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Do you actually know what a "subsidy" is? Leftists hate that word when it is used against Business and LOVE it when it is used for their agenda - like scholarships, education, Grants, Earned Income Tax refunds, Community programs ..... a subside is usually a tax reduction OR a Cash payment.
In the case of the Petroleum Industry it is a Tax reduction, just as it is for Apple, Google, Facebook, News Media and most businesses.
I have no problem with the Federal Government banning ALL subsidies for a while and see how that works.
The Military can't operate without buying Oil and neither can any other US Citizen.
I don't care about the left or right.
Replace the term with whatever you want, welfare, subsidy, handout. Its all the same to me.
If some company is getting a tax break, then it is the same as a handout or welfare check to me.
If everyone else is paying taxes while others are getting a pass, then that is a handout.
Don't forget the Petrodollar and the billions spent by our military to protect oil in other countries as well.
Like it or not, this is not Free Market Capitalism where other people are on the hook for a for profit private enterprise. The Shareholders , CEO's and Upper Management are not entitled to the high pay they get when the tax payers are taking all the risks and using our military to protect their interests.
No. Saudi Arabia is trying to sell as much as they can before the price crash; which they could see coming years ago.
No, sorry, wrong answer. Quit making things up as you go along.
It is true OPEC set production quotas for member-States. The purpose of setting quotas was not to inflate the price of oil, rather it was to maintain a steady price.
With the possible exception of Indonesia, OPEC member-States are "single-cash-crop" economies.
Those governments cannot tax their people, because their people have no money so if the government wants revenues, it has to sell a whole lotta oil.
So, the purpose of the quotas is not to screw everybody, it's to guarantee their member-States have a minimum income from oil revenues in order to operate with being plunged into a civil war.
Problems arose because member-States like Venezuela were on continually expanding spending sprees.
In order to get mo' money, Venezuela and the other member-States had to break the rules and sell more than the quota allowed to get the revenues they need to keep from being plunged into civil war because people are starving and ain't got squat.
Anyway, contrary to what you claim, the Saudis don't have a crystal ball to predict future oil prices.
You better hope the oil industry doesn't tank. Are you prepared for the fallout ? Are you aware how many things in our daily life rely on that industry ? And are you aware how much that industry will be needed to make the switch to wind power, for instance ?
I'm all for reducing pollutants, as long as it is done logically.
They lead because of higher taxes but that does not explain where the money is going nationwide.
If it is $4 dollars in Boston it is $5 in California.
If it is $2 dollars in Boston today, that means some greedy shareholders and CEOs were raking it in when it was $4.
thats called supply and demand. i wonder if we look at your assets and income we can all determine that you have way to much and are paid way too much. After all its you just being "greedy". I am sure in your infinite compassion and drive to be fair you will happily share all you have with those poorer then you are. i remember those Wall Street protestors in "occupy wall Street" with their 1k iPhone and other expensive electronics protesting wealthy wall street. it's almost laughable.
EVERYONE wants alternative energy. EVERYONE. However, only an idiot would destroy the US economy embracing "alternative energy" that is currently too expensive and not capable of supplying the US with energy.
NEWSFLASH: There is already a slow movement toward alternative energy. It will happen, eventually, when such sources are capable of supplying the US with its energy needs. Embracing technology that is not up to the task currently while destroying a huge part of the economy is liberal lunacy.
Liberals live in a fantasy world, not reality. In their world, there is no need for police, the Chinese are always fair, minorities don't commit crimes, and illegal immigrants all have PhDs in engineering.
The right-wing cannot argue without invoking a fantastically unrealistic doom day scenario. They watch Hollywood sci-fi and apply it to their world.
You guys are acting like oil is going to end the day after Biden is elected. An idea so dumb, I don't know where to even start debunking.
Nobody is saying oil will disappear tomorrow. They probably still have a good 50 years of life left.
What are you an oil expert that you can make a claim like that!
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