06/20/2010 03:41 pm ET Updated May 25, 2011

Obama, EPA To Reimpose Superfund Tax On Oil And Chemical Companies

There is no question that the Superfund program, first established 30 years ago, is facing a budget crunch. For 15 years, the federal government imposed taxes on oil and chemical companies and certain other corporations that went directly into a cleanup trust fund, which reached its peak of $3.8 billion in 1996. But the taxes expired in 1995, and because Congress refused to renew them, the fund ran out of money.

Now the Obama administration will push to reinstate the so-called Superfund tax.

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