Oil tax increase should be opposed
President Barack Obama’s proposed $10-per-barrel tax increase on oil deserved what it got recently – a 253-144 vote against it in the House of Representatives. The Senate should follow suit.
Implementation of a tax increase at that level would wreck the domestic oil drilling industry. Low prices resulting from Saudi Arabia’s manipulation of the international petroleum market already have hurt. The number of active drilling rigs in the United States is at a near-record low.
Adding a new tax could be the finishing blow.
In addition to increasing gasoline prices Americans pay at the pump, Obama’s plan would send them soaring once Saudi Arabia and other exporters once again corner the market.
This tax proposal has no merit and should be strongly opposed. It would undermine America’s goal of energy independence.