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The Repubs forced a filibuster 60 majority to pass stopping Big Oil subsidies. The Vote was 52-48 in favor, but 60 was required. The good thing is, the Dems will keep bringing these votes to the floor to get the Repubs on record. Little doubt who they represent.
The Repubs forced a filibuster 60 majority to pass stopping Big Oil subsidies. The Vote was 52-48 in favor, but 60 was required. The good thing is, the Dems will keep bringing these votes to the floor to get the Repubs on record. Little doubt who they represent.
No surprise there. How about H.R. 1231???????
The House votes to open the Outer Continental Shelves, under Federal Leases, to Oil Drilling.
This is in response to rising gas prices.
The increase in Domestic supply should ameliorate the fuel crunch.
Now the Dems add on an amendment to ban the selling of this oil overseas.
The Republicans decide and pass...... that this oil WILL be sold overseas instead and to the highest bidder.
Anyone else see something wrong in this "picture"??????
More "Smoke and Mirrors".
And the free market is NOT a satisfactory reply.....since many Repubs blame Obama for high gas prices.
The Repubs forced a filibuster 60 majority to pass stopping Big Oil subsidies. The Vote was 52-48 in favor, but 60 was required. The good thing is, the Dems will keep bringing these votes to the floor to get the Repubs on record. Little doubt who they represent.
The Repubs forced a filibuster 60 majority to pass stopping Big Oil subsidies. The Vote was 52-48 in favor, but 60 was required. The good thing is, the Dems will keep bringing these votes to the floor to get the Repubs on record. Little doubt who they represent.
And yet not one "big oil subsidy listed" either.. Whats another poster to think, that you can only repeate the same "oil subsidies" you hear from Democrats?
Americans eager to reduce the mammoth federal debt that threatens our economy’s long-term prosperity overwhelmingly support ridding the tax code of these unnecessary subsidies. As Seth Hanlon, Director of Fiscal Reform, and Michael Ettlinger, Vice President for Economic Policy at the Center for American Progress, explain, tax breaks for oil companies and other superfluous “spending in the tax expenditure budget is fertile ground for deficit reduction.” But on May 5, Republicans unanimously voted down a Democratic attempt to put forward legislation that would end subsidies to oil companies. Seven Democrats also opposed the measure.
So here is a by-the-numbers examination of what Big Oil is costing us, plus a few examples of where the billions of dollars salvaged from their balance sheets might be better spent.
The cost of Big Oil’s loopholes
$4 billion: Cost of Big Oil tax breaks in 2011.
$2 billion: Cost of Big Oil tax breaks eliminated by S. 940.
$77 billion: Cost of Big Oil tax breaks from 2011 to 2021.
Big Oil profits pile up
$902 billion: Total profits for the five biggest oil companies in the United States, 2001–2010 (in 2011 dollars).
$32 billion: Total Big Oil earnings, first quarter of 2011. Exxon Mobil alone accounted for $10.7 billion of that figure.
38 percent: Big Oil’s first-quarter-2011 profit increase over the first quarter of 2010.
28 percent: Increase in gasoline prices compared to 2010.
53 percent: Portion of their profits that both Exxon Mobil and ConocoPhillips spent repurchasing stock to drive up their companies’ share values in the first quarter of 2011.
$8 billion: The amount of first-quarter profits the big five companies spent on stock buybacks.
Low effective tax rates for Exxon Mobil
17.6 percent: Average effective federal corporate tax rate paid by Exxon Mobil, 2008–2010.
20.4 percent: Average American individual federal effective tax rate in 2007 (the last year of available data).
And yet not one "big oil subsidy listed" either.. Whats another poster to think, that you can only repeate the same "oil subsidies" you hear from Democrats?
You're right! Actually the Senate voted if this season they should support the New York Yankees or the Boston Red Sox.
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Senate Repubs filibuster for Big Oil
