The daily business briefing: February 5, 2016

Obama proposes $10-a-barrel oil tax, former Turing CEO Martin Shkreli takes the Fifth, and more

Martin Shkreli pleads fifth at congressional hearing.
(Image credit: Mark Wilson/Getty Images)

1. Obama to propose $10-a-barrel oil tax

President Obama is proposing a $10-a-barrel tax on oil in a budget proposal to be unveiled next week. The White House said the tax would raise $20 billion a year for mass transit systems and clean energy technology. "The president's plan creates a clear incentive for private sector innovation to reduce our reliance on oil," the White House said. The fee could raise gas prices by 25 cents a gallon, and is considered unlikely to make it through the Republican-controlled Congress.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.