32 Cents Tax on Each Barrel of Oil to Help Finance Cleanups

Posted: May 24, 2010 3:45 PM by Melissa Canone
Updated: May 24, 2010 3:45 PM

WASHINGTON (AP) - 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.

Topics: 32, Cents, Tax, on, Each, Barrel, of, Oil, to, Help, Finance, Cleanups