Negotiators Agree On Oil Taxes
House and Senate negotiators agreed today on new oil taxes to pay for a $9-billion Superfund to finance a hazardous waste cleanup program over the next five years, congressmen said at a press conference.
The funding includes an 11.7-cents-per-barrel tax on imported crude oil. It also includes an 8.2-cents-a-barrel tax on domestic crude oil and .1-cent-per-gallon tax on motor fuel, Reps. James J. Florio (D-N.J.) and Thomas J. Downey (D-N.Y.) said. The measure also includes an increase in the corporate minimum tax that will raise $2.5 billion.
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