Obama Calls for New $10/Barrel Oil Tax: ‘Right To Do It Now When Gas Prices Are Really Low’

RUSH TRANSCRIPT:
"With respect to oil and energy, I will probably make a larger speech about that in the direction we need to go on this. The basic proposition is that right now, gas is $1.80 and gas prices are expected to be lower for a for stable future. That overall can be a good thing for the economy, but what is also important is that we use this period were gas prices are low to accelerate towards a cleaner energy economy because we know that will not last. Every one of us has seen cycles were gas prices go down and then they hop backup. The idea is that — old companies by the we got a significant benefit and allow them for the first time to export oil. Up until that point, domestic oil producers could not export. If we say to them now, we know that prices are low right now and you are allowed to export, we are also saying we are going to provide — impose a tax on a barrel of oil imported, exported so that some of that revenue can be used for transportation, investments of basic research, and technology that will be needed for the energy sources of the future. 10 years from now or 20 years from now, we will be in a much stronger position when oil starts to get tight again and prices start going up. We will have further leaned our economy off of oil fuel. We would have not just make incremental progress, but also a much stronger economy and stronger infrastructure. We will be creating jobs of the future and I think we will look back and say that was a smart investment and a wise decision. The point is that it is right to do it now when gas prices are really low. They will be low for quite some time to come, it will not be a disruptive factor in terms of the economy. I always ask two questions, but I will be guys have a wonderful Super Bowl party. Thank you guys."