Obama Proposes $10 Per Barrel Oil Tax.

Obama has proposed to tax oil at $10 a barrel. The White House says the fees would be used to increase funding by $20 billion per year for traffic reduction and new modes of transportation like high-speed rail. Other funds would help cut carbon dioxide emissions within regional transportation systems and integrate self-driving cars.

Some people are speculating is Obama is now wanting to take private ownership from cars to reduce emissions.

The bill is expected to be dead on arrival to Congress in a Republican controlled House and Senate.