Friday, February 5, 2016
Obama is about to propose a provocative new tax on oil
U.S. President Barack Obama will propose a new $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 proposed fee, which would be paid by oil companies, is likely to fall flat in the Republican-controlled U.S. Congress.
Reporting by Ayesha Rascoe and Roberta Rampton. Editing by Eric Beech.