Conservative economist Greg Mankiw has pushed the idea before: raise the gas tax, and offset this by reducing payroll taxes. So has conservative columnist Charles Krauthammer, manytimes. He did it again last month.
Just how long will the North Dakota oil boom last? Some say that there’s decades of oil in the ground. According to a recent report by the Federal Reserve Bank of Minneapolis, the Bakken oil boom is five times larger than the area’s 1980s oil boom. The Bakken area accounts for almost 11 percent of the all U.S. oil output.