Obama plans to “punish” BP with tax hike as Gulf spill worsens

Jacqui Goddard
Times Online
May 13, 2010

Editor’s note: In other words, you will be taxed for the oil spill.

• A d v e r t i s e m e n t

Oil companies face an immediate tax rise of 1 cent per barrel to help to pay for the clean-up in the Gulf of Mexico under proposed legislation rushed out by the White House yesterday.

The measure, unveiled as BP began a new attempt to contain the ruptured well that has leaked millions of gallons of crude oil into America’s southern coastal waters, would put an extra $500 million (£340 million) over ten years into the Oil Spill Liability Trust Fund, which covers damage caused by such disasters.

Under a $118 million spending plan outlined in the package, people affected by the spill — such as fishermen who have lost their livelihoods because of the contamination — will be granted financial assistance, and federal agencies will get additional funds to monitor the slick and assess its impact.

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