"RPT" for Congress (50+1)
Richard Torregano (Louisiana's 6th Congressional District
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Social Security & MediCare
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Coastal Restoration
Flat Rate Tax
Glass-Steagall
The 2nd Part
Coastal Restoration

 

The Extensive (Long Term) Louisiana Gulf Food/Oil Act

If there is a lack of funding by Congress for Louisiana Coastal Restoration, then a resulting loss of Gulf of Mexico (GOM) oil and GOM sea food (shrimp, fish & blue-claw crabs, etc.) production will likely occur which will result in probably higher oil and sea-food prices for all Americans.

Congress must understand and realize how restoration of Louisiana's Gulf Coast is important to all Americans and most important to southern Louisiana's work force and its economy. But given today's present economy and the proposed budget cuts by both political parties and without new sources of revenue (new revenue is opposed by the Republicans and the policy of Grover Norquist) the restoration of the Gulf Coast will not happen, not in this generation.

So in response to the lack of funding/money for Coastal Restoration, I propose to increase the amount of federal automobile gasoline excise tax (currently 18.4 cents-a-gallon) to 20 cents-a-gallon and using 50% of the 20 cents, (10 cents for funding the President's bridge/electrical power infrastructure and Louisiana Coastal Restoration) and placing the new tax on gasoline manufacturing companies. Given that oil company profits have increased substantially in comparison to the increase in the cost of a barrel of oil, this small increase in tax (20 cents-a-gallon) should not cause havoc to these oil companies' bottom line.

Therefore, the price of gasoline on automobiles will drop approximately 18.4 cents-a-gallon or about an average of $6.00 day for all US auto drivers. This is not an enormous amount of savings for each American.  However, the amount of gasoline excise tax Louisiana would receive (a portion of 50% of the total) is a big deal for Louisiana's Gulf Coast and its restoration. To put this in prospective, the amount of money saved by all Americans will be about 72 million a day (about 26.56 billion dollars a year).  Revenue from the excise tax (10 cents-a-gallon) would provide about 39.6 million dollars a day (a percentage of 14.4 billion dollars a year) for Louisiana Coastal Restoration, which would be a terrific start and spur job development in southern Louisiana.  It will cost the oil companies about 26.56 billion dollars a year, or about 5% extra, but considering the average amount of money spent by all Americans a year on gasoline (144 billion gallons a year at $3.50) is 1/2 trillion dollars.







Title
Proposals
President's Initative
Issues
Press Releases/Letters
YouTube Links
Donations