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.
Oil companies would pay the fee, which would be gradually introduced over five years. The government would use the revenue to fund high-speed railways, autonomous cars and other travel systems, aiming to reduce emissions from the U.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.
Obama has prioritized reducing carbon emissions and the use of fossil fuels. But some of his administration's proposals, including the Clean Power Plan, have faced significant opposition at the federal and state level.
CNBC.COM
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