Posted on 05/25/2010 7:16:56 AM PDT by chemicalman
NEW YORK (CNNMoney.com) -- The House is expected to vote this week on whether to quadruple the oil tax to pay for the damages from the massive oil spill in the Gulf of Mexico.
But as dramatic as the increase might seem, analysts say that consumers will barely feel it.
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.
(Excerpt) Read more at money.cnn.com ...
Big gubmint coming at you. Call your congress critters before they ram it through like they did healthcare.
No government can be trusted.
Yet when asked by the Press why they are not taking over the oil spill clean up the O regime says “The Oil Companies are the only ones that have the equipment to deal with these spills”.
So it is yet another massive waste of tax dollars on yet another Federal program that does NOTHING it is suppose to do.
Great, just when the cost of a barrel is below $70 and prices at the pump are below 2.80. This will be good for the already spiraling economy.
Democrats can screw up anything!
So does the money go into a lock box for future spills? Probably not. The government will spend it and put IOUs in its place just like SS and Medicare. This is just another way to raise tax revenue.
~sigh...We are so screwed.
Any excuse to raise taxes. How much you wanna bet that none of the new tax will go for clean up? It will go to politicians favorite projects and their buddies.
“Raise Taxes!” The Congressional universal response to everything!.............
0.76 cents? Less than a penny isn’t a lot of screwin’.............
Bull_hit!
Bad tag fix.
How long until we can get rid of these pests. Every day is another boodoggle. They are full speed ahead cause they know they are toast in Nov. But will the Repuppylicans really repeal any of this disaster? I doubt it.
Where were the fire booms that were supposed to be in the Gulf waiting in case there was a problem? Not one of them was there, which is why there was not rapid containment, and why the slick could not effectively be burned off. For failure, the government wants more money so they won’t have their stuff in a row next time, either?
This tells me that BP won’t have to pay a damned thing!
There, I fixed it.
Bottom line is that we serfs will get the bill in a variety of forms. Higher taxes and higher fuel cost. The “it’s just a few pennies” idea that always rachets is one direction.
huh?
Gas prices are going down, just before Memorial Day weekend of all times, something I’ve rarely seen. It’s a money grab, plain and simple.
This is going to affect us all and kill the economy.
We need to contact our representatives and let them know how we feel about this.
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