Federal Oil Spill Liability Tax Reinstated

The budget bill passed by Congress included restoration of the 9 cent/barrel tax on oil to pay for spill cleanups. The tax is NOT retroactive. It will take effect March 1, 2018 and it will not apply to transactions between January 1, 2018 and February 28, 2018. There has been a lot of confusion over this tax and suppliers have been handling this differently. PMCI believes that any marketer that was charged the oil spill liability tax between January 1 and February 28 should be entitled to a refund for that tax.