McCain's Plan to End Oil Crisis

[Nate Peele]

With gas prices rising ever faster to the $5 per gallon mark, something needs to be done and done fast.

One of the Presidential campaigns has a plan to deal with this. John McCain’s economic plan will give the 5 largest oil companies in this country a total $3.8 billion in tax savings. The plan is that eventually they’ll have more money than they really know what to do with and when that happens the savings will start to trickle down to the American consumer. Afterall, there’s only so much a major corporation can do with that kind of money.

McCain’s two point strategy involves cutting the corporate tax rate from 35% to 25% and then deduct immediately all their costs in equipment and technology. This strategy is the perfect example of trickle down economics and will bear dividends. Hopefully, McCain can get his chief political adviser Charlie Black to talk to the two oil companies he’s a registered lobbyist for and get them to accept the tax cut in the spirit it is given. Isn't that really what good government about--People helping people?

Exxon/Mobil - $1.2 billion savings under McCain plan
Chevron - $480 million savings under McCain plan
ConocoPhillips - $1.2 billion savings under McCain plan
Valero Energy -$550 million savings under McCain plan
Marathon - $370 million savings under McCain plan

Just think if they pass even a fraction of that savings onto the American people.

 

[ReillyT]

With gas prices rising ever faster to the $5 per gallon mark, something needs to be done and done fast.

One of the Presidential campaigns has a plan to deal with this. John McCain’s economic plan will give the 5 largest oil companies in this country a total $3.8 billion in tax savings. The plan is that eventually they’ll have more money than they really know what to do with and when that happens the savings will start to trickle down to the American consumer. Afterall, there’s only so much a major corporation can do with that kind of money.

McCain’s two point strategy involves cutting the corporate tax rate from 35% to 25% and then deduct immediately all their costs in equipment and technology. This strategy is the perfect example of trickle down economics and will bear dividends. Hopefully, McCain can get his chief political adviser Charlie Black to talk to the two oil companies he’s a registered lobbyist for and get them to accept the tax cut in the spirit it is given. Isn't that really what good government about--People helping people?

Exxon/Mobil - $1.2 billion savings under McCain plan
Chevron - $480 million savings under McCain plan
ConocoPhillips - $1.2 billion savings under McCain plan
Valero Energy -$550 million savings under McCain plan
Marathon - $370 million savings under McCain plan

Just think if they pass even a fraction of that savings onto the American people.

My only complaint with the McCain plan is that it doesn't go far enough. How long will the American people sit buy as their strongest industries are abused by government regulators and taxmen? Is it any wonder our proud oil industry is moving its endeavors to low-cost places like Angola, Saudi Arabia, Kuwait and Nigeria? Isn't it time that we did something to bring Big Oil home, where it can produce jobs, growth and cheap gasoline for the people of the United States?

I have to say Nate, I am surprised by your socialist tendencies.

 

[dilloduck]

With gas prices rising ever faster to the $5 per gallon mark, something needs to be done and done fast.

One of the Presidential campaigns has a plan to deal with this. John McCain’s economic plan will give the 5 largest oil companies in this country a total $3.8 billion in tax savings. The plan is that eventually they’ll have more money than they really know what to do with and when that happens the savings will start to trickle down to the American consumer. Afterall, there’s only so much a major corporation can do with that kind of money.

McCain’s two point strategy involves cutting the corporate tax rate from 35% to 25% and then deduct immediately all their costs in equipment and technology. This strategy is the perfect example of trickle down economics and will bear dividends. Hopefully, McCain can get his chief political adviser Charlie Black to talk to the two oil companies he’s a registered lobbyist for and get them to accept the tax cut in the spirit it is given. Isn't that really what good government about--People helping people?

Exxon/Mobil - $1.2 billion savings under McCain plan
Chevron - $480 million savings under McCain plan
ConocoPhillips - $1.2 billion savings under McCain plan
Valero Energy -$550 million savings under McCain plan
Marathon - $370 million savings under McCain plan

Just think if they pass even a fraction of that savings onto the American people.

I think we have a far better chance of the oil companies passing on a tax break to consumers than we have of our government using that tax money wisely enough to save consumers money.

 

[Paulie]

I think we have a far better chance of the oil companies passing on a tax break to consumers than we have of our government using that tax money wisely enough to save consumers money.

Probably.

My problem with it though, is that oil companies themselves are not among the more contributing factors to the oil crisis.

I'd much rather see congress clear more drilling on our soil.

If the oil companies get that much money in tax breaks, the only logical expense that money could go to that would help us out the most is to build more refineries.

Will liberal America allow it, though?

 

[Toro]

Tax breaks will not induce oil companies to spend more looking for oil. Exxon buys back $8 billion of its stock every quarter.

 

[AllieBaba]

They know where the oil is. We won't let them drill for it.

Genius dems. When you pay for gas, think of them.

 

[jreeves]

With gas prices rising ever faster to the $5 per gallon mark, something needs to be done and done fast.

One of the Presidential campaigns has a plan to deal with this. John McCain’s economic plan will give the 5 largest oil companies in this country a total $3.8 billion in tax savings. The plan is that eventually they’ll have more money than they really know what to do with and when that happens the savings will start to trickle down to the American consumer. Afterall, there’s only so much a major corporation can do with that kind of money.

McCain’s two point strategy involves cutting the corporate tax rate from 35% to 25% and then deduct immediately all their costs in equipment and technology. This strategy is the perfect example of trickle down economics and will bear dividends. Hopefully, McCain can get his chief political adviser Charlie Black to talk to the two oil companies he’s a registered lobbyist for and get them to accept the tax cut in the spirit it is given. Isn't that really what good government about--People helping people?

Exxon/Mobil - $1.2 billion savings under McCain plan
Chevron - $480 million savings under McCain plan
ConocoPhillips - $1.2 billion savings under McCain plan
Valero Energy -$550 million savings under McCain plan
Marathon - $370 million savings under McCain plan

Just think if they pass even a fraction of that savings onto the American people.

http://www.wric.com/global/story.asp?s=8483393
Exxon makes huge profits off of gouging customers, that's why they are getting out of retail gas business.

http://www.wric.com/global/story.asp?s=8483393
Exxon Mobil is getting out of the retail gasoline business, a market where profits have gotten tougher because of high crude oil prices.

The world's largest publicly traded oil company said Thursday it will sell its 820-company owned stations and another 1,400 outlets operated by dealers to gasoline distributors across the U.S.

The Irving-based company didn't disclose financial details but said the transition will take place over a "multiyear period."

However, motorists will continue to see Exxon and Mobil stations throughout the country. About 75% of its roughly 12,000 stations in the U.S. are owned by branded distributors. Exxon Mobil will still sell gasoline to those stations and get paid for the use of its name.

 

[Nate Peele]

WRIC Richmond News and Weather - Exxon getting out of retail gas business
Exxon makes huge profits off of gouging customers, that's why they are getting out of retail gas business.

WRIC Richmond News and Weather - Exxon getting out of retail gas business
Exxon Mobil is getting out of the retail gasoline business, a market where profits have gotten tougher because of high crude oil prices.

The world's largest publicly traded oil company said Thursday it will sell its 820-company owned stations and another 1,400 outlets operated by dealers to gasoline distributors across the U.S.

The Irving-based company didn't disclose financial details but said the transition will take place over a "multiyear period."

However, motorists will continue to see Exxon and Mobil stations throughout the country. About 75% of its roughly 12,000 stations in the U.S. are owned by branded distributors. Exxon Mobil will still sell gasoline to those stations and get paid for the use of its name.

Well I think there can be no doubt that with the falling dollar, $1,200,000,000 doesn't go as far as it used to.

 

[Swamp Fox]

Here's a simple plan. DRILL IN ANWR, DRILL IN THE GULF, BUILD MORE REFINIRIES IN THE US. Tell them they lose their tax break if they don't start building and drilling. Not only will it help the oil supply situation, it will help the unemployment situation because thousands of people will be WORKING!

 

[Zoomie1980]

Probably.

My problem with it though, is that oil companies themselves are not among the more contributing factors to the oil crisis.

I'd much rather see congress clear more drilling on our soil.

If the oil companies get that much money in tax breaks, the only logical expense that money could go to that would help us out the most is to build more refineries.

Will liberal America allow it, though?

We aren't going to drill our way out of this problem. Drilling will make the transistion a little less painful and buy some time, but not much. All oil in the Gulf and Alaska doesn't really amount to very much. It would take over five years to bring it on line if started tomorrow. And once on line would only add another 1.5 Million br a day, if that.....And AMWR is HEAVY crude and most will go to Japan like almost all of the current Alaska crude does...

 

[Zoomie1980]

Well I think there can be no doubt that with the falling dollar, $1,200,000,000 doesn't go as far as it used to.

Dollar is down about 13% against most the major currencies since 2006. Oil has DOUBLED. So the dollar falling is not the cause of the commodity price problem. Nor is supply. We have yet to see a single missed delivery....not one. And won't for many years to come, yet. So try again.....

 

[jreeves]

Well I think there can be no doubt that with the falling dollar, $1,200,000,000 doesn't go as far as it used to.

What's their profit percentage compared to other industries?

 

[manu1959]

how about this......congress votes to build one refinery in each state of the union and to drill in anwar.....

gas will be 2 bucks the next day.....

 

[jreeves]

how about this......congress votes to build one refinery in each state of the union and to drill in anwar.....

gas will be 2 bucks the next day.....

But what about the enviroment....

 

[manu1959]

But what about the enviroment....

the environment will be just fine......you can drill hoitontally from outside the "park"....same as the chinese are doing off the florida coast and will probably do off the california coast....

 

[jreeves]

the environment will be just fine......

Don't you know about all of those major disasters the oil industry has inflicted on the US enviroment....

 

[manu1959]

Don't you know about all of those major disasters the oil industry has inflicted on the US enviroment....

yep.....

 

[Paulie]

Dollar is down about 13% against most the major currencies since 2006. Oil has DOUBLED. So the dollar falling is not the cause of the commodity price problem. Nor is supply. We have yet to see a single missed delivery....not one. And won't for many years to come, yet. So try again.....

There's been many posts here with stats and charts showing oil's trend with the Dollar.

For you to sit there and say the Dollar isn't a cause, is disingenuous at best.

 

[Paulie]

We aren't going to drill our way out of this problem. Drilling will make the transistion a little less painful and buy some time, but not much. All oil in the Gulf and Alaska doesn't really amount to very much. It would take over five years to bring it on line if started tomorrow. And once on line would only add another 1.5 Million br a day, if that.....And AMWR is HEAVY crude and most will go to Japan like almost all of the current Alaska crude does...

I didn't say it would help us TOMORROW. But more drilling and more refining WILL HELP US EVENTUALLY. More so than doing NOTHING.

But you're not going to sit there and tell me the only reason oil is so high is becasuse of speculation, and we're all supposed to just accept that because your family is in the business.

You constantly post numbers and opinions, and never have a damn thing to back them up.

You ignorantly neglect the fact that much of the speculation within the market right now is shorts as well, which of course isn't going to raise the price.

USD vs. Oil trends have mirrored each other, and when you look at the Dollar in 2000 vs. Oil, you see they trend almost exactly the same from then until now. You saying the USD is down 13% doesn't explain the way the two have been trending.

Gold has corrected, and oil hasn't yet. I suspect oil will correct soon enough, and be down around $100 where it belongs. But there's no telling what will happen after that though. My suspicion is we haven't even started to see the inflation in this country yet, and Oil and Gold will definitely be back up, and higher than they have been this year.

You're quite bullish on the Dollar considering the fundamentals.

Just wait until some more banks collapse, maybe then you'll realize. WaMu is on the brink, as well as Fannie, Freddie, and others. They're all hanging on by a thread right now, but they take comfort in knowing that the government will come along and bail them out with more inflated Dollars.

I'm not sure how with as much debt as there is in this country, and as much money supply inflation there is, that you can be that bullish about the Dollar long-term.

We'll see, I guess.

 

[editec]

This is amusing.

On one hand we have the oil companies swearing that they have nothing whatever to do with the high cost of energy.

But if we're willing to cut their taxes to nothing, then the price of energy will go down.

What's wrong with that picture?