Put tariff on imported oil, not tax on U.S. production

President Obama is proposing a $10 a barrel tax on oil, paid by U.S. oil companies. His proposed tax would make our oil noncompetitive on the world market.

A far better proposal would be to put a tariff on imported oil that would set a $45 per barrel floor price for the production of oil in the U.S. We are the largest importer of crude oil in the world by far. At our current import level, the tariff would generate more revenue than the Obama proposed $10 "per barrel" tax.

It would create good-paying jobs in our oil production industry and the industries that support it, i.e. steel, etc. The tariff would be paid by the same oil-exporting countries that are trying to drive our producers out of business, not the American public.

It would put more economic pressure on Russia, Iran and OPEC; if they reduce their exports to us, they will increase the glut that will reduce the value of their oil while we ramp up our production. If they decrease production to raise the price to our tariff floor level, our production will be competitive. If they lower production like they did in the 1970s, we will be better prepared with our own production capabilities.

At the same time we should eliminate the tariff currently imposed on the import of inexpensive solar panels.

Setting a floor of $45 per barrel will raise the cost at the pump reasonably for the benefits that it will pay for us in the long run. If you are in agreement with this please, let Congressman Vern Buchanan know as he is on the Ways and Means Committee.

We have an opportunity to take control and manage our transition from fossil fuels to renewable energy. Let's not blow it.

Ray Fusco

Bradenton

This story was originally published February 11, 2016 at 12:00 AM with the headline "Put tariff on imported oil, not tax on U.S. production ."