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Oil Tax Increase By Congress Would Fund Federal Cleanup, Response To Oil Spills

05/24/2010 4:39 pm 0 comments

Source: Stephen Olemacher AP / The Huffington Post

Washington — Responding to the massive BP oil spill, Congress is getting ready to quadruple – to 32 cents a barrel – a tax on oil used to help finance cleanups. The increase would raise nearly $11 billion over the next decade.

The tax is levied on oil produced in the U.S. or imported from foreign countries. The revenue goes to a fund managed by the Coast Guard to help pay to clean up spills in waterways, such as the Gulf of Mexico.

The tax increase is part of a larger bill that has grown into a nearly $200 billion grab bag of unfinished business that lawmakers hope to complete before Memorial Day. The key provisions are a one-year extension of about 50 popular tax breaks that expired at the end of last year, and expanded unemployment benefits, including subsidies for health insurance, through the end of the year.

Lawmakers want to increase the current 8-cent-a-barrel tax on oil to make sure there is enough money available to respond to oil spills. At least 6 million gallons of crude have spewed into the Gulf of Mexico since a drilling rig exploded April 20 off the Louisiana coast.

To read this article in its entirety visit The Huffington Post.

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