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.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Japan’s Mitsui to develop Vietnam gas field for US$740 million
Trafigura pleads guilty, agrees to pay about US$127 million to settle US probe
Oil rises more than US$1 a barrel on tighter supply outlook
Freeport warns copper export ban could cost Indonesia US$2 billion in lost revenue
More than 20% of global oil refining capacity at risk: analysis
China lifts tariffs on Australian wine, ends three-year freeze in trade