barrick to Buy Randgold
  • 18 mins Global Hunger Continues to Grow Driven By Climate Change
  • 4 hours Saudi Aramco IPO Seems Unlikely
  • 8 hours Will Robots Bring The Demise Of European Artistry?
  • 20 hours Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 4 hours The moves toward 'zero-manning' in oil & gas
  • 9 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 21 hours Why Are the Maldives Still above Sea Level?
Why Peak Oil Demand Doesn’t Matter

Why Peak Oil Demand Doesn’t Matter

A new report predicts that…

Saudis Expand Mining Sector As Part Of Diversification Push

Saudis Expand Mining Sector As Part Of Diversification Push

Efforts to encourage greater private…

Trump’s Infrastructure Plan Could Involve Federal Gas Tax Hike

Trump on stage

U.S. President Donald Trump is expected to unveil an infrastructure plan on Monday, but it is already ripe for opposition in Congress because the plan offers few details on where the federal funds would come from and because it could mean a rise in the federal gas tax that would not sit well with most Republican lawmakers, although some are said to be open to consider such a tax hike.

The infrastructure plan would entail the use of $200 billion in federal funds to spur infrastructure projects worth $1.5 trillion over a ten-year period.

Democrats insist that the funds should include new revenue, and this could mean that the federal gas tax—at 18.4 cents a gallon since 1993—could be raised.

As early as in May 2017, President Trump said that he would be open to considering a gas tax hike if the money is put toward funding highways.

Last month, the U.S. Chamber of Commerce called for a modest increase in the federal fuel fee, because inflation and vehicle fuel economy have eroded its value since it was last raised back in 1993.

“Increasing the fee by a total of $.25 cents, indexed for inflation and improving fuel economy, would raise $394 billion over the next 10 years,” president and CEO Tom Donohue said.

Related: Nearly Half Of All Public Buses Will Be Electric By 2025

Republican lawmakers have pushed back on the idea of raising the gas tax, but there are some who are thinking the unthinkable, the Washington Examiner reports.

Republican chairman of the House Transportation and Infrastructure Committee, Rep. Bill Shuster of Pennsylvania, has recently called upon GOP colleagues to consider dropping their opposition to the tax hike.

“I would need a lot of guarantees about how the money is going to be spent before [voting] for a gas tax increase,” Rep. Thomas Massie (R-KY), a member of the Transportation and Infrastructure Committee, told the Washington Examiner. “There is no way I would say I am openly for a gas tax increase. I am not saying never. I am not drawing a red line,” Massie said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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