(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.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access