Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 466.85
Bid: 467.25
Ask: 467.40
Change: 6.20 (1.35%)
Spread: 0.15 (0.032%)
Open: 461.95
High: 468.00
Low: 461.55
Prev. Close: 466.85
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

US Lawmakers Cautious On Obama Bid To Restore Superfund Taxes

Mon, 21st Jun 2010 22:54

By Martin Vaughan Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The Obama administration on Monday stepped up its push to reinstate lapsed environmental clean-up taxes on oil, gas and chemical producers. But lawmakers in Congress signaled that they will proceed with caution. The Environmental Protection Agency sent draft legislation to House Speaker Nancy Pelosi (D., Calif.) that would renew the taxes, which haven't been in effect since 1995. "Our taxes should be paying for teachers, police officers and infrastructure that is essential for sustainable growth--not footing the bill for polluters," said Mathy Stanislaus, assistant administrator for EPA's Office of Solid Waste and Emergency Response. Industry groups fired back that the proposed taxes will cost U.S. jobs, and some said the proposal appears to be an attempt by the administration to use the backlash surrounding the Gulf of Mexico oil spill to pass its agenda. "We assume that this is an effort to penalize BP [PLC] (BP, BP.LN) and the various oil producers, and we see ourselves as collateral damage in that," said Walter Moore, vice president of federal affairs at the American Chemistry Council. The group's members include Dow Chemical Co. (DOW), FMC Corp. (FMC) and W.R. Grace & Co. (GRA). Chemical producers note that they already foot the bill to clean up waste sites under the Superfund law's liability provisions. The trust fund, which is supported by the taxes, is tapped only to clean up "orphan" sites, or those where the responsible party is bankrupt. The taxes the administration proposed Monday include a tax of 9.7 cents per barrel on oil, a chemical excise tax of 22 cents to $4.87 per ton, and a broad-based corporate environmental income tax. Rep. Earl Blumenauer (D., Ore.) and Sen. Bill Nelson (D., Fla.) have championed proposals to renew the taxes. But few other lawmakers rushed forward Monday to embrace the administration's plan. The taxes come under the jurisdiction of the House Ways and Means and Senate Finance Committees, which have shown no eagerness in recent years to restore them. Senate Finance panel Chairman Max Baucus (D., Mont.) "is studying the administration's proposal very closely to determine the best step forward for taxpayers, our environment and the jobs that depend on it," said a Finance Committee Democratic aide. Drew Hammill, a spokesman for Pelosi, said the speaker "strongly supports the concept that polluters should pay for cleanup. "We'll be reviewing the administration's proposal in the days and weeks ahead." One Democratic congressional aide said lawmakers will be reluctant to impose a broad tax increase like the corporate environmental tax, in the midst of an economic recovery. The income tax, a 0.12% add-on to the corporate alternative minimum tax, accounts for about $1 billion of the $1.8 billion per year it is estimated that the taxes taken together would raise. At the same time, congressional pay-as-you-go budgeting rules have created a larger appetite for new revenue sources to offset new spending. Lawmakers might be driven, in the current deficit environment, to give the Superfund taxes a closer look. Congress has appropriated more than $1.2 billion per year in the past four years from the general fund to pay for Superfund cleanup, according to figures provided by Blumenauer's office. "The administration is on board, and I am committed to ensuring that the industries that had a hand in creating the problem will once again be held accountable for cleaning it up," Blumenauer said. -By Martin Vaughan, Dow Jones Newswires; 202-862-9244; martin.vaughan@dowjones.com (END) Dow Jones Newswires June 21, 2010 17:54 ET (21:54 GMT)
More News
20 Nov 2023 16:53

LONDON MARKET CLOSE: FTSE 100 drifts lower as eyes turn to Fed

(Alliance News) - European equities closed mixed in muted trade at the start of the week, with focus turning to Tuesday's Federal Reserve meeting minutes, as investors mull the outlook for US interest rates.

Read more
17 Nov 2023 12:00

LONDON MARKET MIDDAY: Stocks shrug off downbeat UK retail sales

(Alliance News) - Stock prices in London were up at midday on Friday, as a week of favourable data as far as inflation goes gave investors a reason to overlook disappointing UK retail sales figures.

Read more
17 Nov 2023 09:03

LONDON MARKET OPEN: Stocks up despite UK retail sales growth miss

(Alliance News) - Stock prices in London opened higher on Friday, despite weaker-than-expected October retail sales figures for the UK.

Read more
16 Nov 2023 16:59

LONDON MARKET CLOSE: Stocks give way after rate optimism-fuelled rally

(Alliance News) - European equities closed lower as a post-US inflation slowdown rally seen on Tuesday and Wednesday gave way to a more muted session on Thursday.

Read more
16 Nov 2023 12:06

LONDON MARKET MIDDAY: Stocks down as post-inflation data rally fades

(Alliance News) - Stock prices in London were down at midday on Thursday, with mixed corporate updates tempering enthusiasm in the wake of two favourable inflation readings earlier in the week.

Read more
16 Nov 2023 08:57

LONDON MARKET OPEN: FTSE 100 flat; Burberry tumbles on weak outlook

(Alliance News) - Stock prices in London opened in a muted fashion on Thursday, as the week's optimism waned somewhat, but did not give way to pessimism.

Read more
10 Nov 2023 16:53

LONDON MARKET CLOSE: Europe and New York diverge after hawkish Powell

(Alliance News) - Stocks in Europe suffered on Friday, as US interest rate worries cast a dark cloud over equity markets, though counterparts in New York had a more resilient start to the day.

Read more
10 Nov 2023 15:45

London close: Stocks tumble on Powell comments as GDP stagnates

(Sharecast News) - London markets declined on Friday as investors reacted to hawkish remarks by Federal Reserve chair Jerome Powell made overnight.

Read more
9 Nov 2023 08:57

LONDON MARKET OPEN: FTSE 100 kicks off day with cautious gain

(Alliance News) - London's FTSE 100 struggled for direction early Thursday, with a mixed slate of corporate updates, US interest rate worries and underwhelming China data preventing it from making more confident progress in early trade.

Read more
7 Nov 2023 16:58

LONDON MARKET CLOSE: FTSE 100 held back by miners and oil firms

(Alliance News) - The FTSE 100 in London closed slightly lower on Tuesday, as miners and oil firms continued to drag down the index throughout the day.

Read more
7 Nov 2023 12:07

LONDON MARKET MIDDAY: Housebuilders and retail up, miners and oil down

(Alliance News) - European equities were mixed heading into Tuesday afternoon, with weaker China data and doubts over the US interest rate outlook weighing on the mood.

Read more
7 Nov 2023 08:53

LONDON MARKET OPEN: AB Foods and Frasers rise on buybacks; RS slumps

(Alliance News) - A subdued start to the week for European equities continued on Tuesday, with hawkish words from a US central banker supporting the dollar and making some rethink their interest rate outlook for the Federal Reserve.

Read more
6 Nov 2023 10:24

Kosmos Energy to operate Yakaar-Teranga gas discovery amid BP exit

(Alliance News) - Kosmos Energy Ltd on Monday said it has increased its working interest in the Yakaar-Teranga discovery to 90%, consequently assuming operatorship, and reported a rise in its quarterly revenue.

Read more
3 Nov 2023 17:01

LONDON MARKET CLOSE: Stocks end week mixed on soft US employment data

(Alliance News) - Stock prices in London closed mixed on Friday, as some soft US data seemingly confirmed that the central banks are done with interest rate hikes, at least for now.

Read more
2 Nov 2023 10:19

Berenberg ups BP target but sees greater upside elsewhere

(Sharecast News) - Berenberg has lifted its target price for oil titan BP after this week's third-quarter results, but kept a 'hold' rating, saying it sees more attractive investments elsewhere in the sector.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.