GAS 7.00 a gallon?
- 2010/03/07 22:57:56
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If Obama's green house gas emissions are to be met researchers say we may have to experience a
sobering reality: gas at $7 a gallon.
To reduce carbon emissions in the transportation sector by 2020 the cost of driving must simply
increase, according to a forthcoming report by researchers at Harvard.
The 14 percent target was set in the Environmental Protection Agency’s budget for fiscal 2010
the US uses about 378 million gallons of motor gasoline a day. A
$5/gallon tax would raise roughly $2 billion per day, or about $700
billion per year (although one hopes the higher tax would succeed in
reducing consumption, since the goal is a 14% cut).
By way of comparison, the US Treasury takes in about $900 billion
per year from the income tax and another $900 billion from the Social
Security taxes. Are we going to virtually repeal the Social Security
tax to offset this gasoline tax? who will believe that the
net of tax hikes and increases is really neutral? And the prospective
losers will howl.
The researchers devised several combination's of steps that United States policymakers might take, here are some of those ,an economy-wide carbon dioxide tax starting at $30 a ton in 2010 and
escalating to $60 a ton in 2030. In some cases researchers also
factored in tax credits for electric and hybrid vehicles, taxes on fuel
In the modeling, it turned out that issuing tax credits could backfire, while taxes on fuel proved beneficial.
Researchers said that vehicle miles traveled will increase by more than
30 percent between 2010 and 2030 unless policymakers increase fuel
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