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Gas prices set to SKYROCKET
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MobileTerminal
May 24, 2010, 5:57pm Report to Moderator
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WASHINGTON (AP) - 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.



http://www.breitbart.com/article.php?id=D9FTDV7O1&show_article=1
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MobileTerminal
May 24, 2010, 5:58pm Report to Moderator
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"Taxpayers will not pick up the tab," Senate Majority Leader Harry Reid, D-Nev., said Monday.


Oh, so the oil companies are just gonna EAT that increase?? I don't think so.  If it smells like tax, acts like tax - it's a Tax.

Great logic from an ousted Senator
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Stein
May 24, 2010, 6:20pm Report to Moderator
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I haven't seen this anywhere else.  Most news sources are saying prices are on the way down, not up.

http://online.wsj.com/article/SB10001424052748704792104575264923969287284.html?mod=googlenews_wsj

And the act HR 4213 that they reference at the end of the article has nothing to do with taxes on oil of any kind.  It is a tax relief act.
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MobileTerminal
May 24, 2010, 8:07pm Report to Moderator
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MobileTerminal
May 24, 2010, 8:09pm Report to Moderator
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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.


http://www.todaysthv.com/news/local/story.aspx?storyid=105266&catid=2
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