Props aplenty in Senate show on big oil tax breaks

Discussion in 'Politics' started by Flaylo, May 13, 2011.

  1. Flaylo
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    Flaylo Handsome Devil

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    Props aplenty in Senate show on big oil tax breaks - Yahoo! News

    If they didn't need them why now? Greed!!!!
     
  2. hipeter924
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    hipeter924 Not a zombie yet

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    Don't these companies realize if they bankupt the west, they will go down with us? :cuckoo:
     
  3. zzzz
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    zzzz Just a regular American

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    Its all about having something and giving it back. They don't need the breaks but they have them and the shareholders do not want to give up their dividends (most who are rich anyway), the CEO's have to answer to them. Its all about profit and maximizing that profit at the expense of the consumer. Isn't that what capitalism is all about folks?
     
  4. Too Tall
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    Too Tall Senior Member

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    I didn't realize that 'most' of the people who have 401K's that have mutual funds with oil co stocks in them were rich.
     
  5. zzzz
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    zzzz Just a regular American

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    I would think most of them have a small percentage of the total stock of the oil companies. I meant the major stockholders being rich.
     
  6. martybegan
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    martybegan Gold Member

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    Breakdown of major stockholders

    XOM Major Holders | Exxon Mobil Corporation Common Stock - Yahoo! Finance

    Seems to be alot of mutual funds. Now some of the institutional owners could be old money trusts, but the individual stockholders seem to be in the minority.

    I find it comical that the hearings are over around $20 Billion in tax deductions (thats what they really are, not subsidies, or welfare) when the deficit is $1 trillon ($1,000 billion).

    And we can assume any operating cost increase would be passed on to consumers, as this would be an industry wide tax deduction removal, i.e. every producers cost would go up the same.
     
  7. uscitizen
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    uscitizen Senior Member

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    Huh? Demand in the rest of the world is growing while the US demand keeps dropping.
     
  8. midcan5
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    midcan5 liberal / progressive

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    There is no competition in Oil today and speculation is a large part of the cost.
     
  9. Stephanie
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    Stephanie Diamond Member Supporting Member

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    Democrats Admit Their Gas Bill Will Not Cut Gas Prices… But They Will Take More From Gas Companies
    Posted by Jim Hoft on Thursday, May 12, 2011, 6:10 PM

    Republican Orrin Hatch called Thursday’s senate hearing a dog and pony show, a point he drove home with a visual aid. (CNN)

    Democrats admitted this week that their tax bill will not cut gas prices at all…
    They just want to take more profit from the private sector.
    RepublicanSenate.gov reported:

    With Gas Prices Nearing Record Highs, The Democrat Finance Chairman Says ‘I Don’t See That As An Issue At All. The Issue I See Is Who Shares.’

    CHAIRMAN BAUCUS: Our Bill ‘Is Not Going To Change The Price At The Gasoline Pump’

    SEN. MAX BAUCUS (D-MT): “You know, this is not going to change the price at the gasoline pump. That’s not the issue. I don’t see that as an issue at all. The issue I see is who shares.” (U.S. Senate, Finance Committee, Hearing, 5/12/11)

    SEN. MARY LANDRIEU (D-LA): “It will not reduce gasoline prices by one penny.” “I would just like to add my strong voice to urging my colleagues to read this bill, to look at it and understand the inherent unfairness in it, the lack of significant deficit reduction, and the fact that it will not, although it is being touted as, it will not reduce gasoline prices by one penny.” (Sen. Landrieu, Floor Remarks, 5/11/11)

    SEN. MARK BEGICH (D-AK): “It won’t decrease prices at the pump.” “There is a lot of talk right now about ending tax incentives for oil and gas industry, but the high profits right now of these companies are easy targets. But one thing Alaskans know, just because you have an easy target doesn’t mean it is the right thing to shoot. It won’t decrease prices at the pump for our families and small businesses. It will discourage companies, especially the independents, from domestic investment and job creation.” (Sen. Begich, Floor Remarks, 5/11/11)

    SEN. CHUCK SCHUMER (D-NY): “This was never intended to talk about lowering prices.” (CNN’s “The Situation Room,” 5/11/11)

    SEN. ROBERT MENENDEZ (D-NJ): “Nobody has made the claim that this bill is about reducing gas prices.” (“McCaskill: Savings From Cutting Oil Tax Breaks Should Be For Deficit Reduction,” The Hill’s E2 Wire Blog, 5/10/11)


    from with comments.
    Democrats Admit Their Gas Bill Will Not Cut Gas Prices… But They Will Take More From Gas Companies | The Gateway Pundit
     
  10. NYcarbineer
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    NYcarbineer Diamond Member

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    How about we eliminate the oil company subsidies and transfer the savings to a federal gas tax reduction at the pump?
     

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