Friday, May 28, 2010

Interesting fact on Oil Taxes

Remember when Obama said that BP would pay for all damages caused by the Gulf of Mexico oil spill? I just learned that there is an 8 cent per barrel tax on all crude oil drilled in or imported into the USA. The tax monies go into a fund to reimburse the Coast Guard and other government agencies expenses incurred to contain and clean up oil spills. If BP has to reimburse these expenses, can they apply for a refund of the tax they already paid into this fund? I doubt it. If President Obama is so concerned about sparing the American taxpayers any losses from these spills, he should donate all the campaign contributions received from the oil companies. He got the biggest contributions from them, it's time for Obama to practice what he preaches and spread some of the wealth oil companies spread his way into this fund. It would show his sincerity behind earlier promises about transparency in government and no lobbyist influence. Will this happen? Probably not.