Market Watch reports that as part of its second-quarter earnings report, BP PLC said Tuesday that it will reduce its contributions to U.S. tax coffers by $9.9 billion, due in large part to the Gulf of Mexico oil spill. It adds, “BP indicated in its report that it is taking a $32.2 billion charge against earnings for the Gulf response efforts, which allows them to take the tax credit.”

“We have followed the IRS regulations as they’re currently written“

~ said outgoing BP Chief Executive Tony Hayward, delivering a stick-that-down-your-oil-pipe-and-smoke-it kinda quote in a conference call (disclaimer: we’re not saying he meant it like that but, if he did, it is just a teeny bit understandable).