Saturday, February 6, 2016

Obama proposes $10/bbl crude oil tax to fund transportation plan

The Obama administration proposed a $10/bbl tax on crude oil to help pay for its plan to create a 21st Century Clean Transportation System. Officials from national oil and gas associations immediately said it was a serious mistake.

“The president’s plan would increase American investments in clean transportation infrastructure by roughly 50% while reforming the investments we already make to help reduce carbon pollution, cut oil consumption, and create new jobs,” the White House said in a Feb. 4 fact sheet.

“The new fee on oil will also encourage American innovation and leadership in clean technologies to help reshape our transportation landscape for the decades ahead,” it added. MORE