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Oil tax increase to help clean up

4 years ago May 24, 2010 May 24, 2010 Monday, May 24 2010 Monday, May 24, 2010 1:17:10 PM EDT in News
Source: Associated Press
Topics : Oil Tax Increase Cleanup

Congress is getting ready to quadruple - to 32 cents a barrel - a tax on oil used to help pay for 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.

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