President Barack Obama has unveiled a plan to tax oil by $10 per barrel, but at least two groups representing oil and gas industries said that would be a bad idea.

Revenue from the tax would be used to fund investment in clean transportation, according to the White House. However, since the proposal comes during the final year of Obama's presidency and will likely meet stiff opposition from Republicans, many political observers don't expect it to become reality, although it could jumpstart a conversation about the future of transportation, Politico reported. http://politi.co/1QhKE0K

The tax's dim chances of passage didn't stop American Petroleum Institute CEO Jack Gerald from attacking it in a statement. He said the White House "thinks Americans are not paying enough for gasoline, so they have proposed a new tax that could raise the cost of gasoline by 25 cents a gallon."

"On his way out of office, President Obama has now proposed making the United States less competitive," he said.

The Independent Petroleum Association of America criticized the tax in a series of tweets. The group also issued a statement to reporters, in which IPPA spokesman Neal Kirby said the tax would be passed onto consumers.

"At a time when oil companies are going through the largest financial crisis in over 25 years, it makes little sense to raise costs on the industry," he said. http://bit.ly/20efP2p

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