Props aplenty in Senate show on big oil tax breaks

[Flaylo]

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

The hearing didn't get Congress any closer to doing that. But it did provide Senate Democrats a televised chance to challenge the nation's five largest oil companies to defend their generous tax breaks amid huge profits. At issue, Democrats said, was a bill by Sen. Robert Menendez, D-N.J., to repeal the tax breaks granted to the five companies testifying.

Sen. Ron Wyden of Oregon played a video of a 2005 congressional hearing in which oil company executives said they didn't need generous tax breaks because oil was then selling at $55 a barrel. As the hearing commenced, the price per barrel hovered just below $100.

"You all said you didn't need them in 2005," Wyden said. "You seem to be telling a different story today."
Chevron Corp. chairman and CEO John Watson said the companies don't want special tax benefits — just the benefits that other industries get.

ConocoPhillips chairman Jim Mulva said a tax increase on oil companies would cost jobs, discourage investment and lead to even higher gas prices. But several of his fellow CEOs weren't as willing to make a direct link between eliminating the tax breaks and higher fuel costs.

"It's hard to make definitive statements around prices because part of the conversation today was around all of the elements that go into the volatility of prices," Marvin Odum, president of Shell Oil Co., said after the hearing. "There's so many factors you can't say a definitive impact."

If they didn't need them why now? Greed!!!!

 

[hipeter924]

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

The hearing didn't get Congress any closer to doing that. But it did provide Senate Democrats a televised chance to challenge the nation's five largest oil companies to defend their generous tax breaks amid huge profits. At issue, Democrats said, was a bill by Sen. Robert Menendez, D-N.J., to repeal the tax breaks granted to the five companies testifying.

Sen. Ron Wyden of Oregon played a video of a 2005 congressional hearing in which oil company executives said they didn't need generous tax breaks because oil was then selling at $55 a barrel. As the hearing commenced, the price per barrel hovered just below $100.

"You all said you didn't need them in 2005," Wyden said. "You seem to be telling a different story today."
Chevron Corp. chairman and CEO John Watson said the companies don't want special tax benefits — just the benefits that other industries get.

ConocoPhillips chairman Jim Mulva said a tax increase on oil companies would cost jobs, discourage investment and lead to even higher gas prices. But several of his fellow CEOs weren't as willing to make a direct link between eliminating the tax breaks and higher fuel costs.

"It's hard to make definitive statements around prices because part of the conversation today was around all of the elements that go into the volatility of prices," Marvin Odum, president of Shell Oil Co., said after the hearing. "There's so many factors you can't say a definitive impact."

If they didn't need them why now? Greed!!!!

Don't these companies realize if they bankupt the west, they will go down with us?

 

[zzzz]

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?

 

[Too Tall]

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?

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.

 

[zzzz]

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?

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.

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.

 

[martybegan]

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?

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.

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.

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.

 

[uscitizen]

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

The hearing didn't get Congress any closer to doing that. But it did provide Senate Democrats a televised chance to challenge the nation's five largest oil companies to defend their generous tax breaks amid huge profits. At issue, Democrats said, was a bill by Sen. Robert Menendez, D-N.J., to repeal the tax breaks granted to the five companies testifying.

Sen. Ron Wyden of Oregon played a video of a 2005 congressional hearing in which oil company executives said they didn't need generous tax breaks because oil was then selling at $55 a barrel. As the hearing commenced, the price per barrel hovered just below $100.

"You all said you didn't need them in 2005," Wyden said. "You seem to be telling a different story today."
Chevron Corp. chairman and CEO John Watson said the companies don't want special tax benefits — just the benefits that other industries get.

ConocoPhillips chairman Jim Mulva said a tax increase on oil companies would cost jobs, discourage investment and lead to even higher gas prices. But several of his fellow CEOs weren't as willing to make a direct link between eliminating the tax breaks and higher fuel costs.

"It's hard to make definitive statements around prices because part of the conversation today was around all of the elements that go into the volatility of prices," Marvin Odum, president of Shell Oil Co., said after the hearing. "There's so many factors you can't say a definitive impact."

If they didn't need them why now? Greed!!!!

Don't these companies realize if they bankupt the west, they will go down with us?

Huh? Demand in the rest of the world is growing while the US demand keeps dropping.

 

[midcan5]

There is no competition in Oil today and speculation is a large part of the cost.

 

[Stephanie]

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

 

[NYcarbineer]

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

 

[Too Tall]

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.

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.

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.

You didn't go far enough. The Obama plan for the $20 Billion is for the administration to "invest" it in their favorite alternative energy programs. Hence, ZERO reduction in the deficit.

 

[Claudette]

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.

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.

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.

Saw that on the news yesterday as well.

Oil companies don't set gas prices. As you stated remove the deductions and gas prices will go up. No company is going to absorb cost. They will pass it on to the consumer.

Seems the oil companies are itching to drill and provide jobs. To bad the Clowns in DC are wasting their time on the dog and pony show instead of allowing the companies to roll.

 

[JRK]

The super majority in the senate and house for 2 years could have done away with those "tax breaks" these oil companies get

Anyway, its about the jobs, not the oil
Its about the jobs, not the tax revenue

What good is hiking the taxes Exxon pays? there just going to charge more for there product. they have n money tree siting around to pay there taxes

 

[8537]

they have n money tree siting around to pay there taxes

Well, it's not a tree of course. but they do have 40B in cash reserves sitting on the sidelines.

 

[JRK]

they have n money tree siting around to pay there taxes

Well, it's not a tree of course. but they do have 40B in cash reserves sitting on the sidelines.

Kind of hard to spend that money when you are not allowed to invest it in the countries future
Besides they pay taxes on that wealth
In addition you still did not answer the question

 

[8537]

they have n money tree siting around to pay there taxes

Well, it's not a tree of course. but they do have 40B in cash reserves sitting on the sidelines.

Kind of hard to spend that money when you are not allowed to invest it in the countries future

Exxon operates in the US...and the rest of the world. I'm sure the poor guys can find a place to invest.

Besides they pay taxes on that wealth

No they don't. Corporations pay taxes on profits, not on reserves.

 

[Meister]

Oil prices are high and hitting everyone in the wallet. There is a lot of lip service saying that Big Oil is gouging the consumer. It's a campaign year and the left knows that they will get positive milage at the ballot box if they attack this year. They have another faux witch hunt to prove that big oil is evil. But, in the end they will find nothing as what has always been the case in the past. But, it sure does look like the libs are trying to fix the problem, and the gullible people will buy it.

 

[SFC Ollie]

And while they play political games should the price at the pump drop a few pennies they can call it a victory and the average idiot on the street will praise them.

 

[JRK]

Well, it's not a tree of course. but they do have 40B in cash reserves sitting on the sidelines.

Kind of hard to spend that money when you are not allowed to invest it in the countries future

Exxon operates in the US...and the rest of the world. I'm sure the poor guys can find a place to invest.

Besides they pay taxes on that wealth

No they don't. Corporations pay taxes on profits, not on reserves.

There you go
profit is not wealth
Its, well what is it?
and they do not pay taxes on capital gains?

 

[Meister]

And while they play political games should the price at the pump drop a few pennies they can call it a victory and the average idiot on the street will praise them.

The government could take away all profits from the oil companies on gas, and the price would drop from....say 4.05 down to 3.95. Now you take the fed and state taxes out of the gallon of gas and it would drop from 4.05 down to say 3.59.
Bottom line is both the states AND the feds make a bundle out of each gallon of gas sold.....not the oil company.