Obama revised deepwater moratorium Drilling Rigs Moving Out of the Gulf of Mexico

[Mr. H.]

Limping (albeit slowly) back...

RIGZONE - Utilization Rebounding In GOM

 

[code1211]

Oil Companies Reap Billions From Subsidies - NYTimes.com

When the Deepwater Horizon drilling platform set off the worst oil spill at sea in American history, it was flying the flag of the Marshall Islands. Registering there allowed the rig’s owner to significantly reduce its American taxes.

The owner, Transocean, moved its corporate headquarters from Houston to the Cayman Islands in 1999 and then to Switzerland in 2008, maneuvers that also helped it avoid taxes.

At the same time, BP was reaping sizable tax benefits from leasing the rig. According to a letter sent in June to the Senate Finance Committee, the company used a tax break for the oil industry to write off 70 percent of the rent for Deepwater Horizon — a deduction of more than $225,000 a day since the lease began.

This is the actual result of raising taxes on corporate profits.

The Big 0 and those of his ilk see corporate taxes and think, "Hey! if we double the percent, we double the tax."

They are wrong. If they double the percent, they reduce the tax to a big zero. Ergo, the Big 0.

20% of something is 20%. 40% of nothing is nothing.

That 70% reference at the end means nothing. 70% of what? The total expense? Total revenue? Total profit? Partials of any of the above? If it's legal, then it's legal and any amount of wailing from the Leftists in the country that profits are bad is pointless.

Without profit there is no business. That is the goal of the Big 0: To drive all business into a different country. Seems like he's doing a pretty good job.

 

[code1211]

The Washington Monthly

PUTTING OIL INDUSTRY SUBSIDIES ON THE TABLE.... Under the circumstances, it's tempting to think Congress wouldn't have too much trouble ending breaks for the oil industry -- energy giants have enjoyed remarkable generosity for quite a while.

[A]n examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process.

According to the most recent study by the Congressional Budget Office, released in 2005, capital investments like oil field leases and drilling equipment are taxed at an effective rate of 9 percent, significantly lower than the overall rate of 25 percent for businesses in general and lower than virtually any other industry.

And for many small and midsize oil companies, the tax on capital investments is so low that it is more than eliminated by various credits. These companies' returns on those investments are often higher after taxes than before.

"The flow of revenues to oil companies is like the gusher at the bottom of the Gulf of Mexico: heavy and constant," said Senator Robert Menendez, Democrat of New Jersey, who has worked alongside the Obama administration on a bill that would cut $20 billion in oil industry tax breaks over the next decade. "There is no reason for these corporations to shortchange the American taxpayer."

Are these specifically for the oil business or are they for any business that make capital outlays to conduct business?

The highlighted portion is what caught my eye. One might suppose that profits are taxed. The article refers to investments being taxed. WTF? Tax an investment? WTF is an investment in a business? Money is profit, revenue or expense. There are no other options. Investment?

This article is double talking nonsense.

 

[code1211]

Jeff Merkley - United States Senator for Oregon: Home

Washington, D.C. – U.S. Senator Jeff Merkley (D-OR) joined Senators Robert Menendez (D-NJ) and Bill Nelson (D-FL) today to announce legislation that will close a number of corporate tax loopholes that allow oil companies to avoid paying billions of dollars in taxes. The Close Big Oil Tax Loopholes Act targets a series of tax breaks related to drilling activities and revenues, as well as foreign tax schemes. Menendez estimates that closing these loopholes will amount to more than $20 billion over ten years for taxpayers.

I hope that there are still some businesses left after 2012.

 

[code1211]

More jobs lost!!!
Fucking brilliant game-plan, Barry O

$20 billion in subsidies for oil. Do the same for solar, and watch our economy expand.

You really don't have the first clue, do you. The 20 million is legally defined reductions in the tax on profits generated from an important industry that supports every facet of our culture.

The government is not SENDING any money to the oil companies. The 20 million only reflects some of the money that it hasn't yet figured out how to confiscate. When it figures that out, even more jobs go abroad.

Solar has yet to generate a profit. Hell, it hardly generates electricity.

 

[code1211]

Solar and wind, hunh?
Have they found a way to store the electricity generated for days it's not windy or sunny?

I got my wind generator up & running last Wednesday evening. Thursday July 8th it cranked out a bunch of power, charged up 12 big batteries & pumped power out to the grid. I was jumping for joy. That was the last time the wind blew. 5 days now & nothing. This is way to long between winds. I may get the solar power going in a few weeks to help balance out the power generation.

What is the out of pocket to set up the two redundant systems?

Based on your savings, what is the payback period?

What is the life of the two systems you are constructing?

What happens if the wind stops blowing at night?

 

[Momanohedhunter]

Wind mill farms are still recruiting for maintenance people.

No, they are not. Not here any way. Haven t you heard ? T. Boon is selling his Chinese made wind mills.

 

[bripat9643]

At the same time, BP was reaping sizable tax benefits from leasing the rig. According to a letter sent in June to the Senate Finance Committee, the company used a tax break for the oil industry to write off 70 percent of the rent for Deepwater Horizon — a deduction of more than $225,000 a day since the lease began.

I'm suprised they couldn't write off 100% of the rent. It is a business expense, after all. How is writing off your legitimate business expenses a "tax break?"

 

[KissMy]

Solar and wind, hunh?
Have they found a way to store the electricity generated for days it's not windy or sunny?

I got my wind generator up & running last Wednesday evening. Thursday July 8th it cranked out a bunch of power, charged up 12 big batteries & pumped power out to the grid. I was jumping for joy. That was the last time the wind blew. 5 days now & nothing. This is way to long between winds. I may get the solar power going in a few weeks to help balance out the power generation.

What is the out of pocket to set up the two redundant systems?

Based on your savings, what is the payback period?

What is the life of the two systems you are constructing?

What happens if the wind stops blowing at night?

The system went to shit in less than a month. There was no payback. Just pure loss & negative EROEI.

The wind generator controller failed & overcharged all the batteries. Then a gust of wind caused a blade to break off possibly because the controller failed to lock phases stopping the blades in high wind. The imbalance from the broken blade broke the generator housing & tail to pieces along with the other blades. Small wind & solar is a complete waste of resources.

 

[Mr. H.]

Moving... or filing for bankruptcy:

UPDATE 1-Gulf of Mexico operator ATP files for bankruptcy - Yahoo! Finance

Aug 17 (Reuters) - Gulf of Mexico producer ATP Oil & Gas Corp filed for Chapter 11 bankruptcy protection on Friday, blaming the financial fallout of the deepwater drilling moratorium that followed the 2010 Deepwater Horizon disaster.

 

[daveman]

Solar and wind, hunh?
Have they found a way to store the electricity generated for days it's not windy or sunny?

I got my wind generator up & running last Wednesday evening. Thursday July 8th it cranked out a bunch of power, charged up 12 big batteries & pumped power out to the grid. I was jumping for joy. That was the last time the wind blew. 5 days now & nothing. This is way to long between winds. I may get the solar power going in a few weeks to help balance out the power generation.

No sweat. Just install a diesel generator and call it solar electricity, like Spain did.

News - Spanish nighttime solar energy fraud