WASHINGTON (Sputnik) — President Barack Obama’s transportation proposal is intended to curb greenhouse gas emissions, combat climate change, and reduce the US dependency on oil. If the program goes into effect, the fee on oil companies would be phased in over the course of five years.
“So to meet our needs in the future, we have to make significant investments across all modes of transportation…That is why we are proposing to fund these investments through a new $10 per barrel fee on oil paid by oil companies,” the White House said.
The United States consumed nearly 7 billion barrels of petroleum products in 2014, or approximately 19.11 million barrels per day, according to the US Energy Information Agency.
