Obama Proposes $10 Fee on Oil Barrels for Transportation Projects

WASHINGTON – A $10-per-barrel charge was publicly proposed by the White House on Thursday, who said they want to use the potential extra funding for clean transportation projects. The proposal is not expected to pass, as Congress' Republican majority has already said they would not allow it to.

The Obama Administration's plan for the fee is to put it towards automated vehicles and high-speed trains, advancing the country's transportation options while reducing carbon emissions and discouraging oil consumption.

The fee would be phased over time, with the full $10 to be implemented after five years, said the White House. At a news conference on Friday, President Obama said, "I think we'll look back and say, 'that was a smart investment.'"

The plan was rebuked by American Petroleum Institute CEO Jack Gerard, who said in a statement that less jobs and higher gas prices would result. "On his way out of office, President Obama has now proposed making the United States less competitive," said Gerard.