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

[Moonglow]

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.

What happened to free market capitalism?

 

[surada]

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.

Leviticus, we export very little US produced oil. We briefly exported 3 million bpd in late 2019. US oil production is the most expensive in the world.

 

[Leviticus]

What happened to free market capitalism?

Hmm ok how about we stop givingthem subsidies and bailing them out whenever they fuck their own companies up That is free market capitalism. If they can't compete on their own, let them die.

 

[surada]

Hmm ok how about we stop givingthem subsidies and bailing them out whenever they fuck their own companies up That is free market capitalism. If they can't compete on their own, let them die.

You started with bad information.

 

[Tampa_Bay]

What happened to free market capitalism?

It is being killed by you Marxist groomer supporters

 

[Tampa_Bay]

Hmm ok how about we stop givingthem subsidies and bailing them out whenever they fuck their own companies up

Perhaps you haven't noticed how problems with oil cause the entire economy to go haywire and prices of EVERYTHING to skyrocket. Your great idea would starve poor people in the long run.

The BEST thing to do wit oil and gas companies is to let them do their thing, drill and produce, and all will be fine. The result will be jobs, energy exports, a booming economy because of cheap gas and enerdy prices.

And THEN we can entertain your idea of letting one of the fail as long as we are allowing the others to take up the slack.

 

[there4eyeM]

Oil companies exercise enormously too much economic and political power. Absolutely no assistance of any kind should be provided by taxpayers (or ever should have been). Any rational approach to our vulnerability to oil dependence would dictate a much different policy than has evidenced itself.

 

[surada]

Oil companies exercise enormously too much economic and political power. Absolutely no assistance of any kind should be provided by taxpayers (or ever should have been). Any rational approach to our vulnerability to oil dependence would dictate a much different policy than has evidenced itself.

Oil company profits have been almost 7% for decades. And, the price of gasoline hasn't kept up with housing, healthcare, automobiles, education, groceries or anything else. Oil is a bargain.

 

[there4eyeM]

What happened to free market capitalism?

After demonstrating repeatedly in history its limitations, "capitalism" finally was leashed and put under control. Ideologues love to worship at altars. Marxism has its deluded and so does "capitalism".

 

[candycorn]

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

I don't know much about them.

 

[initforme]

If you he oil is drilled HERE and we need more oil, then exports should be decreased dramatically. After all it's OUR oil, not the oil companies oil.

 

[surada]

If you he oil is drilled HERE and we need more oil, then exports should be decreased dramatically. After all it's OUR oil, not the oil companies oil.

We export very little oil. It's not your oil. You know about property rights and mineral rights?

 

[Moonglow]

After demonstrating repeatedly in history its limitations, "capitalism" finally was leashed and put under control. Ideologues love to worship at altars. Marxism has its deluded and so does "capitalism".

Eh, it's still capitalism with state funds helping it limp along.

 

[Moonglow]

We export very little oil. It's not your oil. You know about property rights and mineral rights?

Where do these guys get the idea the petroleum industry is nationalized?

 

[Moonglow]

It is being killed by you Marxist groomer supporters

I have yet to see anything like the massive production cuts in 2020 under Trump happen during Biden.

 

[Bootney Lee Farnsworth]

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

Fixed it for you.

Yes. They should all lose subsidies.

 

[Nostra]

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

List them.

 

[Nostra]

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.

None of that is the government giving money to oil companies.

 

[Admiral Rockwell Tory]

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.

That's very Communist of you! Did you think about that before posting it?

 

[Admiral Rockwell Tory]

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

Yeah, right! Let's see your source!