White House is proposing a big tax on oil by $10: U.S. President Barack Obama
consumers but it is hurting some in the
energy industry by making some oil wells
and projects less economical. President Obama
has a plan though that would boost the price
of oil. The only problem is, it wouldn't help
unemployed oil workers -- it would only make
the government richer.
the White House is
proposing a big tax on oil:
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.
West Texas Intermediate oil closed down at
$31.68 a barrel on Thursday. It has traded as
high as $65 a barrel this year and two
years ago was trading above $100 a barrel.
The fall in oil prices, partly induced by a glut
of OPEC oil, has resulted in tens of
thousands of unemployed workers.
If passed, Obama's plan would collect billions of
dollars from consumers which would then be
plowed into favorite projects of the left such
as clean energy and public transit:
"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.
The long-shot proposal for
the oil fee, set to be
announced in Obama's fiscal
2017 budget plan on Tuesday,
would provide nearly $20
billion a year to help expand
transit systems across the
country and more than $2
billion a year to support
research and development of
self-driving vehicles and other
low-carbon technologies.
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