Title: Oil Spill Liability Tax Basics 2020 Update
Headings: OPIS Blog
OPIS Blog
Oil Spill Liability Tax Basics 2020 Update
The Oil Spill Tax: What Do I Need To Know?
How Does the Oil Spill Tax Translate to Diesel and Gasoline?
Oil Spill Tax History: Looking Backward
Oil Spill Liability Tax Has Been a Thorny Issue for Industry in Past

Content: 0.1929cts/gal. Oil Spill Tax History: Looking Backward
The 9 cents per barrel federal oil spill liability tax has had a bumpy ride lately. It expired Dec. 31, 2017 and then went back into effect March 1, 2018, after Congress reinstated the tax as part of a congressional budget bill. It expired again on Dec. 31, 2018 and was recently reauthorized. It's set to expire again on December 31, 2020. Since its inception in 1986, the tax has been collected on domestic crude oil and imported crude oil and petroleum products as a main source of revenue to fund the Oil Spill Liability Trust Fund to aid in the cleanup of oil spills. U.S. oil companies exposed to the tax have generally passed along the cost to their wholesale distributors as part of their wholesale rack price or as a separate line item expressed in cents per gallon. OPIS maintains an updated list of how individual companies handle the oil spill tax as part of their wholesale billing invoices. Check out the list of suppliers.