Barack Obama plans to punish BP with tax hike as Gulf spill worsens

Oil companies face an immediate tax rise of 1 cent per barrel to help to
pay
for the clean-up in the Gulf of Mexico under proposed legislation rushed
out
by the White House yesterday.

The measure, unveiled as BP began a new attempt to contain the ruptured
well
that has leaked millions of gallons of crude oil into America’s southern

coastal waters, would put an extra $500 million (£340 million) over ten
years into the Oil Spill Liability Trust Fund, which covers damage
caused by
such disasters.

Under a $118 million spending plan outlined in the package, people
affected by
the spill — such as fishermen who have lost their livelihoods because of
the
contamination — will be granted financial assistance, and federal
agencies
will get additional funds to monitor the slick and assess its impact.  MORE PLUS VIDEO>>>>>>>