EU Budget Chief: Finance Bloc With Oil Tax to Reduce Bill

BRUSSELS (AP) — The European Union’s budget chief is suggesting that member countries could in the future put aside a portion of their tax revenues from oil to help finance the bloc.

EU Budget Commission Guenther Oettinger said in an interview Tuesday with his native Germany’s Handelsblatt daily that it’s worth considering setting aside “a small part” of oil tax revenue for the EU, perhaps one or two cents per liter.

He argued that it would allow countries such as Germany to reduce their direct contributions to the EU budget – and use the money they save for tax cuts at home.

Oettinger also suggested that money gained from an increase in the cost of carbon dioxide emissions trading certificates could be put into the EU.