According to the Wall Street Journal, the White House said it will ask Congress to approve legislation that will increase taxes on U.S. produced oil by one cent per barrel in order to collect more damages from companies responsible for oil spills:
The legislation comes as President Barack Obama said he is deeply frustrated that a massive leak in the Gulf of Mexico hasn’t been plugged and his administration continues to try to show it is aggressively responding to the disaster. The bill includes raising the tax companies pay for producing oil in the U.S. by one cent.
The increase in the oil spill tax to nine cents per barrel appeared Tuesday to be on a legislative fast track.
Senate Finance Committee Chairman Max Baucus (D., Mont.) said the provision might be added to legislation extending jobless benefits and expired tax provisions, which could see final passage in Congress by the end of May.
The one-cent increase would raise about $5 billion over 10 years to help offset the cost of the tax package, which is nearing $200 billion.