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President Barack Obama will propose a $10-per-barrel tax on oil in his fiscal 2017 budget to finance self-driving cars, public transit, railroads and other transportation improvements, the White House said.

Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year.

Oil resumed its decline after U.S. industry data showed crude stockpiles increased, exacerbating a global glut.

Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply.

While 2015 will go down as the worst year for crude train disasters, it also is shaping up to be the year crude-by-rail hit the brakes.

Oil climbed from a two-week low amid speculation that the buildup of U.S. crude inventories will soon end as refinery demand increases.

Oil slipped, capping the lowest quarterly average price since the start of 2009 as U.S. crude inventories climbed.

Crude oil dropped to the lowest level in more than five years Dec. 18 on concern a supply glut will worsen.

U.S. railroads are rallying customers, including lumber and steel companies, to fight a government proposal to slow trains hauling crude oil.

West Texas Intermediate oil fell below $90 for the first time in 17 months amid signs that supplies from Russia, Saudi Arabia and the U.S. are outstripping demand.