Word on the political street is that a 15 cent increase in the federal gasoline tax may well be included in the final draft of a bill being prepared by Senators Lindsey Graham (R-SC), Joe Lieberman (I-CT), and John Kerry (D-MA) to address global warming. Shell, British Petroleum, and ConocoPhillips – are said to support the tax because it’s a less costly intervention in the transportation fuel market (for them anyway) than alternative interventions that might otherwise find their way into this prospective legislation. Shell et al. may be right about that, but be that as it may, this would still constitute lousy public policy. A gasoline tax hike ought to be resisted.
Higher Taxes Will Not Alter Climate Under Anyone’s Math
The proposed gasoline tax increase will have no significant impact on greenhouse gas emissions. …