On Thursday, the Republicans immediately responded to President Obama's plan to add a $10-per-barrel tax on oil production to pay for green transportation programs. Paul Ryan and other Republicans in the US congress vowed to terminate what they called as an 'absurd' idea.
House Speaker Paul Ryan called Obama's plan as 'dead on arrival' and 'an election-year distraction', as reported by Newsmax. Speaker Ryan said that Obama expects hard-working consumers to pay for his out-of-touch climate agenda. He added that an additional $10 tax for every barrel of oil produced would raise energy prices which obviously will hurt poor Americans.
Green Tech Led reported that the president's plan would increase American investments in green transportation infrastructure by roughly 50 percent. The White House added that the reformation of investments will help cut oil consumption, create new opportunities for the jobless, and ultimately reduce carbon pollution. If approved by the Congress, the additional oil fee would be gradually phased in over five years.
According to Reuters, President Obama will propose the additional fee in his upcoming fiscal 2017 budget submission to the House of Congress, which will happen next week. Senator from Oklahoma, Jim Inhofe who is also the chairman of the Senate Environment and Public Works Committee said that the tax would 'extinguish' the only job-growth sector in the US economy.
Also known as the 21st Century Clean Transportation Plan, it includes a proposal of spending almost $20 billion per year above current funding levels to enhance transportation options for Americans and their families. Meanwhile, House Majority Whip Steve Scalise said that Obama's administration has waged an open battle on American energy since day one.
Dozens of oil company groups also criticized President Obama's additional tax plan. Independent Petroleum Association of America also said that it is senseless to raise the cost of oil industry when oil companies are going through the largest financial crisis.
