The Obama administration introduced the Clean Transportation Plan this month, which includes a $10.25 per barrel fee on oil.
"With the [Saudi] strategy being if they can keep the fossil fuel sector low, world economies have no choice but to use the lowest cost fuel and not pay premiums for all the alternatives," Moore stated. "That’s why Obama talked about a tax, artificially raised, that’s not a market price."
Fearn Oil’s vice president noted that the "trifecta" of oil, natural gas and coal being the cheapest in decades pushes economies to switch to fossil fuels rather than adopting a renewable energy approach.
Moore further commented that the recently proposed $10 oil tax has no chances to be implemented in the United States.
"Of course, that won’t happen in this country. Republicans won’t stand for it," he said.
The US Department of the Treasury claimed that the tax would help to improve the country’s infrastructure, as well as better manage resources.
If approved, the Clean Transportation initiative would be phased in over a five-year period.
