(Bloomberg) President Barack Obama defended his proposal to levy a new $10-per-barrel tax on oil, arguing that low gasoline prices afford the U.S. an opportunity to finance dramatic improvements in its transportation systems.
"Right now, gas is $1.80 and gas prices are expected to be low for the forseeable future," Obama told reporters at the White House last Friday. It’s "important to use this period when gas prices are low to accelerate the transition to a clean-energy economy," he said.
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