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The International Monetary Fund is calling on governments around the world including the US.
To oppose higher taxes on gas and fossil fuels.
Here at home it would cost you a dollar forty per gallon or more than a thousand bucks per year fox business's Peter Barnes joins me now with the latest.
Our -- Peter what's going on here.
Well -- -- that's -- they IMF is suggesting that dollar for a gallon higher gasoline taxes would help reduce carbon emissions and help fix other problems in the US like the budget deficit.
And even traffic congestion and accidents.
-- mentions a tax increase idea in a new global study on energy subsidies and fighting climate change but.
This would triple gas taxes in the US since -- the price of gas -- at north of five bucks a gallon.
In a speech yesterday the IMF's David Lipton said quote the time has come for subsidy reform and carbon taxation.
But another official says the IMF's tax numbers for the US and other nations.
I just further information then it will advise any country that wants to move ahead.
In general I -- you fixation.
In most countries in the world is not high enough but to be -- things like cut.
The pollution on the environment did it cost all lop off -- grand gesture of but we we don't provide -- recommendation of false specific countries.
But the idea is in park here for now anyway.
In a statement the Republican chairman of the house energy and commerce committee Fred Upton said.
Higher gas prices hit those who can least afford it -- and who can least afford it the most and higher gas taxes would be disastrous for the economy.
Also congress has not been able to agree on higher gas taxes since 1993.
The last time it.
Raise the federal gas tax and the Obama administration has said it does not support specific carbon taxes.
But some consumers were split.
It's already expensive enough and a mature wood business.
It is that we are immensely what.
The -- gas tax has not been keeping up with -- -- money for infrastructure development I think that.
Did they should increase the gas tax and I think that I would be very supportive of it.
-- IMF says that to avoid sharp increases in gas prices that might hurt the economy.
Tax increases could be phased in Jerry.
Crazy nor -- people who want higher taxes I never got people like that -- more.
Now I is still there some reason the I -- -- and its wisdom is coming out with this report now what is it.
Well -- has been working on this report for some time but it's dropping it of course in the middle of these big battles over deficit reduction.
Here in the US and and fiscal battles and other countries so it's timely if countries want to look at.
Raising gas taxes to help with that deficit reduction not not here obviously but that that's one reason for the -- and and of course global leaders are still wrestling struggling with.
How to address climate change.
Crazy Peter thanks for coming on -- it's always great to see -- thank you summarize your thing thanks.
Well now we --
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