Obama proposes a $10-a-barrel oil tax to fund mass transit projects, high speed rail

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President Barack Obama is about to unveil an ambitious plan for a “21st century clean transportation system.” And he hopes to fund it with a tax on oil.

Obama aides told POLITICO that when he releases his final budget request next week, the president will propose more than $300 billion worth of investments over the next decade in mass transit, high-speed rail, self-driving cars, and other transportation approaches designed to reduce carbon emissions and congestion. To pay for it all, Obama will call for a $10 “fee” on every barrel of oil, a surcharge that would be paid by oil companies but would presumably be passed along to consumers.

 

Read more: http://www.politico.com/agenda/story/2016/02/obama-oil-tax-budget-000038#ixzz3zJq0jiw0