Senator Murkowski Releases Third CRS Analysis of Administration's Proposed Oil Tax

On March 3, Senator Lisa Murkowski released a new analysis by the Congressional Research Service (CRS) of the Obama administration’s proposed tax on oil. The most recent report assesses eight “unaddressed” aspects of the “fee.” Details related to production forecasts, inflation estimates, the point of collection, the home heating oil subsidy program, and other areas are discussed. CRS’s first analysis of the proposal concluded the plan would likely lower economic growth and raise costs for consumers. The second CRS report calculated that raising the cost of the fee from $10.00 per barrel to $10.25 per barrel, which was the actual number in the budget, raised anticipated costs by approximately $8 billion.