McCain's Plan to End Oil Crisis

Discussion in 'Economy' started by Nate Peele, Jun 12, 2008.

  1. Nate Peele
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    Nate Peele Member

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    With gas prices rising ever faster to the $5 per gallon mark, something needs to be done and done fast.

    One of the Presidential campaigns has a plan to deal with this. John McCain’s economic plan will give the 5 largest oil companies in this country a total $3.8 billion in tax savings. The plan is that eventually they’ll have more money than they really know what to do with and when that happens the savings will start to trickle down to the American consumer. Afterall, there’s only so much a major corporation can do with that kind of money.

    McCain’s two point strategy involves cutting the corporate tax rate from 35% to 25% and then deduct immediately all their costs in equipment and technology. This strategy is the perfect example of trickle down economics and will bear dividends. Hopefully, McCain can get his chief political adviser Charlie Black to talk to the two oil companies he’s a registered lobbyist for and get them to accept the tax cut in the spirit it is given. Isn't that really what good government about--People helping people?

    Exxon/Mobil - $1.2 billion savings under McCain plan
    Chevron - $480 million savings under McCain plan
    ConocoPhillips - $1.2 billion savings under McCain plan
    Valero Energy -$550 million savings under McCain plan
    Marathon - $370 million savings under McCain plan

    Just think if they pass even a fraction of that savings onto the American people.
     
  2. ReillyT
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    ReillyT Senior Member

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    My only complaint with the McCain plan is that it doesn't go far enough. How long will the American people sit buy as their strongest industries are abused by government regulators and taxmen? Is it any wonder our proud oil industry is moving its endeavors to low-cost places like Angola, Saudi Arabia, Kuwait and Nigeria? Isn't it time that we did something to bring Big Oil home, where it can produce jobs, growth and cheap gasoline for the people of the United States?

    I have to say Nate, I am surprised by your socialist tendencies.
     
  3. dilloduck
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    dilloduck Diamond Member

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    I think we have a far better chance of the oil companies passing on a tax break to consumers than we have of our government using that tax money wisely enough to save consumers money.
     
  4. Paulie
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    Paulie Platinum Member

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    Probably.

    My problem with it though, is that oil companies themselves are not among the more contributing factors to the oil crisis.

    I'd much rather see congress clear more drilling on our soil.

    If the oil companies get that much money in tax breaks, the only logical expense that money could go to that would help us out the most is to build more refineries.

    Will liberal America allow it, though?
     
  5. Toro
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    Toro Diamond Member

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    Tax breaks will not induce oil companies to spend more looking for oil. Exxon buys back $8 billion of its stock every quarter.
     
  6. AllieBaba
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    AllieBaba BANNED

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    They know where the oil is. We won't let them drill for it.

    Genius dems. When you pay for gas, think of them.
     
  7. jreeves
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    jreeves Senior Member

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    http://www.wric.com/global/story.asp?s=8483393
    Exxon makes huge profits off of gouging customers, that's why they are getting out of retail gas business.:wtf:

    http://www.wric.com/global/story.asp?s=8483393
    Exxon Mobil is getting out of the retail gasoline business, a market where profits have gotten tougher because of high crude oil prices.

    The world's largest publicly traded oil company said Thursday it will sell its 820-company owned stations and another 1,400 outlets operated by dealers to gasoline distributors across the U.S.

    The Irving-based company didn't disclose financial details but said the transition will take place over a "multiyear period."

    However, motorists will continue to see Exxon and Mobil stations throughout the country. About 75% of its roughly 12,000 stations in the U.S. are owned by branded distributors. Exxon Mobil will still sell gasoline to those stations and get paid for the use of its name.
     
  8. Nate Peele
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    Nate Peele Member

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    Well I think there can be no doubt that with the falling dollar, $1,200,000,000 doesn't go as far as it used to.
     
  9. Swamp Fox
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    Swamp Fox Active Member

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    Here's a simple plan. DRILL IN ANWR, DRILL IN THE GULF, BUILD MORE REFINIRIES IN THE US. Tell them they lose their tax break if they don't start building and drilling. Not only will it help the oil supply situation, it will help the unemployment situation because thousands of people will be WORKING!
     
  10. Zoomie1980
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    Zoomie1980 Senior Member

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    We aren't going to drill our way out of this problem. Drilling will make the transistion a little less painful and buy some time, but not much. All oil in the Gulf and Alaska doesn't really amount to very much. It would take over five years to bring it on line if started tomorrow. And once on line would only add another 1.5 Million br a day, if that.....And AMWR is HEAVY crude and most will go to Japan like almost all of the current Alaska crude does...
     

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