Obama Says U.S. Should Take Advantage of Cheap Fuel With Oil Tax
- President will propose $10 per barrel tax on oil in budget
- Congressional Republicans have already rejected the idea
Obama Touts Falling U.S. Jobless Rate, Rising Wages
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President Barack Obama defended his proposal to levy a new $10-per-barrel tax on oil, arguing that low gasoline prices afford the U.S. an opportunity to finance dramatic improvements in its transportation systems.
"Right now, gas is $1.80 and gas prices are expected to be low for the forseeable future," Obama told reporters at the White House. It’s "important to use this period when gas prices are low to accelerate the transition to a clean-energy economy," he said.