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Obama Proposes Controversial New Tax on Oil

President Barack Obama has proposed a controversial new $10 a barrel tax on crude oil sold in the United States in the budget he presented to Congress Tuesday. He says the tax revenue would accelerate "a transition toward a cleaner energy economy" by improving transportation and boosting research and investment in "energy sources of tomorrow." Obama recently told journalists that oil prices are certain to eventually rise from their current low levels. That means...

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