Congress should pass laws benefiting the oil & gas industry
The federal gas tax of 18.4 cents per gallon was last raised in 1993, and has lost more than a quarter of its purchasing power since that time. As vehicles become more fuel efficient and road construction becomes more expensive, the federal Highway
Trust Fund is facing bankruptcy in May.
Former Sen. Larry Pressler said he would vote for an immediate increase 12 cents per gallon in the gas tax. Two other candidates, Mike Rounds and Rick Weiland, didn't rule out an increase in the gas tax, but
said other solutions need to be tried first.
Independent Gordon Howie said he opposes raising the gas tax--and especially proposals to tie it to the rate of inflation. Instead, he said, Congress should pass laws benefiting the oil and gas industry,
which he said would result in higher tax revenue as the industry booms.
"Some estimates have predicted that with pro-growth policies, the industry could bring in an additional $800 billion in revenue over the next 15 years," Howie said.