$7 gas in our near future?
While Senators Graham, Kerry and Lieberman scramble around telling you how bright the energy future will be if they are able to pass their carbon tax bill, here’s a sober reminder of what it will actually bring to working Americans:
To meet the Obama administration’s targets for cutting greenhouse gas emissions, some researchers say, Americans may have to experience a sobering reality: gas at $7 a gallon.
To reduce carbon dioxide emissions in the transportation sector 14 percent from 2005 levels by 2020, the cost of driving must simply increase, according to a forthcoming report by researchers at Harvard’s Belfer Center for Science and International Affairs.
Not might increase. Must. Those targets are 10 years in the future. So “must” has to begin to take effect pretty soon if they’re to be met, wouldn’t you say?
As for that promise that 95% of Americans won’t see their taxes increased by a dime? Well, Obama’s agnostic about that now.
Take a good look at the figure and try to visualize the impact on your family’s budget. Also remember the transportation sector uses 70% of carbon based fuels. So not only is gas going to cost you about $4.50 more a gallon in taxes, every single necessity and consumer good you purchase will cost you more as well. Factor that in as well. Now try to imagine the impact on a struggling economy.
There are different ways to skin the taxation cat – and income taxes are only one of them. Of course it really doesn’t matter to you how they do it, the result remains the same: less money for you to use on your priorities and needs.