Senate Blocks Legislation To End Big Oil Subsidies (Congress, Iraq, gasoline)

[OICU812]

Originally Posted by theunbrainwashed

That's what I want to know too. I posed this question before. I don't think the government sends a check every month to the oil companies to buy up some of their oil

They don't receive money from government, but that is exactly what the dems in the senate hope the ignorant populace will be lead to believe.

[TigerLily24]

Originally Posted by DRob4JC

Senate blocks proposed end to oil company tax breaks (http://www.southbendtribune.com/news/nationworld/sns-la-pn-senate-blocks-proposed-end-to-oil-company-tax-breaks-20120329,0,5624855.story - broken link)

An attempt to rollback oil company tax breaks was blocked in the Senate, despite a Rose Garden push by President Obama who said the big five oil companies are doing “just fine” as consumers struggle with painfully high gas prices at the pump.

Republicans led opposition to the measure, but several Democrats from oil-rich states joined the GOP in a filibuster to prevent the legislation from advancing. The vote was 51-47, failing to reach the 60-vote threshold.

With tax subsidies, prices are $4/gal. How high would the price go without the subsidies?

Obama wants alternative energy subsidies, but not oil subsidies. Sounds like he is attempting to pick favorites.

Either have energy subsidies for all, or eliminate subsidies for all. Don't pick favorites.

Thankfully, even a left leaning Senate couldn't agree to this.

Which of these industries is established and which isn't?
Which has had over a century to become self-sustaining?

I don't particularly agree with subsidies but to argue that newer industries should not have the same advantages that older industries have enjoyed for many, many years is just silly.

Do people really believe that Big Oil and Gas got where they are without government largesse?

Oh, well. Clearly we are not as broke as the Republicans claim.

[burdell]

Originally Posted by OICU812

They don't receive money from government, but that is exactly what the dems in the senate hope the ignorant populace will be lead to believe.

While the conservatives would have us believe getting tax breaks IS NOT anything like getting $$$, eh?

[EinsteinsGhost]

Originally Posted by DRob4JC

Senate blocks proposed end to oil company tax breaks (http://www.southbendtribune.com/news/nationworld/sns-la-pn-senate-blocks-proposed-end-to-oil-company-tax-breaks-20120329,0,5624855.story - broken link)

An attempt to rollback oil company tax breaks was blocked in the Senate, despite a Rose Garden push by President Obama who said the big five oil companies are doing “just fine” as consumers struggle with painfully high gas prices at the pump.

Republicans led opposition to the measure, but several Democrats from oil-rich states joined the GOP in a filibuster to prevent the legislation from advancing. The vote was 51-47, failing to reach the 60-vote threshold.

With tax subsidies, prices are $4/gal. How high would the price go without the subsidies?

Obama wants alternative energy subsidies, but not oil subsidies. Sounds like he is attempting to pick favorites.

Either have energy subsidies for all, or eliminate subsidies for all. Don't pick favorites.

Thankfully, even a left leaning Senate couldn't agree to this.

Continuing the tradition of...

Anybody is good, but Obama... no matter the position.

[DRob4JC]

Originally Posted by burdell

It would still be a competetive market. Would prices necessarily go higher or would they just have to accept lower profits?

That's liberal economic policy right there. They will have to accept lower profits.

OK - remove alternative energy subsidies - they will just have to survive on their own.

[DRob4JC]

Originally Posted by OICU812

The one area in the private sector economy that is showing positive growth and the dems want to kill it?

What specifically do they want to end? If it's the Oil Depletion Allowance, the big oil companies do not benefit from that, just the small independent oil companies do.

What this boils down to, is that Obama and the dems hate oil, and it drives them nuts that private, independent oil companies are the ones drilling all the increases in oil production. They are operating on private lands in the 50 states, and Obama has no say in preventing any of it.

This is what I was asking myself.

This is the one dependable source of energy that he has continuously worked to cut. Why? We are exporting oil right now. Why are we not cutting imports and using what we produce? Reducing imports and using what we make would make world events less impactful on the futures speculations. This would seem like the rational thing to do here.

Allow refineries to update their technology so they could use current technology to refine crude oil for less in the long run. This is not difficult to figure out - unless a different agenda is at hand with the Obama administration.

[Mircea]

Originally Posted by DRob4JC

With tax subsidies, prices are $4/gal. How high would the price go without the subsidies?

Obama wants alternative energy subsidies, but not oil subsidies. Sounds like he is attempting to pick favorites.

Either have energy subsidies for all, or eliminate subsidies for all. Don't pick favorites.

Thankfully, even a left leaning Senate couldn't agree to this.

Originally Posted by burdell

It would still be a competetive market. Would prices necessarily go higher or would they just have to accept lower profits?

Originally Posted by TigerLily24

Which of these industries is established and which isn't?
Which has had over a century to become self-sustaining?

I don't particularly agree with subsidies but to argue that newer industries should not have the same advantages that older industries have enjoyed for many, many years is just silly.

Do people really believe that Big Oil and Gas got where they are without government largesse?

Oh, well. Clearly we are not as broke as the Republicans claim.

It's apparent that the lot of you don't understand how things work.

One reason gasoline prices increased is due to the fact that ethanol subsidies ended January 1, 2012.

With respect to oil company subsidies, there are a few facts that you all need to consider. Many oil companies are nationalized. A good example is Norwegian Statoil.

Those oil companies that are not nationalized, such as Total (France) pay less in corporate taxes than US companies (including oil companies and also receive government subsidies.

This is an issue of both competitiveness and some would say "national security."

It is a matter of national security because the US needs to control oil supplies to ensure that it has oil. There have been congressional hearings in the recent past on subjects such as "peak oil" (most recently in 2005).

Oil exploration is not free. You do not just show up at a country and start walking around looking for oil (unless you have a death wish). You bid on geologic tracts of land. Just prior to the Iraq war, Iraq was bidding out 9 geologic tracts for oil exploration. Everybody was bidding except the US (who was banned). There were 2 British companies bidding but I think those were fronts for MI5/MI6 (one was based in South Africa and the other just "popped up").

If you pay to explore for oil, and you find oil, that oil is not yours. If you want it, then you'll have to bid on it for royalty rights.

And then if you want to pump that oil, you'll have to bid on the development rights.

So, the question before you is how are US oil companies to compete in a global market against more than 100 other oil companies, when those other oil companies:

1] pay less in taxes than US oil companies;

2] get more in tax credits than US oil companies;

3] are further subsidized by their respective governments; and

4] may also be State-owned.

We're talking "deep pocket resources" here. I'm Statoil and I'm bidding against US oil companies, I can bid much higher because I have the full power of the Norwegian treasury behind me.

If I am Total, I can out-bid US oil companies because I pay less in taxes, get tax credits and get subsidies, plus I can pitch my case before the government and get a lump-sum cash offering.

Remember, we live in a global economy, and there is no going back.

If you are still thinking in terms of "me" then you are dead wrong and you will pay for it.

As an oil company I really don't give a rat's ass about you. You are merely 4.5% of the world population and you are not the only people who buy oil. I exist to ensure that shareholders receive profits, and shareholders get profits when I explore for oil, find oil, acquire the rights to that oil, and then develop that oil for the world market.

So, yes, I'll raise the price of gasoline if necessary to ensure that I can continue to remain competitive on the world/global market.

This is the 21st Century and the days of cheap gasoline are long gone, yet most of you are still pining for the $0.67/gallon days.

If you are experiencing financial difficulties at any level due to gasoline prices, then that is your fault due to your own short-sightedness. You allowed suburban sprawl, and you rejected rapid mass transit at every opportunity.

You will be paying for your stupidity for decades.

Laughing at the superior intellect...

Mircea

[DRob4JC]

Originally Posted by EinsteinsGhost

Continuing the tradition of...

Anybody is good, but Obama... no matter the position.

If the shoe fits.....

Not my fault that the positions he holds does not advance American interests.

Despite his lofty rhetoric, nothing in this country is getting better for average Americans. More unemployment, more divisiveness, more regulation, less energy, less freedom, higher prices for the basics,...

[texdav]

Perhaps now we can move against rail and other trnapostatio subsides. The aginst solar drict loans and mandated ethnol i gasoline which drive down mailage and cost more.Let the enrgy stand o their own and quite trying to pick winnwers and losers which has not only failed but cost taxpayers alot in defciit spending.Obama is proposig alot now that he knows its a election and isn't goig anyhwere. I fact he must likely this economy to actually do nothing productive at all.

[EinsteinsGhost]

Originally Posted by DRob4JC

If the shoe fits.....

And somehow y'all make it fit... without fail!