Obama seeks to impose new fee on oil companies

Washington

PRESIDENT Barack Obama's budget request to Congress will include a new fee on oil companies - one requiring them to pay US$10 to the federal government for each barrel they produce, the White House said on Thursday.

The money, which could bring in up to US$32 billion in new federal revenue annually, would be spent on a variety of transportation and infrastructure projects. They cover bridges and highways, high-speed rail and research on advanced vehicles such as electric and self-driving cars.