BusinessCompany NewsUS to hit oil companies with disaster tax

US to hit oil companies with disaster tax

Huge spill in Gulf of Mexico prompts rushed legislation to add extra cent tax to barrel of oil

Oil companies are to be hit with a US tax rise to help deal with the fallout
and clean-up from the massive oil spill in the Gulf of Mexico.

President Obama is rushing through legislation to add a further one cent tax
per barrel of oil. The money will be used to swell the coffers of the Oil Spill
Liability Trust Fund to the tune of $500m (£340m) over ten years, reports
The
Times
.

The president has already detailed a $118m spending plan to provide financial
assistance to those affected by the disaster and help monitor its impact. BP is
expected to pick up the largest share of the costs for the plan.

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