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  • Obama’s New Oil Tax—Dead on Arrival

  • February 9, 2016

  • President Obama released his $4 trillion budget for fiscal year 2017 today and it contains a new $10 a barrel tax on oil consumed in the United States. This tax excludes oil exports and would be phased in over 5 years. The President claims this tax is to pay for “green” infrastructure programs. According to many in the U.S. Congress, it will be dead on arrival. The White House website touts that the tax will be paid by oil companies, hiding from the public that the tax will be paid by consumers for the petroleum products we consume. For gasoline, it will mean almost an extra $0.24 a gallon. Heating oil, diesel, and other...
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President Obama released his $4 trillion budget for fiscal year 2017 today and it contains a new $10 a barrel tax on oil consumed in the United States. This tax excludes oil exports and would be phased in over 5 years. The President claims this tax is to pay for “green” infrastructure programs. According to many in the U.S. Congress, it will be dead on arrival. The White House website touts that the tax will be paid by oil companies, hiding from the public that the tax will be paid by consumers for the petroleum products we consume. For gasoline, it will mean almost an extra $0.24 a gallon. Heating oil, diesel, and other... Read More
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