By Terry Jones in Investor’s Business Daily

February 5, 2016

President Obama is set to propose a $10-a-barrel tax on oil, supposedly to fund a “21st century clean transportation system.” In reality, it’s a tax that will hit working Americans hardest of all and do nothing to make our nation’s transportation system cleaner and more efficient.

No doubt, Obama feels it’s a great time to do this, with oil plunging to $30 a barrel, and some predicting that it will go to $20 or even $10 a barrel, as the fracking revolution continues to flood the world with crude. But the Heritage Foundation, in a new study, estimates that this tax will add 22 cents a gallon to the cost of gasoline. By comparison, the federal gas tax already is 18.4 cents a gallon and the federal diesel tax is 24.4 cents a gallon.

Read more at Investor’s Business Daily