WASHINGTON – The White House proposed $10-a-barrel tax on oil to pay for infrastructure "is not going to be a disruptive factor in terms of the economy" because gas prices should be low for quite some time, President Barack Obama said Friday. In brief remarks in the White House press room, Obama defended the proposal, saying it balances with the federal government's recent decision to allow oil companies to export petroleum. He said the tax would help wean the economy off dirty fuels. "It is right to do it now when gas prices are really low," he said.
Continue Reading Below
Copyright © 2016 MarketWatch, Inc.