Because the price of crude oil is less than half of what it was a year ago, a carbon tax could be levied without harming the economy. Former Treasury Secretary Lawrence Summers figures that a $25 a ton tax on carbon would raise more than $1 trillion over the next 10 years but would increase gasoline prices by only 25 cents a gallon. Gas in Tampa Bay has dropped to $1.97 a gallon; add a quarter and it would still be more than a dollar cheaper than it was a year ago.
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