Democrats propose temporary suspension of federal gas tax to offset soaring prices

[g5000]

Oil companies are sitting on 11 million acres the size of Massachusetts and won't budge. Why don't they investigate these oil companies, all with records profits and why they continue to raise the prices?

“The bumper profit totals, provided exclusively to the Guardian, show that in the third quarter of 2021 alone, 24 top oil and gas companies made more than $74bn in net income. From January to September, the net income of the group, which includes Exxon, Chevron, Shell and BP, was $174bn.”

Higher Gas Prices As Big Oil Profits Soar To $174 Billion

24 of the top Big Oil and gas corporations made $174 billion in profits this year while hiking gas prices on American consumers.

www.accountable.us

*sigh*

I knew it was just a matter of time before someone claimed about the oil companies' "record profits".

Back in 2008 when oil hit a hundred bucks a barrel, Hillary Clinton wanted the government to seize their "record profits".

You know, oil companies aren't the only ones who experience record profits during high prices. Why are you singling out the oil companies.

If I sell widgets at a ten percent margin, and the raw materials and operating costs are 50 dollars, then I sell my widgets for 5 dollars. That's a ten percent margin and I make a 5 dollar profit for every widget I sell.

But if the cost of raw materials and labor rise to 70 dollars, then my ten percent margin brings me 7 dollars of profit for every widget I sell.

Presto! Record profits.

That's basic stuff, but there are also a lot of other complicated economic factors behind high gas prices. This is a global problem, not just a US problem.

During the pandemic shutdown, the oil companies had to let thousands of workers go as demand dried up. And they had to shut down a lot of wells and so forth.

You can't turn all that around like a light switch when demand suddenly surges to record highs.

So you have a low supply and high demand. Presto, higher prices.

 

[B. Kidd]

Oil companies are sitting on 11 million acres the size of Massachusetts and won't budge. Why don't they investigate these oil companies, all with records profits and why they continue to raise the prices?

“The bumper profit totals, provided exclusively to the Guardian, show that in the third quarter of 2021 alone, 24 top oil and gas companies made more than $74bn in net income. From January to September, the net income of the group, which includes Exxon, Chevron, Shell and BP, was $174bn.”

Higher Gas Prices As Big Oil Profits Soar To $174 Billion

24 of the top Big Oil and gas corporations made $174 billion in profits this year while hiking gas prices on American consumers.

www.accountable.us

You forget that Joey declared war on fossil fuels.
If I was in a war, a smart strategy is to produce less and make more!!
Especially in a war that I didn't start!

Keep payin' to pump!!

 

[debbiedowner]

*sigh*

I knew it was just a matter of time before someone claimed about the oil companies' "record profits".

Back in 2008 when oil hit a hundred bucks a barrel, Hillary Clinton wanted the government to seize their "record profits".

You know, oil companies aren't the only ones who experience record profits during high prices. Why are you singling out the oil companies.

If I sell widgets at a ten percent margin, and the raw materials and operating costs are 50 dollars, then I sell my widgets for 5 dollars. That's a ten percent margin and I make a 5 dollar profit for every widget I sell.

But if the cost of raw materials and labor rise to 70 dollars, then my ten percent margin brings me 7 dollars of profit for every widget I sell.

Presto! Record profits.

That's basic stuff, but there are also a lot of other complicated economic factors behind high gas prices. This is a global problem, not just a US problem.

During the pandemic shutdown, the oil companies had to let thousands of workers go as demand dried up. And they had to shut down a lot of wells and so forth.

You can't turn all that around like a light switch when demand suddenly surges to record highs.

So you have a low supply and high demand. Presto, higher prices.

I said nothing about seizing their profits. They made good profits during the pandemic. The gov needs to negotiate with them, not seize a thing.

 

[Dont Taz Me Bro]

Great idea. Let's add even more to the national debt.

 

[g5000]

I said nothing about seizing their profits. They made good profits during the pandemic. The gov needs to negotiate with them, not seize a thing.

I did not say you wanted to seize their profits. Hillary did.

It's probably just a matter of time before another high profile Democrat expresses the same idea.

 

[OKTexas]

Oh look who's all concerned with a disastrous mid-term staring them in the face.....I figure it's just a red-herring to try to get the gop on record as opposing it.

WASHINGTON - Two Democratic senators on Wednesday unveiled a proposal to temporarily suspend the federal gas tax in order to help blunt the financial pain of surging prices at the pump.

The Gas Prices Relief Act, introduced by Sens. Mark Kelly of Arizona and Maggie Hassan of New Hampshire, would eliminate the federal gas tax – which has remained at 18.4 cents per gallon since 1993 – for the remainder of the year.

Democrats propose temporary suspension of federal gas tax to offset soaring prices

The Gas Prices Relief Act would eliminate the 18.4 cents per gallon fuel tax for the rest of 2022.

www.fox2detroit.com

Yep, buying votes 101, give the pulpers a few pennies and they'll love ya for ever. LMAO And in similar news:

https://www.cnbc.com/2022/02/15/education-department-wont-seize-tax-refunds-

Just keep that debt clock churning, but hey, it's all about saving our democracy, RIGHT!

.

 

[airplanemechanic]

Great idea. Let's add even more to the national debt.

How does removing a tax add to the national debt? I'm pretty sure out of control gov't spending adds to the national debt.

 

[OKTexas]

Oil companies are sitting on 11 million acres the size of Massachusetts and won't budge. Why don't they investigate these oil companies, all with records profits and why they continue to raise the prices?

“The bumper profit totals, provided exclusively to the Guardian, show that in the third quarter of 2021 alone, 24 top oil and gas companies made more than $74bn in net income. From January to September, the net income of the group, which includes Exxon, Chevron, Shell and BP, was $174bn.”

Higher Gas Prices As Big Oil Profits Soar To $174 Billion

24 of the top Big Oil and gas corporations made $174 billion in profits this year while hiking gas prices on American consumers.

www.accountable.us

Are you so ignorant to not know US companies don't set oil prices? It is determined by the world market. Don't ya just love xiden begging OPEC+1 to increase production? Putin sure does. LMAO

.

 

[OKTexas]

Great idea. Let's add even more to the national debt.

It's estimated to cost 20 BILLION, just a drop in the bucket.

.

 

[Independent thinker]

Oh look who's all concerned with a disastrous mid-term staring them in the face.....I figure it's just a red-herring to try to get the gop on record as opposing it.

WASHINGTON - Two Democratic senators on Wednesday unveiled a proposal to temporarily suspend the federal gas tax in order to help blunt the financial pain of surging prices at the pump.

The Gas Prices Relief Act, introduced by Sens. Mark Kelly of Arizona and Maggie Hassan of New Hampshire, would eliminate the federal gas tax – which has remained at 18.4 cents per gallon since 1993 – for the remainder of the year.

Democrats propose temporary suspension of federal gas tax to offset soaring prices

The Gas Prices Relief Act would eliminate the 18.4 cents per gallon fuel tax for the rest of 2022.

www.fox2detroit.com

Every time I hear this I wonder what planet Democrats are on. With gas prices soaring, they decide to do absolutely nothing to stop gas prices from soaring and, instead, just decide to have a gas tax holiday. The federal gas tax rate is around 20 cents per gallon so we get rid of that at the same time gas prices are going up about 20 cents per month. After just one month, even with the gas tax holiday, prices will be right back up to where they are now and will go even higher after that. What about having policies that actually decrease the price of gas? Stupid is as stupid does.

 

[debbiedowner]

Are you so ignorant to not know US companies don't set oil prices? It is determined by the world market. Don't ya just love xiden begging OPEC+1 to increase production? Putin sure does. LMAO

.

I never said they did, did I?

 

[OKTexas]

I never said they did, did I?

Yeah, you did:

Why don't they investigate these oil companies, all with records profits and why they continue to raise the prices?

The concept is clear, the price of their raw material is way up.

.

 

[Flash]

 

[Clipper]

Sure. Let's pass on the quickly-decaying roads and bridges to the next Congress ran by Republicans. Let them deal with it so the Democrats can tell them what a bad job they're doing with "infrastructure."

I don't have the words how to express how much I hate those cocksuckers running this show now.

Yea, Trump & his right wing mob did such a great job on infrastructure during the hack's term.

 

[dudmuck]

Every time I hear this I wonder what planet Democrats are on. With gas prices soaring, they decide to do absolutely nothing to stop gas prices from soaring and, instead, just decide to have a gas tax holiday. The federal gas tax rate is around 20 cents per gallon so we get rid of that at the same time gas prices are going up about 20 cents per month. After just one month, even with the gas tax holiday, prices will be right back up to where they are now and will go even higher after that. What about having policies that actually decrease the price of gas? Stupid is as stupid does.

 

[maybelooking]

I have a better idea. Just reinstitute Trumps energy policies. PROBLEM SOLVED.

 

[Independent thinker]

I realize that is the lefty spin. They are claiming that there really is no inflation at all and that every single company is just greedy. The voters aren't buying that bullshit excuse. They know the truth.

 

[22lcidw]

Yea, Trump & his right wing mob did such a great job on infrastructure during the hack's term.

There was interference on that. From his own and of course the Progs. A direct 500-billion-dollar bill without paying people off passed on roads and bridges would modernize our system.

 

[Clipper]

There was interference on that. From his own and of course the Progs. A direct 500-billion-dollar bill without paying people off passed on roads and bridges would modernize our system.

There was agreement on a spending plan for infrastructure until Trump threw a temper tantrum ending any chance of a bill getting passed.

That's what happens when a lunatic is elected POTUS.

 

[22lcidw]

There was agreement on a spending plan for infrastructure until Trump threw a temper tantrum ending any chance of a bill getting passed.

That's what happens when a lunatic is elected POTUS.

I do not believe that. I would believe that he had to learn the Presidency as compared to a private business. And we see a man with 50 years in as a politician right now destroying Americans. Lunatics are lunatics.