U.S. Should Consider $1 Gas Tax, CEO Hess Says
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The U.S. should consider imposing a $1-a-gallon gasoline tax and boosting average auto fuel economy to 50 miles a gallon to help avert a global energy crisis, the head of oil company Hess Corp. said.
“As demand grows in the next decade, we will not have the oil-production capacity we will need to meet demand,” Chief Executive Officer John B. Hess said in a speech today at CERAWeek, a Houston conference held by IHS Cambridge Energy Research Associates. “The $140-per-barrel oil price of three years ago was not an aberration -- it was a warning.”