Republicans ok taxpayers getting double taxed!!!

Raa - how ironic. you want a stright answer and not to go off on some tangent. Seems like that is all the democraps know.

And didn't you read the article today by former senator Dorgan (D) that the reason for high gas prices is because of the speculators. Supply and demand does not play as much a role in gas prices as the uncontrolled speculators. Originally Posted by satexasguy

Oh...i agree speculators bear much of the blame...and requiring speculators to "settle up" on contract at end of business and not being able to use a elaborate system of credit...would help end that little game...

But it gets tiring to see the neo-cons act to smug in their saying what they "will do" to help the average American...and..then go and defend a loophole that if closed would help lower debt...


Please...waiting for the neo-cons....tell us why "big oil" needs the help...

They keep talking about the tax breaks and subsidies, but what are they, specifically?

We've already been on a hefalump search for these mythical subsidies, and none were found. If you read the article, none were found there either.

It is all complete bullshit.

I am absolutely opposed to corporate welfare, oil company or whatever. I just want to know what special perks Big Oil is getting before I decide they are not warranted.

I am absolutely opposed to corporate welfare, oil company or whatever. I just want to know what special perks Big Oil is getting before I decide they are not warranted. Originally Posted by CuteOldGuy

Are you being serious? I'll attempt to answer if you are...

Wrong!!!! We are now a "net exporter" of gasoline!!!!! Why!?!? Because they are making more money selling over seas...instead of keeping it here and lowering prices!!!! Originally Posted by Raa1965

Putting more oil in the world market will lower prices worldwide and, btw, domestically. Hint: the domestic U.S. market is part of the 'world market'.

Feed them some corn and then they could make gas out of "The Rainbow Unicorn Poop?". Problem solved.......

Raa, I know you're trying real hard to be stupid so you can hang with CJ and WTF but the others are correct. There is no subsidy to the oil companies. A subsidy is something given to someone after being taken from someone else. The oil companies (and many other manufacturers) get a tax credit. That means that they pay less taxes and they get to keep some of their own money.
The federal government makes twice the money the oil company makes on a gallon of gasoline. Did you understand that? If Obama wanted to lower the price of gasoline by over 50 cents he could just suspend the federal gas tax. So I guess someone is lying when they say that they have tried everything.

EPA is the reason. I read that 2 refineries were closing because the companies could no longer afford to maintain them due to costly regulations that require implementation of certain mandates.

WRONG, WRONG, WRONG,

You have been hoodwinked by the Oil Companies, Food Companies, and Texas Cattleman wanting to change reality and hiring a public relations firm to spread lies about ethanol.

First off, 10% blend of ethanol doesn't change gas mileage that much. In fact, ethanol increases the octane of gasoline, so cars often run better on it. Even though Ethanol doesn't have as many BTU's per gallon as gasoline, the MPG doesn't drop as much as the simple equation says it would.

Second, none of the liars want to credit the distillers grains that come back from the ethanol plants to provide high quality high protein feed back to especially cattle. Texas cattlemen don't like it because it cheapened the cost of gain for cattle back to the traditional cornbelt.

Darn, I can't remember the documentary movie made by someone that was shocked at the lies told about ethanol. Originally Posted by farmstud60

Gotta call you on this one,as a friend of mine was getting less mileage on the blend. so I tried a month on each type got 18,7 on reg 14;8 on the 10% blend.

Have we covered the fact that the oil companys aren't GIVEN anything? The government is TAKING less. That is a big difference. It's the TAXES on oil that make it so damn expensive. When Bush was in office that cunt pelosi said CONSTANTLY that the president had absolute control over the prices and he kept them high because his family was in oil. Now that fruitloop obam is in office, it's all the oil company's fault. WTF



OH I see we did cover that. Well it doesn't hurt saying it again. I can't wait to see who's fault all this is when a non democrat is in office.

Are you being serious? I'll attempt to answer if you are... Originally Posted by nwarounder

Yeah. I am. If there are specific breaks given only to oil companies, I'd like to know what they are and the reason for giving them.

For example, I've heard there are breaks given to them as an incentive to drill (I don't know if that's true}. If it is, it's ridiculous. But if we are talking about accelerated depreciation that all companies can elect, then what's the problem?

I just don't know what they are.

While I agree that the oil companies should not be getting ANY subsidies, and the profit numbers are staggering.....there is a huge difference between "profit dollars" and "profit margins". Profit dollars are the numbers that make the headlines. Profit margin is what is left over after all the expenses are paid, the money that goes in the bank. There are a lot of expenses finding, drilling, extracting and transporting the crude, in addition to the refining expenses. The oil companies make so much profit dollars simply because they sell so much product. Let the oil companies make it or break it of their own accord, just like most other businesses in the country.

http://www.forbes.com/2011/05/10/oil...-earnings.html

Industry profit margins are cyclical too. But on average, between 2006 and 2010, the largest oil companies averaged a profit margin of around 6.5%. This pales in comparison to profit margins in just about every other industry. The pharmaceutical industry, for example, routinely averages a profit margin of about 16%. The soft drink market is even more lucrative.

At the gas tank integrated oil companies make about 7 cents per gallon. Meanwhile, the government extracts more than 48 cents, on average, per gallon. That's right: Uncle Sam takes nearly seven times more out of drivers' wallets via taxation than "Big Oil."

The federal government collects 18.4 cent/gal everywhere, How much is state government collecting per gallon in your state?
http://www.api.org/statistics/fuelta...el-summary.pdf

Yeah. I am. If there are specific breaks given only to oil companies, I'd like to know what they are and the reason for giving them.

For example, I've heard there are breaks given to them as an incentive to drill (I don't know if that's true}. If it is, it's ridiculous. But if we are talking about accelerated depreciation that all companies can elect, then what's the problem?

I just don't know what they are. Originally Posted by CuteOldGuy

Started to get into detail but it is about 20 pages and you have to be a tax accountant to understand it. The easiest way probably is to look at what Obama was trying to repeal, so here is a summary the bill:

Limits or repeals certain tax benefits for major integrated oil companies (defined as companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels), including: (1) the foreign tax credit; (2) the tax deduction for income attributable to oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; (5) the tax deduction for qualified tertiary injectant expenses. Amends the Energy Policy Act of 2005 to repeal royalty relief (suspension of royalties) for: (1) natural gas production from deep wells in shallow waters of the Gulf of Mexico; and (2) deep water oil and gas production in the Western and Central Planning Area of the Gulf (including the portion of the Eastern Planning Area encompassing whole lease blocks lying west of 87 degrees, 30 minutes west longitude).

The meat of the bill basically reads like: Tax code section xxx.xxx is ammended by replacing "sample text" with "sample text", pretty boring stuff. If repealed, all it would do is shift more money from the private sector to the government coffers because you know the oil companies would simply raise their prices to the consumers to offset the increase in taxes and OPEC is never opposed to raising their prices, they are not stupid. To answer your question about incentive to drill, yes it would decrease the incentive to drill by increasing their financial risk.

Raa, I know you're trying real hard to be stupid so you can hang with CJ and WTF but the others are correct. There is no subsidy to the oil companies. A subsidy is something given to someone after being taken from someone else. The oil companies (and many other manufacturers) get a tax credit. That means that they pay less taxes and they get to keep some of their own money.
The federal government makes twice the money the oil company makes on a gallon of gasoline. Did you understand that? If Obama wanted to lower the price of gasoline by over 50 cents he could just suspend the federal gas tax. So I guess someone is lying when they say that they have tried everything. Originally Posted by JD Barleycorn

Its truly amazing how smug and condending you come off all the time...

I think...if you have read my posts...I mentioned that you can call it subsidies or tax credits...still...they are not paying the fair amount...I believe in capitalism...not croney capitalism...the free market model dictates...the company accepts the cost and risk to get the reward...$$$

I think any subsidy...is a un fair burden on the taxpayers...you mention lowering the federal gas tax...so....my trying to be stupid....where do you think funds to maintain the highway system come from???

Now...i agree the federal portion of taxes on gas should be lower...since much of the tax collected goes to other things than road repair...so....mr genius...how about you come up with a way to get your robber baron buddies in washington to set the tax for road repairs only...and then they can cut it...i would definately support that tax cut....