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Obama proposes $10-a-barrel oil tax to fund clean transportation system

by LiveModern Webmaster last modified Feb 06, 2016 01:03 AM
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by Laura Mordas-Schenkein last modified Feb 05, 2016

In an effort to transition the U.S. towards a clean transportation system, President Obama has proposed a tax that would charge $10 per barrel on oil. Phased over five years, the fee would be used to fund several alternative technologies including new high speed rail corridors and self-driving cars. This new tax, which even has the support of some oil industry executives, could create an enormous paradigm shift in the private sector with a dramatic incentive for corporations to use oil more efficiently...




 

 

In an effort to transition the U.S. towards a clean transportation system, President Obama has proposed a tax that would charge $10 per barrel on oil. Phased over five years, the fee would be used to fund several alternative technologies including new high speed rail corridors and self-driving cars. This new tax, which has the support of some oil industry executives, could create an enormous paradigm shift in the private sector with a dramatic incentive for corporations to use oil more efficiently and limit greenhouse gas emissions.



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