Thursday, February 4, 2016

Obama floats US$10-a-barrel oil tax

Obama floats US$10-a-barrel oil tax

[WASHINGTON] US President Barack Obama on Thursday proposed a US$10-a-barrel tax on oil firms to pay for much needed infrastructure improvements.
The US$10 charge, phased in over five years, would be levied on companies - but the costs could be passed on to consumers.
"For too long, bipartisan support for innovative and expansive transportation investment has not been accompanied by a long-term plan for paying for it," the White House said in a statement.
The proposal comes amid current low oil prices and is also designed to wean Americans onto more climate-friendly fuels.
The plan is highly unlikely to pass muster in the Republican-controlled Congress.

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