Obama Economist: Sen. Bennet’s plan will increase gas prices and backfire politically

Obama Economist: Sen. Bennet’s plan will increase gas prices and backfire politically

Ouch. 

When even President Barack Obama’s own former economist says your plan stinks, you know you have a problem. 

Appearing on CNBC earlier today, Former Obama Council of Economic Advisors Chair Austan Goolsbee went after Senator Michael Bennet’s latest plan to raise gas prices. 

Compass Colorado Executive Director Kyle Kohli has more:

Bennet’s plan would subject major oil companies to a 50 percent tax on the difference between the price of a barrel of oil today and the average price from 2015 to 2019.

As Goolsbee pointed out, punitive taxes on big energy producers would likely lead to higher oil and fuel prices.

The proposal also sends a mixed message to energy producers, especially after Energy Secretary Jennifer Granholm begrudgingly called on oil companies to increase output at an industry function this week.

“Bennet’s plan to hike taxes on energy producers is a transparent political ploy,” said Compass Colorado Executive Director Kyle Kohli.

“Politicians like Michael Bennet and Bernie Sanders should not be leveraging Putin’s invasion of Ukraine to enact extreme anti-energy policies and drive up costs for consumers.”