Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Obama is trying to demonize the oil companies, recognizing that his incompetent energy policies have led the nation to $4 gas. Unable to acknowledge that his flawed economic theories are the source of the problem, what does he do?
Do what he does best- blame someone else for his mistakes.
The cause of high energy prices are the factors below-
1. Obama's seven year moratorium on offshore oil drilling
2. The moratorium on using existing wells in the Gulf
3. Closing refineries using twenty year old EPA criteria
4. Failing to allow the construction of new refineries
5. Failing to allow the construction and completion of the Canada-Oklahoma oil pipeline
6. Failure to drill in ANWAR
7. Failure to allow exploration of Colorado and Wyoming oil sands
8. Failure to allow expansion of coal and natural gas known fields in the US
9. Embracing the continued menace of "cap and trade"
Liberals- what the heck are you thinking?????? You KNOW that liberal policies, which are anti-energy, lead to higher energy prices. Yet you COMPLAIN when the liberal policies YOU SUPPORT result in higher energy prices!!!!!
Liberalism is no longer fun when you actually have to experience the consequences of such a flawed political position.
Want lower energy prices? Dump Obama.
I guess all the explains why crude oil production was up in 2009 and 2010 after DECLINING EVERY YEAR SINCE 1987
Here the actual figures on domestic crude oil production
Also the oil prices are set on the WORLD MARKET the amount of additional oil that the United States would produce by the proposals you suggest WOULD NOT GIVE THE UNITED STATES ENERGY INDEPENDENCE AND WOULD NOT MATERIALLY AFFECT OIL PRICES.
About the only thing it would do is created more profits for the petroleum industry.
bzzz, we're not talking payroll, we are talking about other items. funny how you are trying to confine the discussion to payroll....
1. Intangible drilling costs. These costs include wages, fuel, repairs, hauling, and supplies related to and necessary for drilling and preparing wells for the production of oil and gas. Other companies incurring similar types of costs must recover this cost over the life of the investment.
2. Deduction for tertiary injectants. This tax expenditure subsidizes the costs of tertiary injectants—the fluids, gases, and other chemicals that are pumped into oil and gas reservoirs. The subsidy essentially gives companies government money for acting in ways that will enhance their profits. It allows companies to expense the costs of tertiary injectants, even though such costs should be recovered over time.
3. Percentage depletion allowance. Percentage depletion allows an independent oil company to deduct from its taxes about 15 percent from the revenue generated from a well, even if that amount exceeds the well’s total value. This means that oil companies take a deduction as long as a well is producing oil, without regard to how much, or whether, the well is still declining in value. Companies in other industries are only allowed to deduct an amount that represents the decline in their investment’s value that year.
4. Passive investments.The government generally only allows investors to deduct a limited amount of losses from “passive activities” such as renting land in order to prevent tax shelters.Yet oil and gas properties are exempt from this rule. This gives oil and gas companies a competitive edge over other types of energy companies. SAVING: $180 million over 10 years.
5. Domestic manufacturing tax deduction. Companies that manufacture, produce, or extract oil and gas or any primary derivative receive a manufacturing subsidy provided that the product was made in the United States. The tax expenditure is provided through a deduction for 9 percent of income, subject to a limit of 50 percent of the wages paid that are allocable to domestic production during the taxable year.
6. Geological and geophysical expenditures.The Energy Policy Act of 2005 created this tax subsidy, which allows companies to deduct the costs associated with searching for oil, recovering the costs over a two-year period.
7. Foreign tax credit. This credit is intended to prevent the double taxation of income that is taxed abroad but also subject to tax in the United States. Yet companies, particularly oil companies, have managed to exploit this subsidy even when they don’t pay income taxes abroad.
8. Enhanced oil recovery credit. Companies receive a 15 percent income tax credit for the costs of recovering domestic oil when they use “enhanced oil recovery” methods
9. Marginal well production.This provision provides a subsidy for oil and gas produced from certain types of oil and gas wells.
Sure sounds like these tax breaks involve more that payroll
Quote:
Originally Posted by pghquest
BZZZ that is not special treatment just for big oil. All businesses write off costs like employee payroll in the year in which it occurred...
I can tell you've NEVER made payroll..
I made EVERY payroll for 20 years.
Last edited by buzzards27; 05-18-2011 at 01:04 PM..
Obama is trying to demonize the oil companies, recognizing that his incompetent energy policies have led the nation to $4 gas. Unable to acknowledge that his flawed economic theories are the source of the problem, what does he do?
Do what he does best- blame someone else for his mistakes.
The cause of high energy prices are the factors below-
1. Obama's seven year moratorium on offshore oil drilling
2. The moratorium on using existing wells in the Gulf
3. Closing refineries using twenty year old EPA criteria
4. Failing to allow the construction of new refineries
5. Failing to allow the construction and completion of the Canada-Oklahoma oil pipeline
6. Failure to drill in ANWAR
7. Failure to allow exploration of Colorado and Wyoming oil sands
8. Failure to allow expansion of coal and natural gas known fields in the US
9. Embracing the continued menace of "cap and trade"
Liberals- what the heck are you thinking?????? You KNOW that liberal policies, which are anti-energy, lead to higher energy prices. Yet you COMPLAIN when the liberal policies YOU SUPPORT result in higher energy prices!!!!!
Liberalism is no longer fun when you actually have to experience the consequences of such a flawed political position.
Want lower energy prices? Dump Obama.
Wow, most of this is BS. Refineries have not been under consideration to be built for a long time- even under the old regime- it's more a situation of the oil companies not wanting to build more, to keep prices high!
And please, most of the run-up of the last 4 months in prices has been because of market speculation- not supply and demand at all (which in essence is what you are claiming with most of the points above).
bzzz, we're not talking payroll, we are talking about other items. funny how you are trying to confine the discussion to payroll....
Then you didnt even read what you posted..
Quote:
Originally Posted by buzzards27
1. Intangible drilling costs. Firms engaged in the exploration and development of oil or gas properties may expense (deduct in the year paid or incurred) certain types of drilling expenditures from their taxes. These costs include wages, fuel, repairs, hauling, and supplies related to and necessary for drilling and preparing wells for the production of oil and gas. Other companies incurring similar types of costs must recover this cost over the life of the investment. SAVING: $7.839 billion over 10 years.
If wages arent payroll, then what are they?
And the rest again, fuel, repairs, hauling, supplies are ALL costs that are business expenses, and deducted from ALL businesses. The bs about recovering the cost of the life of the investment is bull ****.. I linked you right to the IRS website which says the are write offs for ALL BUSINESSES.. You dont amortize or depreciate any of these costs.
Quote:
Originally Posted by buzzards27
Sure sounds like these tax breaks involve more that payrollI made EVERY payroll for 20 years.
And you still dont know that wages are business expenses and not "subsidies", thereby its not taxed for ANYONE. oooh the humor.. You should have kept this to yourself..
So much for the right actually making any real spending cuts. As usual the democrats try to cut the pork, the right want nothing to do with it, just keep bankrolling their masters on taxpayer dime,..
EXACTLY- just as most of us suspected, the right proves they stand only for big corporations and their profits, while caring very little for the average Joe here at home.
Wow, most of this is BS. Refineries have not been under consideration to be built for a long time- even under the old regime- it's more a situation of the oil companies not wanting to build more, to keep prices high!
And please, most of the run-up of the last 4 months in prices has been because of market speculation- not supply and demand at all (which in essence is what you are claiming with most of the points above).
You had me until you started the typical bs about speculators... Here, let me explain it to you like I've explained it to others..
If I buy a contract off of you for 100 barrels of oil, how does the fact that I'm buying the oil, rather than you buying it, increase the cost of oil? IT DOESNT.. The cost of oil does not depend on who the buyer is, only that there is a buyer
Warren Buffet: "In my lifetime, up until the last year or two, there's been a huge amount of excess supply available," he said. "We don't have excess capacity in the world anymore, and that's why you're seeing these oil prices."
Wow, most of this is BS. Refineries have not been under consideration to be built for a long time- even under the old regime- it's more a situation of the oil companies not wanting to build more, to keep prices high!
And please, most of the run-up of the last 4 months in prices has been because of market speculation- not supply and demand at all (which in essence is what you are claiming with most of the points above).
The entire Conservative advocacy of this issue is based on lies, B.S. and jingoism.
The petroleum industry and their minions spout this stuff for two princple reasons; one to increase profits, to deter investment in renewable energy technologies that pose a competitive threat.
Republicans may have a point that Democrats are playing politics with oil subsidies. To understand why, look no further than the fact that the bill Senate Majority Leader Harry Reid will bring to the floor for a vote Tuesday evening doesn't pass basic constitutional muster.
eliminating tax loopholes raises revenues, and any legislation that raises revenues must, according to the Constitution, originate in the House of Representatives.
The petroleum industry and their minions spout this stuff for two princple reasons; one to increase profits, to deter investment in renewable energy technologies that pose a competitive threat.
Actually the petroleum industry is collecting renewable energy credits Democrats asked to be passed into law. Why would they want to deter credits that they receive? That sounds counter productive
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
