Source: Climate Bill to Tax Oil at Terminal Rack | Chem.Info
WASHINGTON (Reuters) — Details of an oil industry tax are being filled in Congress as part of an upcoming U.S. climate control bill, sparking a spirited lobbying campaign this week over how the revenues from that tax would be used.
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But the source added that no final decisions had yet been made on whether revenues from the tax would be deposited into the Highway Trust Fund and whether they would be earmarked for specific "green" projects or road and bridge repairs that the highway fund normally handles.
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A transportation tax on refined oil would likely be passed on to consumers, who could see gasoline prices rise by around 15 cents a gallon. But the actual increase would be linked to the price of pollution permits electric power companies would have to buy under a cap and trade scheme in the bill that also is aimed at reducing carbon emissions.
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