Pointing out that by investing this tax revenue in developing clean energy technology, “we’re going to be in a much stronger position when oil starts getting tight again, prices start going up again”. “We should be proud of the progress we have made”, Obama said, while addressing reporters at a White House press briefing. Transportation accounts for 30 percent of the U.S.’s greenhouse gas emissions, so figuring out a way to cut back would help keep the U.S.in step with global climate change efforts.
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Obama said the data provides proof his administration’s policies are working and claimed the economy would have done worse if Republican strategies had been adopted.
President Obama will send a budget to Congress that increases the amount of funding toward clean energy research and development by about 20 percent, he said Saturday.
“I know that’s still inconvenient for Republican stump speeches as their doom and despair tour plays in New Hampshire”, Obama said.
The following statement was released by George Rogers, chairman of the board of the Texas Alliance of Energy Producers, in response to President Obama’s announcement yesterday, that he will propose a $10/bbl tax on the sale of crude oil produced in the U.S. That could be, in part, a “hangover” from the trauma of the 2008-09 recession, Obama said.
“At a time when oil companies are going through the largest financial crisis in over 25 years, it makes little sense to raise costs on the industry”, added Neal Kirby, a spokesman for the Independent Petroleum Association of America. “That does not mean that we don’t have more work to do”, said the US President.
“The President is not laying the burden on the oil companies, he’s laying the burden on the oil consumers”, Scott said.
In fact, our analysis suggests that an oil price up to $75 per barrel would have no material effect on either USA mobility or the country’s economy.
The White House has griped that Obama does not get enough credit for turning the economy around, a complaint Obama joked about on Thursday during a visit from the Golden State Warriors basketball champions.
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All of the current presidential candidates are discussing ways to improve the economy, especially for the struggling middle class. Even Hillary Clinton is not proposing new taxes on any Americans earning less than $250,000 per year. The introduction of high-speed trains may result in high-speed freight lines, lowering the time and costs to bring goods to market.
