From CNBC
President Barack Obama will propose a $10-per-barrel charge on oil to fund clean transportation projects as part of his final budget request next week, the White House said Thursday.
The proposal — which follows the passage of a bipartisan transportation bill last year — would have difficulty clearing the Republican-controlled Congress. In a statement, Rep. Steve Scalise of Louisiana, House majority whip, said the House would quash the "absurd" plan.
Oil companies would pay the fee, which would be gradually introduced over five years. The government would use the revenue to help fund high-speed railways, autonomous cars and other travel systems, aiming to reduce emissions from the nation's transportation system.
"By placing a fee on oil, the president's plan creates a clear incentive for private sector innovation to reduce our reliance on oil and at the same time invests in clean energy technologies that will power our future," the White House said in a statement.
