Obama seeks $10-per-barrel oil tax to fund clean transport
WASHINGTON - President Barack Obama wants oil companies to pay a $10 tax for every barrel of oil to help fund investments in clean transportation.
Obama will formalize the proposal Tuesday when he releases his final budget request to Congress. The $10-per-barrel fee is expected to be dead-on-arrival among Republicans who control Congress and oppose new taxes and Obama's energy policies.
Still, the White House hopes the proposal will drive a debate about the need to get energy producers to help fund efforts to fight climate change.
The White House says the fees would be used to increase funding by $20 billion per year for traffic reduction and new modes of transportation like high-speed rail. Other funds would help cut carbon dioxide emissions within regional transportation systems and integrate self-driving cars.