Obama floats $10-a-barrel oil tax

The $10-a-barrel tax on oil, phased in over five years, would be levied on companies -- but the costs could well be passed on to consumersUS President Barack Obama on Thursday proposed a controversial $10-a-barrel tax on oil firms to pay for much needed infrastructure improvements. “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.

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