House Votes to Quadruple Oil Tax

Rate this post

Something really stinks, and it’s not just the stench from the gushing oil spewing into the Gulf of Mexico.

Agence France Presse reports on May 28, 2010, that the US House of Representatives last 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 8%-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.
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.

Please follow and like us:

0 responses to “House Votes to Quadruple Oil Tax

  1. Joseph E Fasciani

    OK, let’s all be clear on this: as the Greatest Depression begins, the oligarchy [or would it more clear if it were spelled “oilgarchy”?] is going to get another enrichment from the sheeple of the USSA [not a typo], courtesy of the current regime which was put into place by BP’s very large campaign contribution/bribe.
    This is exactly the same as if they had been bank robbers, who ‘accidentally’ killed a number of bank patrons and various other life forms in and about the bank in their robbery attempt. Instead of being imprisoned for life or executed, the bank’s victims are taxed to finance the bank robbers’ future education, so they learn how to do it better the next time….
    The sheeple lost their way a very long time ago, when the overly-educated Woodrow Wilson allowed the creation of the Federal Reserve Bank, which is neither Federal, nor does it have reserves, and is not a public bank. It was formed for the sole purpose of destroying the nation’s money powers, and in less than a century has succeeded all-too-well.
    Have you ever noticed there is virtually nothing ever written –never mind spoken!– about the role of co-ops and credit unions in the former USofA? Could there a reason for that? I’m 67, and clearly recall the days of silver dollars, as well as paper currency [not money] labelled ‘silver certificate’.

  2. Joseph,
    The only thing wrong with your analogy is you did not go far enough. I well remember silver certificates and I remember the gold standard. I also remember Roosevelt, Hoover, and a few other destroyers of our country. Roosevelt destroyed on purpose, but I’m not so sure about Hoover. I think he was just an idiot. Tell us more that you remember about the fall of the United States.

    • Joseph E Fasciani

      Thanks Ron for the boost!
      Although I’ve published in the US, Canada, and the UK for more than forty years, it’s always good to get feedback to see if I succeeded in communicating, as that is my intent, not boost my ego.
      My father was born in 1905, and raised in Raiano, a small village not far from L’Aquila, the provincial capital of Abruzzi, Italia. That region was struck by a bad earthquake about 18 months back. He was a pacifist anarchist –never to be confused, as the MSM deliberately does– with violent nihilists, which is what they promote as ‘terrorists’ at every gathering and street corner now. From him I learned of community organising and co-operative behaviour as the true basis for first a strong neighbourhood, then state, then nation: rule must always come from the bottom up, not from the top down! That way is self-defeating, in time.
      The people of Italy endured crazy rulers and many hard times, which made them tough and resilient. These are lessons which the sheeple must learn PDQ, or be led to the slaughter en masse very soon.
      Hoover meant well. He was a compassionate old-line Quaker, but his education had so interfered with his learning that he could not understand that the classical economics he knew no longer would work. In fact, they made matters worse, just as is happening now. Our rulers are detached from reality, hiding behind an imperial Presidency in the USSA and our imperial PM here in Kanada, that like Hoover all they see are Problems, never the Answers.
      Roosevelt came from a very old patrician family, and strove to save capitalism, not defeat it. He has been given a bad rap by the fascists who wanted to overthrow him, but he was saved by that very great patriot, Marine General Smedley Butler, author of “War is a Racket”, a MUST READ for every HS student!
      People also confuse money with currency: they are very, very different! Just as number is the concept and numerals are its signs, so is money the concept upon which the currency is based. For nearly three hundred years, Japan’s Tokogawa Shogunate had a very successful economy based on units of rice!
      At any rate, if you wish to know where the corruption began, how the economy and money system were deliberatley debased, get Stephen Zarlenga’s magnum opus, The Lost Science of Money.
      In it you’ll be astounded to learn that the iron Roman denarius was the most trusted coinage of all time, NOT gold and silver, which were continually debased.
      Paper currency could work, but only when as Lincoln did, the money power is returned to the people, not the banksters. And look where it got him: shot by an agent of the Rothschilds!
      All best, J

  3. Joseph,
    Quite enlightening. I too am an old fart and have seen many changes in our society. I watched many of the ideas of Roosevelt and even as a kid did not think they would work. I have never believed economies are built from the bottom up. To me, that’s like saying let’s take water from the deep end of the pool and dump it in to the shallow end and raise the water level. I studied the Keynesian theory of economics and argued with my professor every day on how it would not, could not work. I never won any of the arguments, but I argued anyway.
    I personally have never worked for a poor person. All of my employers had money. I have owned a number of businesses and employed a good number of people. They worked for me so they could earn money for their support. I did not work for them and none of them ever loaned me money.
    Our economy is not failing because of entrepreneurship, it is failing because of big government.
    When th people begin to understand that the government receives its money from the people, mainly the rich, and not from Obama, then we might see a change for the better in this country, but as long as the people walk around with their heads where the sun does not shine we will not see significant improvement in our economy, our jobs, or our money supply. Our debt will continue to grow until the world recognizes our bankruptcy and then it will be a little too late for recovery.
    Unfortunately, I have no real say in the matter. I belong to a number of groups that petition the Congress on a daily basis but I have not seen the needed improvement as yet. I am hoping for November to turn the tide.

  4. Ron, I think your analysis is excellent.


Leave a Reply

Your email address will not be published. Required fields are marked *