22:28 GMT26 January 2020
Listen Live
    US
    Get short URL
    675
    Subscribe

    US President Barack Obama said that the US authorities are going to be in a much stronger position when oil starts getting tight again, prices start going up again, if a $10 per barrel fee on oil companies is imposed.

    WASHINGTON (Sputnik) — Imposing a $10 per barrel fee on oil companies would ultimately make the US economy stronger once oil prices start to rise again, President Barack Obama told reporters on Friday.

    "We're going to be in a much stronger position when oil starts getting tight again, prices start going up again," Obama stated about imposing the oil tax. "We will have further weaned our economy off of dirty fuels, we will have not just made environmental progress, but we'll also have a much stronger economy, a stronger infrastructure."

    Obama also noted that imposing an oil tax would allow investments in basic research and technology that will be needed for future energy sources ten to 20 years from now.

    On Thursday, the White House proposed a fee of $10 per barrel of oil in the budget plan that the Obama administration plans to unveil next week.

    President Barack Obama’s new Clean Transportation initiative is intended to curb greenhouse gas emissions, combat climate change and reduce the US dependency on oil. If the program is approved, the tax on oil companies would be phased in over a five year period.

    Related:

    US Proposes $10 Per Barrel Oil Fee for Clean Transportation Investment
    Lower OPEC Production to Help US Find Place in Global Oil Market - Senator
    US ‘Not Ready’ to Confirm Russian Strikes on Civilian Oil Tankers in Syria
    Why Low Oil Prices Are Dealing a Blow to US Economy
    Tags:
    Oil, Barack Obama, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik