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Congress allows Oil Spill Liability Trust Fund tax to lapse

The Oil Spill Liability Trust Fund, which has $5.75 billion in reserves meant to help the US government respond to oil spills, was receiving a 9-cents-per-barrel tax, but Congress allowed this tax to lapse. Lawmakers may revive the expired tax, but they have yet to decide if they will do so, creating a significant savings for the oil and gas industry.

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