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: 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. Oil Spill Liability Tax Has Been a Thorny Issue for Industry in Past
The oil spill liability tax has long been a sore spot for the industry, especially when it comes to including the fee as part of the wholesale price or listing it as a separate line item. The Petroleum Marketers Association (PMAA) in the past has advocated that the tax be embedded in the wholesale rack price and not listed as a separate line item since it is largely a tax on crude oil paid by refiners and producers and not by distributors and jobbers. Nonetheless, most suppliers have broken out the tax as a separate line item on invoices. As we mentioned, OPIS keeps a list of how individual companies handle the oil spill tax as part of their wholesale billing invoices. Click below to check out the list – and be sure to bookmark the page.