Obama $10-Per-Barrel Oil Tax Lands With Thud in Congress
- President says he will propose tax in his 2017 budget plan
- Proceeds would fund transportation needs, climate research
Is Obama's $10-per-Barrel Oil Tax Dead on Arrival?
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President Barack Obama will propose a $10 per barrel tax on oil in his fiscal 2017 budget plan, an idea that received a chilly reception in the Republican-controlled Congress that oversees spending.
With the proceeds targeted to transportation and climate initiatives, the proposal announced Thursday deepens Obama’s environmental credentials and signifies his ambitions to aggressively push action on climate change during his final year in office.