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US House votes quadrupling of per-barrel oil tax - 5/31/2010 4:08:58 AM

pahunkboy

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The US House of Representatives on Friday voted to more than quadruple a per-barrel oil tax that fills a special trust fund to pay for damages from major spills like the Gulf of Mexico disaster. The measure called for raising the eight-cent-per-barrel tax to 34 cents, raising nearly 12 billion dollars over 10 years for the Oil Spill Liability Trust Fund

, which currently holds about 1.5 billion dollars. The legislation, which passed by a 215-204 margin, also aimed to raise the cap on per-incident trust fund expenditures from one billion dollars to five billion dollars. Some analysts have warned that the price tag for the catastrophic oil spill that resulted from the explosion aboard the Deepwater Horizon

offshore drilling platform run by BP could top 14 billion dollars. BP is legally responsible for all cleanup costs, but is only liable for up to 75 million dollars in economic damages -- a cap that vanishes if the British energy giant is found to have been negligent or engaged in willful misconduct. To the extent that costs above that are not covered by BP -- which has vowed to pay all "legitimate" claims -- up to one billion dollars of the additional damages could come about of the trust fund. The legislation approved Friday would raise that ceiling to five billion dollars. The Senate was expected to pass a different version of the bill when it returns from next week's break, meaning that the two chambers would have to agree on a compromise version to send to President Barack Obama. The House-passed measure's main goal was to extend a series of provisions aimed at battling stubbornly high US unemployment and extend jobless benefits to late November./snip

http://rawstory.com/news/afp/US_House_votes_quadrupling_of_per_b_05282010.html

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 6:59:56 AM

tazzygirl

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Every once in a while, you peg something, pa. I knew something like this was going to happen. No way are the "people" not going to pay for this disaster.

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 7:09:00 AM

pahunkboy

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I wonder how much per gallon that will mean. 20 gal in a barrel.

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 7:19:34 AM

tazzygirl

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42 gallons in a barrel. Roughly 20 of that turns into crude oil.

Gasoline 19.3
Distillate Fuel Oil (Inc. Home Heating and Diesel Fuel) 9.83
Kerosene Type Jet Fuel 4.24
Residual Fuel Oil 2.10
Petroleum Coke 2.10
Liquified Refinery Gases 1.89
Still Gas 1.81
Asphalt and Road Oil 1.13
Petrochemical Feed Supplies 0.97
Lubricants 0.46
Kerosene 0.21
Waxes 0.04
Aviation Fuel 0.04
Other Products 0.34
Processing Gain 2.47
Source: EIA March 2004 Data

http://www.atlantagasprices.com/crude_products.aspx

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 7:22:42 AM

TreasureKY

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quote:

ORIGINAL: pahunkboy

I wonder how much per gallon that will mean. 20 gal in a barrel.

I've no idea if there a separate tax on barrels of oil as they are imported, but the Federal Gas Tax is, I believe 18.4 cents per gallon for regular fuel and 24.4 cents per gallon for diesel. If the Federal Gas Tax is what will be quadrupled, then gas will go up at least 55 more cents per gallon (75 cents for diesel).

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Post #: 5

RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 7:23:52 AM

pahunkboy

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The Federal Tax of 18.4 cents per gallon is collected in all states in addition to any state or local taxes on gasoline sales. Gasoline taxes are levied in ...
www.gaspricewatch.com/usgastaxes.as

ok- so 4 x 18.4

.74. OUCH! oops. less the 18.4 current/

< Message edited by pahunkboy -- 5/31/2010 7:25:19 AM >

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 7:50:14 AM

TreasureKY

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quote:

ORIGINAL: pahunkboy

The Federal Tax of 18.4 cents per gallon is collected in all states in addition to any state or local taxes on gasoline sales. Gasoline taxes are levied in ...
www.gaspricewatch.com/usgastaxes.as

ok- so 4 x 18.4

.74. OUCH! oops. less the 18.4 current/

PA... that's maybe an extra $7.50 per tank of gas for the average consumer. Overall, financially to me that's no biggie, though I can see where it would hurt a lot of other people. Of course, it will also hurt people in the price of consumer products... they will have to pay for the cost increase in transportation of goods, too.

I'm more irked by the feeling that our legislators are using this disaster as way to justify increasing revenue paid to the government. Do you really believe all that money collected in extra tax is going to be sitting untouched in a fund somewhere waiting for a disaster to happen and people to file claims?

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 7:52:55 AM

pahunkboy

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I cant afford a full tank tho.

I used to always fill up.

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:01:38 AM

TreasureKY

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Okay... I bothered to do a little research. There is a separate tax on barrels of oil... 5 cents per barrel. Quadrupling it would make it 20 cents per barrel.

Oil Spill Liability Trust Fund administered by the US Coast Guard's National Pollution Funds Center.

I feel better about it now, but I was right in that the money doesn't just sit there untouched...

Several Federal organizations receive annual appropriations from the OSLTF to cover certain administrative, operational, personnel, enforcement, and research and development costs. Organizations currently receiving appropriations from the Fund are:
Coast Guard
Environmental Protection Agency
Minerals Management Service (Department of the Interior)
Research and Special Programs Administration (Department of Transportation)
Department of the Treasury
Prince William Sound Oil Spill Recovery Institute (OSRI), and
Denali Commission.

< Message edited by TreasureKY -- 5/31/2010 8:04:59 AM >

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Post #: 9

RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:04:05 AM

ThatDaveGuy69

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An extra $7.50/tank is a big deal to me. The Mommy Van gets exactly 20mpg and I'm in no position to replace it for another 4 & 1/2 yrs. The Sebring gets 22mpg downhill with a tailwind and I can't replace it, either.

As for who would be paying for the clean-up, I also know it will fall on consumers. Gas prices jumped here by 18-cents overnight a week after the explosion. And that was at all gas stations, not just BP. Every penny BP spends on clean up efforts will, ultimately, be reflected at the pump.

The only way out of this mess to stop using oil - but we're a long way from that. Look how difficult it is to get higher mileage standards passed!

~Dave

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:10:02 AM

pahunkboy

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KY, per barrel or per gallon?

That number is more doable either way.

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:10:59 AM

TreasureKY

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Relax and read my comment above. If the tax is spread out over the entire 42 gallons in each barrel, you are looking at approximately 1/2 cent increase in gasoline per gallon. For the average 13.5 gallon tank, that would be about $ .07 per tank.

You do have concern, however, that BP is going to pass along their costs to the consumer. I don't think that was ever in question.

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:11:30 AM

flcouple2009

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quote:

ORIGINAL: TreasureKY
I've no idea if there a separate tax on barrels of oil as they are imported, but the Federal Gas Tax is, I believe 18.4 cents per gallon for regular fuel and 24.4 cents per gallon for diesel. If the Federal Gas Tax is what will be quadrupled, then gas will go up at least 55 more cents per gallon (75 cents for diesel).

The tax on oil is 8 cents per barrel and is set to raise to 9 cents in 2017. That money goes into a fund to pay for oil spill clean ups. Has not one thing to do with any gas taxes.

The White House asked to raise it 1 cent. Congress decided to get jiggy and voted to raise it to 32 cents per barrel.. Still not really a blip on the price when oil is $50 to $75 per barrel.

< Message edited by flcouple2009 -- 5/31/2010 8:13:09 AM >

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:15:16 AM

pahunkboy

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I can live with that.

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:15:37 AM

TreasureKY

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Not sure where you got your figures, but the general idea is the same that I posted above.

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:18:24 AM

tazzygirl

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Treasure, even main stream media is reporting this one just as pa's article states it.

The measure called for raising the eight-cent-per-barrel tax to 34 cents, raising nearly 12 billion dollars over 10 years for the Oil Spill Liability Trust Fund, which currently holds about 1.5 billion dollars.

http://news.yahoo.com/s/afp/20100528/pl_afp/usoilpollutionpolitics_20100528175837

CNN's Money is reporting this...

The House "oil spill response" measure, included among others in a larger bill, proposes that the tax be increased from its current rate of 8 cents a barrel to 32 cents. This is projected to raise nearly $10 billion over the next 10 years for the Oil Spill Liability Trust Fund.

"We're not talking a big impact here; we are talking about adding less than a penny to the cost of the fuel," said Tom Kloza, chief oil analyst for the Oil Price Information Service, referring to the impact that the increase would have on the price of gasoline.

According to Kloza's calculations, the 8-cent tax on a barrel of oil works out to 0.19 cents per gallon of gas. He said that an increase to 32 cents on a barrel of oil would equal 0.76 cents per gallon of gas.

http://money.cnn.com/2010/05/24/news/economy/oil_spill_tax/index.htm

It just irks me that because some company could not be bothered to keep up their equipment and monitor it appropriately we are being pinched yet again... even if it is a penny a gallon.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:34:41 AM

TreasureKY

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quote:

ORIGINAL: tazzygirl

Treasure, even main stream media is reporting this one just as pa's article states it.

The measure called for raising the eight-cent-per-barrel tax to 34 cents, raising nearly 12 billion dollars over 10 years for the Oil Spill Liability Trust Fund, which currently holds about 1.5 billion dollars.

http://news.yahoo.com/s/afp/20100528/pl_afp/usoilpollutionpolitics_20100528175837

CNN's Money is reporting this...

The House "oil spill response" measure, included among others in a larger bill, proposes that the tax be increased from its current rate of 8 cents a barrel to 32 cents. This is projected to raise nearly $10 billion over the next 10 years for the Oil Spill Liability Trust Fund.

"We're not talking a big impact here; we are talking about adding less than a penny to the cost of the fuel," said Tom Kloza, chief oil analyst for the Oil Price Information Service, referring to the impact that the increase would have on the price of gasoline.

According to Kloza's calculations, the 8-cent tax on a barrel of oil works out to 0.19 cents per gallon of gas. He said that an increase to 32 cents on a barrel of oil would equal 0.76 cents per gallon of gas.

http://money.cnn.com/2010/05/24/news/economy/oil_spill_tax/index.htm

It just irks me that because some company could not be bothered to keep up their equipment and monitor it appropriately we are being pinched yet again... even if it is a penny a gallon.

Well... I'm not sure where the media got its figures, but I wouldn't be surprised if the government doesn't keep the information on its websites up-to-date.

And yes, it always falls to the taxpayers to pick up the tab.

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RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:37:18 AM

pahunkboy

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It could also be a trial balloon to see if we would pay .74 a gallon in TAX!

YES YES YeSSSSSSSSSSSSSSSSSS

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Post #: 18

RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:39:02 AM

tazzygirl

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good orgasm, pa?

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Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to pahunkboy)

Post #: 19

RE: US House votes quadrupling of per-barrel oil tax - 5/31/2010 8:39:46 AM

pahunkboy

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-Just being joyfull. lol

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