Should US oil cpompanies who sell their oil outside of the US lose their subsidies?

[Leviticus]

We always hear from the right that US oil can lower gas prices, but the truth is that the vast majority of US oil is sold to other countries, because the oil companies can make more money exporting it than selling it domestically.

I think we should stop subsidizing any oil company that does not sell at least 51% of the oil they drill in the US. The American taxpayers shouldn't be forced to subsidize companies that only care about profit and don't care about helping their country.

 

[Nostra]

What subsidies?

 

[Leviticus]

What subsidies?

US oil companies receive hundreds of billion of dollars every year in subsidies.

 

[candycorn]

We always hear from the right that US oil can lower gas prices, but the truth is that the vast majority of US oil is sold to other countries, because the oil companies can make more money exporting it than selling it domestically.

I think we should stop subsidizing any oil company that does not sell at least 51% of the oil they drill in the US. The American taxpayers shouldn't be forced to subsidize companies that only care about profit and don't care about helping their country.

Interesting concept.

If they source the oil from overseas....and refine it overseas...I don't see a reason to reason they should lose their subsidies other than the obvious ones--that billion dollar companies are getting subsidies.

Fact Sheet | Fossil Fuel Subsidies: A Closer Look at Tax Breaks and Societal Costs (2019) | White Papers | EESI

www.eesi.org

The subsidies are (as you can see) in the form of tax breaks. Hopefully the IRS isn't allowing them to claim credits for offshore wells. Now, if they get it out of the ground here or refine it here and then ship it over...that is likely not Kosher.

It may be a moot point. I had a friend once tell me that most of the gasoline sold in other nations would never be allowed to be sold here. In Venezuela it's something like 10 cents a liter (40 cents a gallon give or take). Venezuela gasoline prices, 18-Apr-2022 | GlobalPetrolPrices.com

Now, if the scenario is that they get the crude from Country X and they COULD refine it in Louisiana to US Domestic standards BUT they choose to refine it in Louisiana to the standards of Botswana so they can turn a quick profit...yeah...can that puppy.

 

[Leviticus]

Interesting concept.

If they source the oil from overseas....and refine it overseas...I don't see a reason to reason they should lose their subsidies other than the obvious ones--that billion dollar companies are getting subsidies.

View attachment 633927

Fact Sheet | Fossil Fuel Subsidies: A Closer Look at Tax Breaks and Societal Costs (2019) | White Papers | EESI

www.eesi.org

The subsidies are (as you can see) in the form of tax breaks. Hopefully the IRS isn't allowing them to claim credits for offshore wells. Now, if they get it out of the ground here or refine it here and then ship it over...that is likely not Kosher.

It may be a moot point. I had a friend once tell me that most of the gasoline sold in other nations would never be allowed to be sold here. In Venezuela it's something like 10 cents a liter (40 cents a gallon give or take). Venezuela gasoline prices, 18-Apr-2022 | GlobalPetrolPrices.com

Now, if the scenario is that they get the crude from Country X and they COULD refine it in Louisiana to US Domestic standards BUT they choose to refine it in Louisiana to the standards of Botswana so they can turn a quick profit...yeah...can that puppy.

Who said anything about them sourcing it from oversees. I am talking about oil drilled in the US. Almost all of it is exported. If more of it was sold in the US, it could help lower gas prices. But the companies choose to export because they can make more money selling it oversees than domestically. And if they make that choice, they shouldn't receive tax subsidies.

 

[excalibur]

US oil companies receive hundreds of billion of dollars every year in subsidies.

Hundreds of billions every year?

 

[westwall]

We always hear from the right that US oil can lower gas prices, but the truth is that the vast majority of US oil is sold to other countries, because the oil companies can make more money exporting it than selling it domestically.

I think we should stop subsidizing any oil company that does not sell at least 51% of the oil they drill in the US. The American taxpayers shouldn't be forced to subsidize companies that only care about profit and don't care about helping their country.

They get to write off expenses just like every other business in the country.

They don't get subsidies.

 

[excalibur]

Interesting concept.

If they source the oil from overseas....and refine it overseas...I don't see a reason to reason they should lose their subsidies other than the obvious ones--that billion dollar companies are getting subsidies.

View attachment 633927

Fact Sheet | Fossil Fuel Subsidies: A Closer Look at Tax Breaks and Societal Costs (2019) | White Papers | EESI

www.eesi.org

The subsidies are (as you can see) in the form of tax breaks. Hopefully the IRS isn't allowing them to claim credits for offshore wells. Now, if they get it out of the ground here or refine it here and then ship it over...that is likely not Kosher.

It may be a moot point. I had a friend once tell me that most of the gasoline sold in other nations would never be allowed to be sold here. In Venezuela it's something like 10 cents a liter (40 cents a gallon give or take). Venezuela gasoline prices, 18-Apr-2022 | GlobalPetrolPrices.com

Now, if the scenario is that they get the crude from Country X and they COULD refine it in Louisiana to US Domestic standards BUT they choose to refine it in Louisiana to the standards of Botswana so they can turn a quick profit...yeah...can that puppy.

Per 26 U.S.C. § 613 percentage depletion is limited to independent producers and royalty owners. Eliminating it would at the most net the feds $12.9 billion in the next 10 years. And over that 10 year period the Feds will spend $45000 billion at least.

 

[candycorn]

Who said anything about them sourcing it from oversees. I am talking about oil drilled in the US. Almost all of it is exported. If more of it was sold in the US, it could help lower gas prices. But the companies choose to export because they can make more money selling it oversees than domestically. And if they make that choice, they shouldn't receive tax subsidies.

I was just doing "what if". Yeah...get rid of the subsidy if the scenario above true.

 

[billyerock123]

We always hear from the right that US oil can lower gas prices, but the truth is that the vast majority of US oil is sold to other countries, because the oil companies can make more money exporting it than selling it domestically.

I think we should stop subsidizing any oil company that does not sell at least 51% of the oil they drill in the US. The American taxpayers shouldn't be forced to subsidize companies that only care about profit and don't care about helping their country.

I think that's a great idea you want to get the tax break you sell the oil to the U.S. I have just a litt different percentage I say 60% of their oil shell be sold to The U.S. instead of 51% I think what they would do to offset the loss ... make it cost more ... make the tax so high that would be charged to the oil company so high that countries would not buy so much because of the cost to them... make it so they get it we aren't going to play their games any more

 

[BluesLegend]

US oil companies receive hundreds of billion of dollars every year in subsidies.

You mean oil companies get to keep their own money they earned, got it.

 

[BULLDOG]

Interesting concept.

If they source the oil from overseas....and refine it overseas...I don't see a reason to reason they should lose their subsidies other than the obvious ones--that billion dollar companies are getting subsidies.

View attachment 633927

Fact Sheet | Fossil Fuel Subsidies: A Closer Look at Tax Breaks and Societal Costs (2019) | White Papers | EESI

www.eesi.org

The subsidies are (as you can see) in the form of tax breaks. Hopefully the IRS isn't allowing them to claim credits for offshore wells. Now, if they get it out of the ground here or refine it here and then ship it over...that is likely not Kosher.

It may be a moot point. I had a friend once tell me that most of the gasoline sold in other nations would never be allowed to be sold here. In Venezuela it's something like 10 cents a liter (40 cents a gallon give or take). Venezuela gasoline prices, 18-Apr-2022 | GlobalPetrolPrices.com

Now, if the scenario is that they get the crude from Country X and they COULD refine it in Louisiana to US Domestic standards BUT they choose to refine it in Louisiana to the standards of Botswana so they can turn a quick profit...yeah...can that puppy.

So how do you feel about Free Trade Zones? Those are areas where foreign materials, oil, etc. can be imported into the US, have value added to it(refining, mixing, practically any process to increase the value of the material, and then ship it to some foreign country, without paying a penny of tax on the material, or the value adding process. Virtually every refinery on the gulf coast is a free trade zone. The Keystone Pipeline would have been operated under Free Trade Zone rules

 

[BluesLegend]

Oil company profits are chump change. $1,700 BILLION the amount Dems have vampire sucked from students trying to get a college degree.

 

[Tampa_Bay]

We always hear from the right that US oil can lower gas prices, but the truth is that the vast majority of US oil is sold to other countries, because the oil companies can make more money exporting it than selling it domestically.

I think we should stop subsidizing any oil company that does not sell at least 51% of the oil they drill in the US. The American taxpayers shouldn't be forced to subsidize companies that only care about profit and don't care about helping their country.

You are clueless.

Markets react to American policies, and when US energy policy is anti-oil and anti-gas, as Biden's is, the prices go up. Period. In case you didn;t notice, that was the reason prices immediately went up when Biden took office, because he imediately rolled back Trump's policies and the market reacted.

Additionally, markets still operate off of supply and demand, and when Biden shut down our production, prices went up.

Get a clue.

 

[DudleySmith]

I think we should stop subsidizing any oil company that does not sell at least 51% of the oil they drill in the US. The American taxpayers shouldn't be forced to subsidize companies that only care about profit and don't care about helping their country.

Absolutely, and the same goes for Big Ag and food exports.

 

[DudleySmith]

So how do you feel about Free Trade Zones? Those are areas where foreign materials, oil, etc. can be imported into the US, have value added to it(refining, mixing, practically any process to increase the value of the material, and then ship it to some foreign country, without paying a penny of tax on the material, or the value adding process. Virtually every refinery on the gulf coast is a free trade zone. The Keystone Pipeline would have been operated under Free Trade Zone rules

The Keystone pipeline still does operate under those rules. For some reason morons have been sold the nonsense the XL is the only pipeline out there, too stupid to look at a map of the actual Keystone pipeline, along with the other 300,000 miles of pipelines. Like you commies, most of the 'Right' here are just Party shills parroting whatever mindless bullshit they're told to.

 

[DudleySmith]

US oil companies receive hundreds of billion of dollars every year in subsidies.

Russia taxes any oil shipped out of their country at an increasing tariff for any price over $25/bl. I'm sure they've raised the base price by now but the U.S. should be doing the same for any exported at over $40/bl equivalent. Start at 12% and increase by brackets of $4/bl by 10%. This is far better than that stupid ethanol dumbassery which will do nothing but force people to buy even more fuel, not less, and also keeps food prices and feed prices inflated and Big Ag subsidies flowing into wasting topsoil and resources on useless crap. And, we can stop plundering the national reserves just to feed oil company shareholders bigger dividends.

Putin is a big giant Hero to the GOP now, so why not copy his tax policies as well?

 

[Tampa_Bay]

. . . . . Like you commies, most of the 'Right' here are just Party shills parroting whatever mindless bullshit they're told to.

Everyone is wrong and you are the only person who is right. Well, you're just a helluva guy, Dudley. So, what does the smartest man on the planet do for a living? Just curious.

 

[DudleySmith]

Everyone is wrong and you are the only person who is right. Well, you're just a helluva guy, Dudley.

It's about time you acknowledged it. I'm too humble to point it out myself. As for what I do for a living, staying as informed as possible has worked great since 1985, and I haven't had to have a real job since 1997, when I began working totally for myself. I let morons make my money for me.

 

[Tampa_Bay]

It's about time you acknowledged it

I acknowledge you're a self-righteous Cretin who knows about 1/100 of what he thinks he knows.