Reuters - Video

Edition: US | UK | IN | CN | JP

video Video

Bernanke steps into the spotlight
Bernanke steps into the spotlight - 02:13
The official royal wedding guest list revealed
The official royal wedding guest list revealed - 01:23
Shuttle astronauts arrive at Cape Canaveral
Shuttle astronauts arrive at Cape Canaveral - 01:18
Waiting for Bernanke
Waiting for Bernanke - 01:51
Hospital staff flee border fighting
Hospital staff flee border fighting - 01:10
Thousands at Sai Baba funeral
Thousands at Sai Baba funeral - 01:03
Al Qaeda releases hostage messages
Al Qaeda releases hostage messages - 01:43
Obama calls birth controversy \
Obama calls birth controversy "distracting" - 05:29
Three blasts hit Kirkuk
Three blasts hit Kirkuk - 01:25
Protests intensify in Yemen
Protests intensify in Yemen - 01:24
Border clashes displace thousands
Border clashes displace thousands - 01:50
S&P Credit Rating Warning Helpful - Lister
S&P Credit Rating Warning Helpful - Lister - 00:53

Obama defends proposed tax on oil

Friday, February 05, 2016 - 01:29

U.S. President Barack Obama says the time is right to tax oil and use the money to invest in renewable energy sources. Rough Cut (no reporter narration)

▲ Hide Transcript

▶ View Transcript

ROUGH CUT (NO REPORTER NARRATION) U.S. President Barack Obama on Friday defended a plan to propose a $10 per barrel tax on oil, saying the money would be used to make the country more energy secure. During a briefing at the White House, the U.S. leader answered questions from reporters about the tax, telling them the money would be used to help convert the country to renewable forms of energy. He said this is the right time to make this move while gasoline prices are low and a small increase would not disrupt the economy. Set to be officially announced in Obama's fiscal 2017 budget plan on Tuesday, the fee would provide nearly $20 billion a year to help expand transit systems across the country and more than $2 billion a year to support the research and development of self-driving vehicles and other low-carbon technologies. The proposed fee would be paid by oil companies and phased in over five years. Republican lawmakers, who have repeatedly clashed with the Obama administration over energy policy, panned the proposal on social media. House of Representatives Majority Whip Steve Scalise asked on Twitter whether the proposal was "Obama's worst idea yet?" The $10 tax would come at a time of tumbling oil prices. Oil prices fell last month to below $30 a barrel, the lowest level since 2003, as demand fails to keep pace with a glut of new supply and the world's biggest oil producers resist cutting production.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Close

Obama defends proposed tax on oil

Friday, February 05, 2016 - 01:29

Featured Videos

London's female wrestling scene boosted by Netflix show 'Glow'

London's female wrestling scene boosted by Netflix show 'Glow'

There has been more interest in female wrestling and a clearer sense of what it involves since hit Netlfix show 'Glow' came out
Chimpanzees can understand rock, paper, scissors

Chimpanzees can understand rock, paper, scissors

Chimpanzees can understand rock, paper, scissors, Japanese primatologists show
Bladerunners - UK lawnmowers in 12-hour endurance race

Bladerunners - UK lawnmowers in 12-hour endurance race

Drivers donned their suits and climbed into their cockpits at the weekend for a 12-hour endurance race with a difference: they weren't driving rallying cars, but lawnmowers
The highs and lows of Macron's first 100 days

The highs and lows of Macron's first 100 days

French President Emmanuel Macron heads into the summer break faced with falling popularity ratings after tough debates in parliament over labour reform and a public ethics law, a standoff with the military and cuts to housing assistance
The vending machine helping fight against HIV

The vending machine helping fight against HIV

An innovative vending machine for HIV tests being piloted in Britain aims to help in the fight to end the epidemic