US Senate votes down ethanol subsidies

[uscitizen]

And how many jobs will eliminating the subsidy cost?

 

[uscitizen]

This will really help the republicans in the predominately rural republican areas.

 

[percysunshine]

Here are just a sampling of the $280 BILLION IN OIL INDUSTRY SUBSIDIES THE USA PROVIDES (in 2010 dollars)

1. Federal stimulus funds -- $3.4 billion 2009

2. Domestic manufacturing tax deduction -- $1.73 billion annually

3. Exempt from passive investments -- $1.8 million annually.

4. Percentage depletion allowance -- $1 million annually.

5. Deduction for tertiary injectants -- $6.7 million annually.

6. Accelerated depreciation on equipment -- $4 billion annual

7. Worldwide U.S. government subsidies through favorable lending -- $1.3 billion annually

8. Credit for production of nonconventional fuels -- $2 billion annually.

9. Oil and gas exploration and development expensing -- $1 billion annually

10. Foreign tax credit -- $2.2 billion annually.

11. Oil and gas excess percentage over cost depletion -- $771.4 million annually.

12. Credit for enhanced oil recovery costs -- $224.3 million annual.

13. Exclusion of alternative fuels from fuel excise tax -- $49 million annually.

14. Exception from passive loss limitations for oil and gas -- $27.1 million annually.

15. Expensing liquid fuel refineries -- $23.4 million annually.

16. Sulfur regulatory compliance incentives for small diesel refiners -- $15.6 million annually.

17. Credit for clean fuel vehicles and refueling property -- $2 million annually.

18. Highway trust fund -- $71.4 million annually.

19. Low income home energy assistant program -- $914.3 million annually.

20. Strategic petroleum reserve -- $882.9 million annually.

21. Northeast home heating oil reserve -- $7.1 million annually.

22. Commuter benefits exclusion from income -- $3.9 billion annually.

23. Public liability in BP Gulf spill -- at least economic damages capped at $75 million -- $2.425 billion annually.


Historical Annual Subsidies (in 2010 dollars)

1. Local, state government protection services -- $36.8 billion to $51.8, billion annually.

2. Federal, state, local spending on transportation infrastructure -- $48.8 billion to $151.9 billion annually.

3. Fuel taxes lower than regular sales taxes -- $6.5 billion annually.

4. Oil security -- $6.9 billion to $28.8 billion annually.

5. Public liability for plugging, abandoning, remediating onshore wells -- $77.4 million annually.

6. U.S. Export-Import Bank -- $1.5 billion annually.

7. Tax break from federal/state interaction -- $80 million to $169.9 million annually.

8. Unfunded, underfunded liabilities on inadequate bonding and user fees for current stock of onshore, offshore oil operators -- $242.7 million to $785.3 million annually.

9. Basic industry information free of charge from U.S. Energy Information Administration, others -- $105.7 million to $138.5 million annually.

10. U.S. coast guard -- $439.8 million annually.

11. Deferral of income from controlled foreign corporations -- $88.5 million to $432.6 million annually.

12. U.S. Army corps of engineers -- $341.2 million to $369.8 million annually.

13. Domestic production activities deduction -- $1.2 billion annually.

14. Temporary expensing for equipment used in oil refining -- $262.4 million annually.

15. Amortization of oil, gas geological geophysical costs -- $218.9 million to $518.4 million annually.

16. Deferral of foreign income -- $88.5 million to $432.7 million annually.

17. Natural gas distribution pipelines treated as 15-year property -- $21.6 million annually.

18. Temporary 50 percent expensing for equipment used in the refining of liquid fuels -- $10.8 million annually.

19. Royalty under-collection due to artificially low posted prices -- $44.3 million to $185.6 million annually.

20. Federal oil and gas R&D -- $77 million annually.

21. U.S. Department of Energy, naval petroleum and oil shale reserves -- $23 million annually.

22. Environmental costs associated with toxic air emissions -- $138.9 million to $2.6 billion annually.

23. Costs of access to oil resources -- $115.7 million to $292.7 million annually.

24. Transfer of oil-related liability to public sector -- $244.2 million to $795.3 million annually.

25. Clean-up of petroleum-contaminated water per year -- $1.2 billion annually.

26. Health, environmental effects of leaking motor vehicle storage tanks -- $171.3 million to $2.6 billion annually.

Annual State Oil Subsidies

1. California -- direct subsidies to oil (historical numbers, 1997) -- $174.9 million.

2. California -- foregone royalties- (historical estimate, 1995)-- $114.2 million to $285.6 million annually.

3. Texas -- oil severance tax incentives -- $102 million annually.

4. Texas -- gasoline tax exemptions -- $86.6 million annually.

5. Texas -- state, local subsidies for oil, gas -- $1.5 billion annually.

6. Alaska -- cash refunds for oil company exploration and development and/or tax credits- $548.8 million annually.

OIL SUBSIDY TOTALS = $133.2 billion to $280.8 billion/annually/ .96 cents to $2.01 per gallon produced in U.S./ 139.5 billion gallons

OIL SUBSIDIES WITHOUT NUMBERS

1. Domestic manufacturing tax credit

2. Increased accelerated depreciation of certain oil- and gas-related assets

3. Increased spending on carbon-related research

4. Pending subsidies for carbon capture, sequestration

5. Higher oil security subsidies as a result of much higher defense spending in past decade

6. Tax breaks for investments in refineries

7. Loan guarantees for natural gas pipeline from Alaska (not yet built)

8. Large losses from poorly structured royalty agreements in Gulf oil, gas leases in 1998

9. Continued evolution in oil, gas corporate structures to bypass U.S. corporate taxation -- through partnership structures and offshore headquarters.

Not one of those is a subsidy to Big Oil. Remember our agreement about the definition of the word 'subsidy'?

Not taxing everything at 100%, is not a subsidy.

Try again sporto.

 

[Mr.Nick]

Anyone ever hear of the tortilla riots in Mexico??

On one hand you pay less for gas but on the other you pay more for corn...

How the rising price of corn made Mexicans take to streets - Americas, World - The Independent

The best part about that is - Al Gore was a big supporter of that and was somewhat an architect of the brilliant idea, then when someone asked him "did you think the program would raise the prices on food product" his response was "I never thought about that."

Mexico charges the USA over $100 a barrel for oil but you want us to sell them corn for less than the cost of production.

Do you idiots want to solve the trade deficit problem or not?

I suppose the point went right over your head....

My point is - the more corn we use for fuel, the less corn we have to eat and to feed animals...

Therefore the price of corn goes up and the price of fuel goes down... get it?? less corn more fuel??

Supply and demand..

Does anyone on this board understand supply and demand???

 

[Mr.Nick]

This will really help the republicans in the predominately rural republican areas.

Unlike democrats real republicans don't put the nation in financial risk to buy votes...

They're able to be fiscally conservative like I believe you said you were...

 

[KissMy]

Anyone ever hear of the tortilla riots in Mexico??

On one hand you pay less for gas but on the other you pay more for corn...

How the rising price of corn made Mexicans take to streets - Americas, World - The Independent

The best part about that is - Al Gore was a big supporter of that and was somewhat an architect of the brilliant idea, then when someone asked him "did you think the program would raise the prices on food product" his response was "I never thought about that."

Mexico charges the USA over $100 a barrel for oil but you want us to sell them corn for less than the cost of production.

Do you idiots want to solve the trade deficit problem or not?

I suppose the point went right over your head....

My point is - the more corn we use for fuel, the less corn we have to eat and to feed animals...

Therefore the price of corn goes up and the price of fuel goes down... get it?? less corn more fuel??

Supply and demand..

Does anyone on this board understand supply and demand???

You don't understand supply & demand.

Are you going to tell an oil company they cant sell plastic, asphalt, heating oil etc because they need to produce more gasoline?

 

[KissMy]

Taking Away the Ethanol Tax Credit is Raising Taxes on the Ethanol Industry & Farmers.

If you want to raise taxes on Ethanol then why not raise taxes on Big Oil?

[ame="http://www.youtube.com/watch?v=K3v8iZNRKpY"]Defend $21 Billion Oil Subsidies[/ame]
[ame="http://www.youtube.com/watch?v=LmjoLnhng7Y"]Senators Cave On Oil Subsidies[/ame]
[ame="http://www.youtube.com/watch?v=x73QJ6-4MQw"]Big Oil Subsidies[/ame]
[ame="http://www.youtube.com/watch?v=fUL_OrT2XYE"]Oil Subsidies Flip-Flop By Boehner[/ame]

 

[editec]

A huge blow to Norquist.

AFP: US Senate votes down ethanol subsidies

WASHINGTON — The US Senate voted Thursday to end a $6 billion subsidy for ethanol in a move that appeared largely symbolic but sends a message about the growing unease on support for the biofuel made mostly from corn.
In a 73-27 vote, the Senate approved an amendment to end a 45 cent per gallon credit given for blending ethanol into gasoline and scrap a hefty tariff on ethanol imports.
The outcome for the measure remains uncertain, since the broader bill would need to pass the Senate and the House of Representatives, but lawmakers said a broad coalition supports the move to help curb the massive budget deficit.
"The ethanol and oil industries do not need nor do they deserve subsidies that are costly to American taxpayers, harm our environment and increase the cost of the food we eat," said Senator Ben Cardin, a Maryland Democrat who was among the 38 Democrats, 33 Republicans and two independents voting in favor.
<more>

I have mixed feelings on this one and work towards indecision.

On the one hand, great, let the farmers enjoy small government.

On the other I believe ethanol subsidies lower the demand for Iranian oil and defunds their military. Also stretches out how long available oil will last.

The tariff? Um, are folks really trying to sell us corn? I am ok with tariffs if there is a point.

I think supporting ethanol production is a mistake.

It was nothing more than a corporate welfare scheme from the getgo.

 

[Quantum Windbag]

Taking Away the Ethanol Tax Credit is Raising Taxes on the Ethanol Industry & Farmers.

If you want to raise taxes on Ethanol then why not raise taxes on Big Oil?

Defend $21 Billion Oil Subsidies
Senators Cave On Oil Subsidies
Big Oil Subsidies
Oil Subsidies Flip-Flop By Boehner

You are agreeing with Grover Norquist, which makes you, by the definition of the rest of the lefties on this board, a dangerous idiot.