By David Thomas on December 31, 2008
There are a lot of very smart people out there advocating a higher national tax on gas. None of them, however, is a CEO at an oil company. That’s why Paul Foster, CEO of Western Refining in Texas, is such an oddity. In a Q&A with Fortune Magazine, Foster explains that gas taxes now are far less than they were in the 1970s, and that they should be raised accordingly.
While not good for his business, Foster thinks a higher gas tax is right for the nation. How much does he say taxes should go up on a gallon of gas? $2 a gallon. Well, not all at once, but over time; Foster says a gradual increase in the national gas tax is the way to go. He blames legislators afraid of election politics for the decline in the tax rate, which has left many public works projects underfunded.
This oil man favors a gas-tax hike (Fortune)
Managing Editor David Thomas has a thing for wagons and owns a 2010 Subaru Outback and a 2005 Volkswagen Passat wagon. Email David