Ending oil subsidies: vote on Monday

[boutons_deux]

On Monday, Will Senators Stand With The 99 Percent Or With Big Oil?

The big five oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Shell—combined made a record-high $137 billion in profits in 2011.

Meanwhile, the oil and gas industry has already contributed over $20 million in federal campaign contributions this election cycle, with 88 percent of all Big Oil contributions going to Republicans.


http://thinkprogress.org/green/2012/03/23/450941/will-senators-stand-up-for-american-consumers-or-big-oil/

===========

iow, the oil division of UCA can finance every Congressperson's and President's campaign out of their petty cash.

[CosmicCowboy]

Not sure I get your point. These companies have hundreds of billions invested to make that return.

[boutons_deux]

so why do they need accelerated write offs, subsidies, etc, etc?

[CosmicCowboy]

Even with those their profit margins are less than 10%.

GM made a big profit this year...why do you think their write offs and subsidies are OK...just because Obama supports them?

[CosmicCowboy]

Even with those their profit margins are less than 10%.

GM made a big profit this year...why do you think their write offs and subsidies are OK...just because Obama supports them?

[ChumpDumper]

How much profit should the US taxpayer guarantee oil companies, CC?

[CosmicCowboy]

How much profit should the US taxpayer guarantee oil companies, CC?

How much profit should the US taxpayers guarantee GM, Bouchump?

[ChumpDumper]

How much profit should the US taxpayers guarantee GM, Bouchump?I say none. I would have been fine with a more conventional bankruptcy for GM.


Please answer my question now.

[CosmicCowboy]

Do you support the US giving google a lot of tax breaks and credits when they have a 26% profit margin?

Oh, and to answer YOUR question, I wasn't aware that the US government guaranteed ANY minimum oil company profits...

link?

[ChumpDumper]

Do you support the US giving google a lot of tax breaks and credits when they have a 26% profit margin?No.

I'm also against the subsidies Apple is getting from the state, county and city here.

[CosmicCowboy]

I already answered it.

[ChumpDumper]

Do you support the US giving google a lot of tax breaks and credits when they have a 26% profit margin?

Oh, and to answer YOUR question, I wasn't aware that the US government guaranteed ANY minimum oil company profits...

link?So your question about GM was bullshit too.

OK.

Are you in favor of all the oil company subsidies?

Yes or no.

[CosmicCowboy]

So your question about GM was bullshit too.

OK.

Are you in favor of all the oil company subsidies?

Yes or no.

I'm honestly not sure...I don't like the government picking winners and losers for government subsidies either but that is apparently a fact of life. Watching the Democrats try to politicize it and attack the oil companies now is a shallow and transparent attempt at political pandering to the ignorant...trying to spin the debate from Obama's overall anti-oil agenda to blaming high gas prices at the pump on "the evil oil companies" and "punishing" them by taking away their depletion allowance, which they will then immediately recover by adjusting their prices up in order to maintain their current profit levels and just pass the difference back to the consumer.

[ChumpDumper]

I'm honestly not sure...I don't like the government picking winners and losers for government subsidies either but that is apparently a fact of life. Watching the Democrats try to politicize it and attack the oil companies now is a shallow and transparent attempt at political pandering to the ignorant...trying to spin the debate from Obama's overall anti-oil agenda to blaming high gas prices at the pump on "the evil oil companies" and "punishing" them by taking away their depletion allowance, which they will then immediately recover by adjusting their prices up in order to maintain their current profit levels and just pass the difference back to the consumer.Right, so why subsidize at all?

[CosmicCowboy]

Right, so why subsidize at all?

Right.

So why are we subsidizing anything?

[ChumpDumper]

Right.

So why are we subsidizing anything?You tell me.

[CosmicCowboy]

Holy shit.

It looks like we agree on something...:toast

[ChumpDumper]

I can see something for emerging technologies and the like, though you get the issue of picking winners like you said -- but a mature business like oil extraction seems pretty damn safe on its own right now.

[CosmicCowboy]

As someone who is probably about to take advantage of some of those subsidies and put a $60,000 solar array on my roof I guess it sounds hypocritical, but I don't think they should subsidize either.

[coyotes_geek]

The oil subsidies should go, but the republicans will shoot it down like they always do. Democrats don't mind though. They just want their talking point. If the democrats really wanted to get rid of oil subsidies, they'd have done it in 2009-2010 when the republicans were powerless to stop them from doing so. It's all just meaningless political theater.

[Drachen]

The oil subsidies should go, but the republicans will shoot it down like they always do. Democrats don't mind though. They just want their talking point. If the democrats really wanted to get rid of oil subsidies, they'd have done it in 2009-2010 when the republicans were powerless to stop them from doing so. It's all just meaningless political theater.

Yes. Sadly oil companies are the democrats' gays.

[spursncowboys]

Michelle Bachmann was the only one who wants to put all blue chip companies at a flat rate tax. to get them to pay the exact same.

[DMX7]

Even with those their profit margins are less than 10%.

GM made a big profit this year...why do you think their write offs and subsidies are OK...just because Obama supports them?

No one gives a shit about their profit margin. A completely meaningless metric in this context - probably fed to you by the oil companies to distract from the obvious: that they're making an absolute killing at your expense.

[ChumpDumper]

Michelle Bachmann was the only one who wants to put all blue chip companies at a flat rate tax. to get them to pay the exact same.lol Bachmann

[Wild Cobra]

On Monday, Will Senators Stand With The 99 Percent Or With Big Oil?

The big five oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Shell—combined made a record-high $137 billion in profits in 2011.

Meanwhile, the oil and gas industry has already contributed over $20 million in federal campaign contributions this election cycle, with 88 percent of all Big Oil contributions going to Republicans.


http://thinkprogress.org/green/2012/03/23/450941/will-senators-stand-up-for-american-consumers-or-big-oil/

===========

iow, the oil division of UCA can finance every Congressperson's and President's campaign out of their petty cash.
Do you realize what thet $137 billion is when you divide it by the number of shares of stock in play?

Do you realize that the $137B in profit was after paying over $100B in taxes already?

Please, by all means. Don't believe me. Look it up yourself instead of repeating propaganda.

[Wild Cobra]

The oil subsidies should go, but the republicans will shoot it down like they always do. Democrats don't mind though. They just want their talking point. If the democrats really wanted to get rid of oil subsidies, they'd have done it in 2009-2010 when the republicans were powerless to stop them from doing so. It's all just meaningless political theater.
What are these subsidies anyway?

[CosmicCowboy]

No one gives a shit about their profit margin. A completely meaningless metric in this context - probably fed to you by the oil companies to distract from the obvious: that they're making an absolute killing at your expense.

Damn you are an ignorant ass. They all are public companies and the numbers are all there for anyone to look at.

[boutons_deux]

"republicans were powerless to stop them"

The DEMS NEVER had 60 in the Senate. Ben "Horse's Ass" Nelson, Lieberman, etc don't count as Dem Senators, vote against Dem major bills mostly.

[Sec24Row7]

What are these subsidies anyway?

Good question.

[boutons_deux]

Here's one estimate:

http://priceofoil.org/fossil-fuel-subsidies

[Wild Cobra]

Here's one estimate:

http://priceofoil.org/fossil-fuel-subsidies
Yes, I have read such things already, at least the opening paragraph is identical to one.

I would like to see actual subsidies separated from tax breaks. Even with these breaks and subsidies.... if any are actual subsidies... these places are contributing over 40% of their revenue to the government.

[ChumpDumper]

Yes, I have read such things already, at least the opening paragraph is identical to one.

I would like to see actual subsidies separated from tax breaks. Even with these breaks and subsidies.... if any are actual subsidies... these places are contributing over 40% of their revenue to the government.I call bullshit.

[DMX7]

Damn you are an ignorant ass. They all are public companies and the numbers are all there for anyone to look at.

I didn't say they were made up, ass. No shit they're public companies and no shit it's public information. I'm saying you're an idiot for thinking that their profit margin is important here, and therefore a legitimate reason to protect them. No, they will be making plenty without subsidies and you'll be paying it either way.

[Wild Cobra]

I didn't say they were made up, ass. No shit they're public companies and no shit it's public information. I'm saying you're an idiot for thinking that their profit margin is important here, and therefore a legitimate reason to protect them. No, they will be making plenty without subsidies and you'll be paying it either way.

Which specific subsidy would you like to see removed?

Government R&D?

Enhanced Oil Recovery (EOR) Tax Credit?

Marginal Well Production Credit?

The R&D and tax credits are because the government wants the oil companies to do things they don't want to do. Be my guest. Have these eliminated.

[coyotes_geek]

"republicans were powerless to stop them"

The DEMS NEVER had 60 in the Senate. Ben "Horse's Ass" Nelson, Lieberman, etc don't count as Dem Senators, vote against Dem major bills mostly.

It was still their best chance at getting rid of the subsidies and they didn't even try.

Curious how democrats thought there wasn't even a point in trying back when they had 58 senators and 258 congressman on their side, yet changed their minds after losing half a dozen senate seats and 50-something house seats in the midterms.

Nope, no reason to doubt their sincerity here.

[Winehole23]

tax breaks are subsidies too, Wild Cobra totally notwithstanding.

1418118087837065218