Congress plans to quadruple oil tax used to finance cleanups

[Ed Barrow]

Source: Associated Press

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.

The House could vote on the bill as early as Tuesday. Senate leaders hope to complete work on it before Congress goes on a weeklong break next week.






Read more: http://blog.al.com/live/2010/05/congress_plans_to_quadruple_oi.html

[Supply Side Jesus]

1. DOA

Ain't going anywhere with the developing disaster in the gulf

[wtmusic]

2. We should be octupling the oil tax

and putting the remainder into inspection and prevention.

[bluestateguy]

3. Will there be some kind of guarantee that the tax won't simply be passed on to us?

Namely in the form of higher gas prices? If the bill does not forbid them from simply passing the costs on to consumers, you can count me as a no.

[wtmusic]

4. Are you kidding?

The price of oil is unregulated, and will absolutely be passed on to the consumer.

[inna]

9. Absolutely. That goes without saying.

[Synicus Maximus]

5. Of course the tax will be passed to us. Companies don't pay

taxes they just collect taxes.

[madrchsod]

6. do they really think we are that stupid?

we will pay for the clean-up.

[Union Yes]

7. Far too much spine. I'll believe it when it's law. But still a K&R for the novel concept.

:hi:

[Paper Roses]

8. One way or another, the price of this clean-up is ours.

Gas prices will go up, then the cost of everything else will go up. Cost of fuel to ships goods.

Count me madder by the day.

[saigon68]

13. We will have a one term occupant

[wordpix]

17. mark my words, "Obama's Katrina" will give him one term unless he gets control NOW

and I don't see him doing that at all---witness the new oil drilling since the Blowout

[saigon68]

19. It will be very hard to motivate me

[lark]

20. I won't vote Repug

but won't vote for Obama again either unless he gets his act together and quits aiding and abetting this immoral, heinous company. Either he's for the environment and the people or he's not. Either he is going to take over and introduce a science based solution or he's going to let BP stonewall and drag their feet until the whole Gulf and Atlantic coasts are toast. I want action - I want all drilling stopped, I want the BOP tested in deep waters to see if they work and if not any deep water rigs indefinitely suspended until they implement the better acoustic version. I want all work stopped until the oil companies are completely responsible for any and all damages. I want everyone who worked for MMS to be fired unless they are a scientist working there for more than 8 years (prior to BFEE). I want no environmental waivers - EVER. What the F is wrong with him, that he's tolerating this horrible nightmare and doing nothing?

[Dont_Bogart_the_Pretzel]

15. Don't forget, their profits will go up also

:mad:

[jtrockville]

10. Maybe this will garner support for transitioning away from fossil fuels.

[Synicus Maximus]

11. Just like we did after the Exxon Valdez

[jtrockville]

12. Argh, you're right. I claim temporary insanity.

[wordpix]

18. dream on, the BigOil corporatists are in charge---they won't give up their system

making them tens of billions in profits each year, or each month---no way.

[DatManFromNawlins]

14. I guess if you give Congress a knife...

... they really CAN cut their own throats. What utter idiocy.

[wordpix]

16. hahahaha, BigOil continues to laugh all the way to the bank with their billion$ in profit each month

Go ahead Congress, we know who your puppetmasters are.