Pres Obama just called on congress to end oil subsidies

[The Rabbi]

Did Obama call for cutting taxes on gas?

WTF is an "oil subsidy"?

An "oil subsidy" is a campaign technique to demagogue people into believing Big Oil is raising prices and they are to blame, rather than the man who discouraged oil exploration, shut down coal fired generators, sicced the EPA on anything producing carbon, and threw thousands of Gulf oil workers out of work.

 

[uscitizen]

Why do you feel we should subsidize oil companies?

We are not subsidizing oil companies. That is a complete lie. Only fools would believe it.

Really, Where did you get your information?
It seems then that the people in congress are all liars.

Well yes all of congress are liars, but that is beside the point.

 

[Caroljo]

General Electric, Obama's buds paid nothing, so I guess both parties get it wrong on tax breaks and subsidies. Now, let's cut spending and let people keep more of their earned income.

Bush promised to do that and hat total control of congress for what 6 years?
He kept on spending and so did the republican controlled congress.

That was three years ago, Obama and his followers controlled congress and did nothing, oh wait the helped subsidize bank and auto companies and green energy and on and on, seem to be no change from one to the next.

I may be wrong...but didn't the democrats have congress from 2000 until 2006? If it was, then Bush only had control for 2 years. Am i wrong?

 

[The Rabbi]

Bush promised to do that and hat total control of congress for what 6 years?
He kept on spending and so did the republican controlled congress.

That was three years ago, Obama and his followers controlled congress and did nothing, oh wait the helped subsidize bank and auto companies and green energy and on and on, seem to be no change from one to the next.

I may be wrong...but didn't the democrats have congress from 2000 until 2006? If it was, then Bush only had control for 2 years. Am i wrong?

Bush never controlled Congress. The GOP had a slim margin. ANd such GOP stalwarts as Arlen Spector and Lincoln Chafee.

 

[boilermaker55]

We are not subsidizing oil companies. That is a complete lie. Only fools would believe it.

Really, Where did you get your information?
It seems then that the people in congress are all liars.

Well yes all of congress are liars, but that is beside the point.

No it's not because someone...lol..made the comment that oil companies do not get subsidizes.
So it is not besides the point.

 

[Truthseeker420]

Did Obama call for cutting taxes on gas?

WTF is an "oil subsidy"?

Types of energy subsidies are:
Direct financial transfers - grants to producers; grants to consumers; low-interest or preferential loans to producers.
Preferential tax treatments - rebates or exemption on royalties, duties, producer levies and tariffs; tax credit; accelerated depreciation allowances on energy supply equipment.
Trade restrictions - quota, technical restrictions and trade embargoes.
Energy-related services provided by government at less than full cost - direct investment in energy infrastructure; public research and development.
Regulation of the energy sector - demand guarantees and mandated deployment rates; price controls; market-access restrictions; preferential planning consent and controls over access to resources.
Failure to impose external costs - environmental externality costs; energy security risks and price volatility costs.[2]
Depletion Allowance - allows a deduction from gross income of up to ~27% for the depletion of exhaustible resources (oil,gas,minerals).

Energy subsidies - Wikipedia, the free encyclopedia

 

[Star]

I have accepted that gas will get to 8.00 or 10.00 a gallon by the time the summer is over. But, we might have it. Which is better than when Carter decided to "do good" and stop rewarding the oil companies and there was none at all.

Naturally I support opening up every place that it's possible to drill. On shore, off shore and in Alaska. I support the Keystone pipeline. When obama says that his green energy will save us in 50 to 100 years, he sounds oily and dishonest.

Are you suggesting President Carter's "deregulation" of Nixon's price (regulation) controls, was causal for the 1979 spike in real gas prices?

 

[SniperFire]

How many people actually understand that 'big oil' is just being singled out and demogogued here, by the way?

'The tax deduction in question was enacted in 2004 and applies to all domestic manufacturers, not just oil and gas companies. It was designed to increase competitiveness in the face of the U.S.’s 35 percent corporate tax rate, among the highest in the developed world.

Democrats settled on the five biggest oil producers as their first target.'

Both Parties Get It Wrong on Big Oil Tax Breaks: Caroline Baum - Bloomberg

Very few corporations pay the full 35%.
What is the effective rate? A mega bank had a net tax credit last year.

You don't negate the point by saying stupid, non-sequitur stuff. I see you do that a lot.

 

[SniperFire]

Why do you feel we should subsidize oil companies?

We are not subsidizing oil companies. That is a complete lie. Only fools would believe it.

Oil subsidies by the numbers
March 28th, 2012 From Green Right Now Reports

$1 Trillion – Profits earned by the top five largest oil companies Exxon-Mobil, Chevron, ConocoPhillips and foreign-owned BP and Royal Dutch Shell came to nearly $1 trillion for the 10 years from 2001-2011.

$4 Billion – Total Annual US Subsidies to oil companies.

$7,610 — Tax breaks to the oil and gas industry, every minute.

$24 billion – The amount that could be saved over the next decade by cutting annual oil subsidies in half.

$12 billion – the amount that would be used from the oil subsidy savings to reduce the deficit under the bill to cut oil subsidies proposed by Sen. Robert Mendendez (D-N.J.) in the Senate.

$12 billion – the amount of oil subsidy savings under the Mendendez plan that could be re-dedicated to tax incentives for clean, renewable energy, from non-polluting sources.*

abc11.com Green Content - Oil subsidies by the numbers

The depletion deduction, which you are calling a subsidy, is available to many industries.

It is similar to a depreciation schedule.

Then again, you really don't know what you are talking about and are just cutting and pasting from lefty blogs.

http://en.wikipedia.org/wiki/Depletion_(accounting)

 

[The Rabbi]

Did Obama call for cutting taxes on gas?

WTF is an "oil subsidy"?

Types of energy subsidies are:
Direct financial transfers - grants to producers; grants to consumers; low-interest or preferential loans to producers.
Preferential tax treatments - rebates or exemption on royalties, duties, producer levies and tariffs; tax credit; accelerated depreciation allowances on energy supply equipment.
Trade restrictions - quota, technical restrictions and trade embargoes.
Energy-related services provided by government at less than full cost - direct investment in energy infrastructure; public research and development.
Regulation of the energy sector - demand guarantees and mandated deployment rates; price controls; market-access restrictions; preferential planning consent and controls over access to resources.
Failure to impose external costs - environmental externality costs; energy security risks and price volatility costs.[2]
Depletion Allowance - allows a deduction from gross income of up to ~27% for the depletion of exhaustible resources (oil,gas,minerals).

Energy subsidies - Wikipedia, the free encyclopedia

You understand those aren't necessarily the law, merely examples of what subsidies might be, right?

 

[whitehall]

How the fuk do radical lefties come to the conclusion that punishing oil companies will result in cheap gas? The assumption is ludicrous. High gas prices are mostly the result of speculators gambling that Barry wants gas to stay high to punish Americans for their decadence and change the fabric of American society. The bill should have been a shoe in for the democrat majority in the senate but even democrats didn't buy the asinine idea.

 

[uscitizen]

Bush promised to do that and hat total control of congress for what 6 years?
He kept on spending and so did the republican controlled congress.

That was three years ago, Obama and his followers controlled congress and did nothing, oh wait the helped subsidize bank and auto companies and green energy and on and on, seem to be no change from one to the next.

I may be wrong...but didn't the democrats have congress from 2000 until 2006? If it was, then Bush only had control for 2 years. Am i wrong?

Reverse that and I think you will be correct.

 

[Mr. H.]

Did Obama call for cutting taxes on gas?

WTF is an "oil subsidy"?

Types of energy subsidies are:
Direct financial transfers - grants to producers; grants to consumers; low-interest or preferential loans to producers.
Preferential tax treatments - rebates or exemption on royalties, duties, producer levies and tariffs; tax credit; accelerated depreciation allowances on energy supply equipment.
Trade restrictions - quota, technical restrictions and trade embargoes.
Energy-related services provided by government at less than full cost - direct investment in energy infrastructure; public research and development.
Regulation of the energy sector - demand guarantees and mandated deployment rates; price controls; market-access restrictions; preferential planning consent and controls over access to resources.
Failure to impose external costs - environmental externality costs; energy security risks and price volatility costs.[2]
Depletion Allowance - allows a deduction from gross income of up to ~27% for the depletion of exhaustible resources (oil,gas,minerals).

Energy subsidies - Wikipedia, the free encyclopedia

I don't know what's worse- Wiki, or the lazy 'tards that quote their crap.

Depletion allowance has stood at 15% for years now, and is available with restrictions and occasionally subject to alternative minimum tax.

As for all that other bullshit, break it down so I can tear it down.

 

[Wiseacre]

I heard that Obama voted for those subsidies when he was a senator. I alsoheard that these subsidies are not just for the oil industry but pretty much for everybody. Why the hell we don't get rid of all of 'em rather than cherry picking.

You have to ask yourself, what happens to the price of gas if you cut the tax breaks. Sure as hell ain't going to decrease, probably raises the price a little bit. When you raise the cost, they pass along the increase to the customers in the form of higher prices.

 

[SniperFire]

You have to ask yourself, what happens to the price of gas if you cut the tax breaks. Sure as hell ain't going to decrease, probably raises the price a little bit. When you raise the cost, they pass along the increase to the customers in the form of higher prices.

You know more about it than our POTUS.

 

[Star]

I heard that Obama voted for those subsidies when he was a senator. I alsoheard that these subsidies are not just for the oil industry but pretty much for everybody. Why the hell we don't get rid of all of 'em rather than cherry picking.

You have to ask yourself, what happens to the price of gas if you cut the tax breaks. Sure as hell ain't going to decrease, probably raises the price a little bit. When you raise the cost, they pass along the increase to the customers in the form of higher prices.

If the government steps aside, ends the subsidies, tax breaks, etc. and allows the Invisible Hand of a free marketplace to set the price of gasoline; including externalities...

Unearthing the True Cost of Fossil Fuels Industry gets tax breaks, subsidies, military support in volatile regions, the right to use our air and water like a sewer, and assurance that the government will clean up its environmental messes. Politicians get campaign contributions, a steady flow of dirty energy, and a talking point to brandish about how they kept gas affordable.

...the true cost of a gallon of gasoline might be $15.








Applying a conservative approach, explained in further detail in the paper, ELI found that

• The vast majority of federal subsidies for fossil fuels and renewable energy supported energy sources that emit high levels of greenhouse gases when used as fuel.
• The federal government provided substantially larger subsidies to fossil fuels than to renewables. Subsidies to fossil fuels—a mature, developed industry that has enjoyed government support for many years—totaled approximately $72 billion over the study period, representing a direct cost to taxpayers.
• Subsidies for renewable fuels, a relatively young and developing industry, totaled $29 billion over the same period.
• Subsidies to fossil fuels generally increased over the study period (though they decreased in 2008), while funding for renewables increased but saw a precipitous drop in 2006-07 (though they increased in 2008). The largest subsidies to fossil fuels were written into the U.S. Tax Code as permanent provisions. By comparison, many subsidies for renewables are time-limited initiatives implemented through energy bills, with expiration dates that limit their usefulness to the renewables industry.

• The vast majority of subsidy dollars to fossil fuels can be attributed to just a handful of tax breaks, such as the Foreign Tax Credit ($15.3 billion) and the Credit for Production of Nonconventional Fuels ($14.1 billion, though this credit has since been phased out). The largest of these, the Foreign Tax Credit, applies to the overseas production of oil through an obscure provision of the Tax Code, which allows energy companies to claim a tax credit for payments that would normally receive less-beneficial tax treatment.
• Almost half of the subsidies for renewables are attributable to corn-based ethanol, the use of which, while decreasing American reliance on foreign oil, raises considerable questions about effects on climate.

 

[The Rabbi]

When a Progressive uses the word "externality" hold on to your wallet.

 

[initforme]

Speculators drive up oil prices. I say drive less. If you cant, thats YOUR CHOICE. Move closer to work and shut your mouth.

 

[SniperFire]

Speculators drive up oil prices.

And they drive up pork belly prices when the market dictates it as well.

 

[dblack]

I heard that Obama voted for those subsidies when he was a senator. I alsoheard that these subsidies are not just for the oil industry but pretty much for everybody. Why the hell we don't get rid of all of 'em rather than cherry picking.

You have to ask yourself, what happens to the price of gas if you cut the tax breaks. Sure as hell ain't going to decrease, probably raises the price a little bit. When you raise the cost, they pass along the increase to the customers in the form of higher prices.

If the government steps aside, ends the subsidies, tax breaks, etc. and allows the Invisible Hand of a free marketplace to set the price of gasoline; including externalities...

Unearthing the True Cost of Fossil Fuels Industry gets tax breaks, subsidies, military support in volatile regions, the right to use our air and water like a sewer, and assurance that the government will clean up its environmental messes. Politicians get campaign contributions, a steady flow of dirty energy, and a talking point to brandish about how they kept gas affordable.

...the true cost of a gallon of gasoline might be $15....

HELL

YES!!!

Say it again.

Say it louder.

Say it over, and over again until people start to get the picture.


Why on earth do we want our nation to be in a state of delusion? Do we really think that does us any good?

If we stop all the bullshit games, end all the subsidies and 'incentives' designed to make dupes of us all, we will finally be able to face the truth as a nation and do something about it. If gas goes to $15 per gallon we won't need 'incentives' for alternative fuels. We won't need finger-wagging politicians or washed up celebrities telling us we need to support alternative energy sources. We'll be clamoring for it. And we'll get it. Because at half that price, someone will be able to make boatload of money and they'll be scrambling to do it.

Our leaders waste so much of our national energy trying to placate our fears and delusions instead of actually leading. It's a wonder we haven't fell to third world status already.