“That is why we are proposing to fund these investments through a new $10/bbl fee on oil paid by oil companies, which would be gradually phased in over five years”, the White House said in a statement.
Advertisement
While the chances of Obama’s plan being adopted in the short term look slim, it is expected to jump-start debate on the country’s neglected transport infrastructure.
Obama is scheduled to present his annual budget to the Congress on Tuesday. The president also called for a Climate Smart Fund that provides additional funding to states that can cut greenhouse gas-emissions from transportation.
Because the Democrats can not abide your having one more cent in your pocket than necessary, nor one more ounce of personal freedom. “This isn’t simply a tax on oil companies, it’s a tax on American consumers who are now benefiting from low home heating and transportation costs”.
The White House has griped that Obama does not get enough credit for turning the economy around, a complaint Obama joked about on Thursday during a visit from the Golden State Warriors basketball champions.
It was not clear who exactly would pay the tax if it were to pass, and how it would be structured.
“So to meet our needs in the future, we have to make significant investments across all modes of transportation”.
As part of a budget proposal next week, President Barack Obama will push for a new $10-per-barrel tax on oil that would not only prove costly for struggling drillers; Drivers would likely bear the brunt of the tax.
“Our transportation system used to be a source of competitive advantage for our global economy, but today we’re at risk of it becoming an Achilles heel”, Zients told reporters yesterday. This is not a tax on oil companies; it’s a tax on the American people. “As this lame-duck president knows, it’s dead on arrival in Congress, because House Republicans are committed to affordable energy and a strong US economy”.
Advertisement
“It’s a very robust addition to the kinds of investments and policies that the administration already has put in place, and will help advance these clean energy technologies, and hopefully transform energy markets both here in the US and globally”, another official said. Paul Ryan and other Republicans in the U.S. congress vowed to terminate what they called as an “absurd” idea.
