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Gas Tax Hike Could Have Serious Consequences For Oil Markets

Gas Tax Hike Could Have Serious Consequences For Oil Markets

OilPrice.com
By Tsvetana Paraskova  
Feb 14, 2018, 4:00 PM CST

The idea to increase the federal gas tax has gained momentum in recent weeks as a possible way of generating new government revenue to put into infrastructure projects. Although such a tax increase is a non-starter for most Republican lawmakers, some are said to be open to considering such a move.

If the U.S. gradually raised the federal gas tax by $0.25 over five years starting in 2018, it could generate hundreds of billions of dollars of government revenue by 2050, clean energy and environmental policy think tank Energy Innovation says.

But apart from the most obvious economic impact of a gas tax increase, such a hike would also profoundly change the U.S. fuel use and the composition of the transportation fleet, research by Energy Innovation showed. A $0.25 gas tax increase could help the U.S. to generate as much as $840 billion in government revenue through 2050, while rising gasoline costs would spur more interest in electric vehicles and add 1.2 million more EVs on American roads, reducing total fuel consumption by more than 1.3 billion barrels by 2050... FULL ARTICLE

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