Green energy development could get a big boost. President Obama is proposing a 10 dollar tax on oil produced and sold in the United States but also foreign imports but not exports.
The President seems to want to us this to balance the budget and reinvested in green energy. I believe the money collected from this tax should be fully reinvested in green energy. In a few years we could have the necessary technology need to become oil independent or at least massively decrease oil consumption.
This could hugely impact the environment for the better and also provide us with a more sustainable form of fuel. A downside to this is the tax would and be that it would merely be passed onto the consumer and only increase prices. But in the long run i think it would be a vastly beneficial to us to do.
Source: BBC
http://www.bbc.com/news/business-35535385
It will be interesting to see the impact this would have on the demand for green energy products.
ReplyDeleteLooking at the long run, it would be interesting to see if just a 10 dollar increase on oil could completely remove our use of oil. Oil being a resource that one day will not be available it is crucial we find other resources, it would be interesting to see if just the increase in price is enough to do that.
ReplyDeleteHow long would it take for the $10 to make a meaningful change? And would consumers pay more than just at the pump? By that I mean, are prices for other goods, such as shipping, electricity, and plastics also going to increase as a direct result?
ReplyDeleteI think that if and when they put that tax on oil there will be a huge push for green energy because that tax is going to trickle down to the consumer and people do not like to pay more for stuff. I agree that the tax should be reinvested into green energy development.
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