Obama to seek new tax on oil in budget proposal
U.S. President Barack Obama will propose a $10-a-barrel fee on oil in his budget plan next week, as the White House seeks to boost the nation's investments in clean transportation projects, the White House said on Thursday.
The fee, which would be paid by oil companies, is likely to fall flat in the Republican-controlled Congress.
In the last year of his presidency, Obama has said the country must stop subsidizing the "dirty" fossil fuels of the past and focus on clean, renewable fuels that do not exacerbate climate change.
"By placing a fee on oil, the President's plan creates a clear incentive for private sector innovation to reduce our reliance on oil and at the same time invests in clean energy technologies that will power our future," the White House said in a statement.
http://www.reuters.com/article/us-usa-budget-oil-idUSKCN0VD2Q7
Topic: Obama to seek new tax on oil in budget proposal (Read 244 times)
Jump to: