The Oil Spill Liability Trust Fund tax of 9 cents per barrel is set to expire December 31, 2025. The per-barrel tax to finance the OSLTF is addressed at section 4611 of the Internal Revenue Code (26 U.S.C. 4611). The tax applies to crude oil received at a U.S. refinery and to petroleum products entered into the U.S. for consumption, use, or warehousing. It also applies to other domestic crude oil used in, or exported from, the U.S.

The tax on crude oil received at a U.S. refinery is paid by the refinery operator. The tax on imported petroleum products is paid by the person entering the product for consumption, use, or warehousing. The tax on other crude oil is paid by the person using or exporting the crude oil. While the U.S. Coast Guard manages certain uses of the OSLTF, collection of taxes and deposit of collections to the Fund is managed by the Department of the Treasury.

The Trust Fund provides an immediate source of funds for federal responses to oil spills and compensation for certain damages.

In the 118th Congress, some Members introduced legislation (e.g., H.R. 8554, S. 4406) that would have extended the per-barrel tax without an expiration date and increased the tax rate to 10 cents. To date, Members in the 119th Congress have not introduced similar legislation. Congress has now recessed through the end of the year without extending the oil spill tax.