Very Important Sarah Palin Facebook Message Tonight: Drillgate

[US Army Retired]

Looks like Obama needs to listen to her and do what is right for America and quit lying to Americans when it comes to developing domestic drilling and exploration.


From Sarahs Facebook: Please read and try to comprehend this because the Oil & Gas Business is very complex and hard to understand if you're not part of it.

Sarah Palin | Facebook

Many of us appreciated the President mentioning in his State of the Union address that “tough decisions” had to be made regarding offshore drilling. People have had doubts about his seriousness in regards to domestic energy policy because our Department of the Interior dragging its feet on Virginia’s offshore oil and gas leases. Still, we’ve held out hope that America’s voice will be heard on energy.

 

[Mr. H.]

Excellent thread. This is indeed a very complex and hard to understand industry. Capital intensive and extremely risky.

Of added note: Obama's proposed budget includes stripping over $30 billion in incentives that are critical to the future development of American energy. This from IPAA.org:

The Obama Administration’s budget request would strip essential capital from new American natural
gas and oil investment by radically raising taxes on American production. American natural gas and
oil production would be reduced. It runs counter to the Administration’s clean energy and energy
security objectives.

Intangible Drilling and Development Costs (IDC) – IDC tax treatment is designed to attract
capital to the high risk business of natural gas and oil production. Expensing IDC has been part
of the tax code since 1913. IDC generally include any cost incurred that has no salvage value
and is necessary for the drilling of wells or the preparation of wells for the production of
natural gas or oil. Only independent producers can fully expense IDC on American production.
Eliminating IDC expensing would remove capital that would have been invested in new
American production – such as the emerging shale gas resources throughout the country.

Percentage Depletion – All natural resources minerals are eligible for a percentage depletion
income tax deduction. Percentage depletion for natural gas and oil has been in the tax code
since 1926. Unlike percentage depletion for all other resources, natural gas and oil percentage
depletion is highly limited. It is available only for American production, only available to
independent producers, only available for the first 1000 barrels per day of production, limited
to the net income of a property and limited to 65 percent of the producer’s net income.
Percentage depletion provides capital primarily for smaller independents and is particularly
important for marginal well operators. Eliminating percentage depletion would remove capital
that would have been invested in maintaining and developing American production.

Passive Loss Exception for Working Interests in Oil and Gas Properties – The Tax Reform Act
of 1986 divided investment income/expense into two baskets – active and passive. The Act
exempted working interests in natural gas and oil from being part of the passive income basket
and, if a loss resulted, it was deemed to be an active loss that could be used to offset active
income as long as the investor’s liabilities were not limited. Most natural gas and oil producers
in the United States are Small Business Owners. Natural gas and oil development require large
sums of capital and producers frequently join together to diversify risk. To qualify for the
exception, the producer must have liability exposure and definitely be at risk for any losses. If
income/loss, arising from natural gas and oil working interests, is treated as passive
income/loss, the primary income tax incentive for taxpayers to risk an investment in oil and
natural gas development would be significantly diminished.

Geological and Geophysical (G&G) Amortization – G&G costs are associated with developing
new American natural gas and oil resources. For decades, they were expensed until a tax court
case concluded that they should be amortized over the life of the well. In 2005 Congress set
the amortization period at two years. Later, Congress extended the amortization period to five
years for large major integrated oil companies and then extended the period to seven years.
Early recovery of G&G costs allows for more investment in finding new resources. Extending
the amortization period would remove capital from efforts to find and develop new American
production.

Marginal Well Tax Credit – This countercyclical tax credit was recommended by the National
Petroleum Council in 1994 to create a safety net for marginal wells during periods of low
prices. These wells – that account for 20 percent of American oil and 12 percent of American
natural gas – are the most vulnerable to shutting down forever when prices fall to low levels.
Enacted in 2004, the marginal well tax credit has not been needed, but it remains a key element
of support for American production – and American energy security.

Enhanced Oil Recovery (EOR) Tax Credit – The EOR credit is designed to encourage oil
production using costly technologies that are required after a well passes through its initial
phase of production. For example, one of the technologies is the use of carbon dioxide as an
injectant. Given the increased interest in carbon capture and sequestration, carbon dioxide
EOR offers the potential to sequester the carbon dioxide while increasing American oil
production. Currently, the oil price threshold for the EOR tax credit has been exceeded and the
oil value is considered adequate to justify the EOR efforts. However, at lower prices EOR
becomes uneconomic and these costly wells would be shutdown.

Manufacturing Tax Deduction – Congress enacted this provision in 2004 to encourage the
development of American jobs. All US manufacturers benefitted from the deduction until 2008
when the oil and natural gas industry was restricted to a six percent deduction while other
manufacturers will grow to a nine percent deduction. While many producers’ deductions are
capped by the payroll limitation in the law, it is another tax provision that provides capital to
America’s independent producers to invest in new production.

http://ipaa.org/news/docs/2010TaxProposal.pdf

This is nothing less than a witch hunt reminicent of the Carter era.

 

[bodecea]

Looks like Obama needs to listen to her and do what is right for America and quit lying to Americans when it comes to developing domestic drilling and exploration.


From Sarahs Facebook: Please read and try to comprehend this because the Oil & Gas Business is very complex and hard to understand if you're not part of it.

Sarah Palin | Facebook

Many of us appreciated the President mentioning in his State of the Union address that “tough decisions” had to be made regarding offshore drilling. People have had doubts about his seriousness in regards to domestic energy policy because our Department of the Interior dragging its feet on Virginia’s offshore oil and gas leases. Still, we’ve held out hope that America’s voice will be heard on energy.

And now Vince Haley at Big Government reports this shocker:

In April of 2009, during a discussion about offshore exploration in San Francisco, Salazar said that President Obama directed him to “to make sure that we have an open and transparent government” and that “these are not decisions that are going to be made behind closed doors.” Salazar went on to say that President Obama wanted to make sure that DOI was “maximizing the opportunity for the public to give us guidance on what it is that they want to do.”

Yet, more than four months after the comment period ended, the Department of the Interior has failed to make any public announcement about the results, even though sources have told American Solutions for months the comments show a 2-1 advantage in support of offshore drilling.

It took American Solutions almost four months and the power of the Freedom of Information Act to finally uncover indirect confirmation that, out of over 530,000 comments submitted, pro-drilling comments outnumbered anti-drilling comments by a 2-1 margin.

In an email dated October 27, 2009, Liz Birnbaum, director of the Minerals Management Service, informs other Interior officials that a preliminary tabulation of the results of the comment period had not yet gone to Secretary Salazar, adding “o the Secretary can honestly say in response to any questions that he’s [SIC] has not yet seen the analysis of the comments – staff is still working on it. I did, however, confirm to him the 2-1 split that these guys [at American Solutions] are emphasizing.”

When a public employee is on record condoning purposeful deception of the American people, the taxpayer should no longer have to fund his or her job. Secretary Salazar should immediately fire Liz Birnbaum for purposefully deceiving him, and in turn, the American people. It’s not possible for the Secretary to honor pledges of openness, honestly, and transparency in government if his staff is going to deliberately undermine such pledges.

Public opinion polls already measure near 70% support for offshore drilling, so the results from a public comment period that reflect the same public sentiment should not be surprising. But after all this talk of wanting the public’s input, Secretary Salazar and his team must find it a real stumbling block to have to explain all their anti-energy development actions in light of the comment period results to which they previously attached such great importance.

As Haley notes in his article, it’s astonishing that the Obama administration is dragging its feet on offshore drilling at a time when we’re so desperate for economic recovery and jobs. It’s no surprise that an overwhelming majority of Americans support offshore drilling: it will provide millions of good jobs and billions in revenue, and it will make us more secure by reducing our dependence on foreign oil.

Mr. President, we appreciate you asking for our input. We’ve provided it, so thank you for accepting it. With no time to waste, it’s time to listen to the American people – finally – and drill, baby, drill!

- Sarah Palin

I hear she drives a Toyota too.

 

[elvis]

Looks like Obama needs to listen to her and do what is right for America and quit lying to Americans when it comes to developing domestic drilling and exploration.


From Sarahs Facebook: Please read and try to comprehend this because the Oil & Gas Business is very complex and hard to understand if you're not part of it.

Sarah Palin | Facebook

Many of us appreciated the President mentioning in his State of the Union address that “tough decisions” had to be made regarding offshore drilling. People have had doubts about his seriousness in regards to domestic energy policy because our Department of the Interior dragging its feet on Virginia’s offshore oil and gas leases. Still, we’ve held out hope that America’s voice will be heard on energy.

And now Vince Haley at Big Government reports this shocker:

In April of 2009, during a discussion about offshore exploration in San Francisco, Salazar said that President Obama directed him to “to make sure that we have an open and transparent government” and that “these are not decisions that are going to be made behind closed doors.” Salazar went on to say that President Obama wanted to make sure that DOI was “maximizing the opportunity for the public to give us guidance on what it is that they want to do.”

Yet, more than four months after the comment period ended, the Department of the Interior has failed to make any public announcement about the results, even though sources have told American Solutions for months the comments show a 2-1 advantage in support of offshore drilling.

It took American Solutions almost four months and the power of the Freedom of Information Act to finally uncover indirect confirmation that, out of over 530,000 comments submitted, pro-drilling comments outnumbered anti-drilling comments by a 2-1 margin.

In an email dated October 27, 2009, Liz Birnbaum, director of the Minerals Management Service, informs other Interior officials that a preliminary tabulation of the results of the comment period had not yet gone to Secretary Salazar, adding “o the Secretary can honestly say in response to any questions that he’s [SIC] has not yet seen the analysis of the comments – staff is still working on it. I did, however, confirm to him the 2-1 split that these guys [at American Solutions] are emphasizing.”

When a public employee is on record condoning purposeful deception of the American people, the taxpayer should no longer have to fund his or her job. Secretary Salazar should immediately fire Liz Birnbaum for purposefully deceiving him, and in turn, the American people. It’s not possible for the Secretary to honor pledges of openness, honestly, and transparency in government if his staff is going to deliberately undermine such pledges.

Public opinion polls already measure near 70% support for offshore drilling, so the results from a public comment period that reflect the same public sentiment should not be surprising. But after all this talk of wanting the public’s input, Secretary Salazar and his team must find it a real stumbling block to have to explain all their anti-energy development actions in light of the comment period results to which they previously attached such great importance.

As Haley notes in his article, it’s astonishing that the Obama administration is dragging its feet on offshore drilling at a time when we’re so desperate for economic recovery and jobs. It’s no surprise that an overwhelming majority of Americans support offshore drilling: it will provide millions of good jobs and billions in revenue, and it will make us more secure by reducing our dependence on foreign oil.

Mr. President, we appreciate you asking for our input. We’ve provided it, so thank you for accepting it. With no time to waste, it’s time to listen to the American people – finally – and drill, baby, drill!

- Sarah Palin

I hear she drives a Toyota too.

hidden wish, there, Bo?

 

[VaYank5150]

USAR...will you please start a thread once Palin updates her Facebook page calling for Rush Limbaugh's resignation for his heartless use of the the word "retards" on multiple occasions during his recent radio shows? We know how offended she is by this stuff, and I have to believe her offense extends beyond the occasions when Democrats use the word?

 

[US Army Retired]

USAR...will you please start a thread once Palin updates her Facebook page calling for Rush Limbaugh's resignation for his heartless use of the the word "retards" on multiple occasions during his recent radio shows? We know how offended she is by this stuff, and I have to believe her offense extends beyond the occasions when Democrats use the word?

I will if you tell me your thoughts on the Drillgate situation.

 

[VaYank5150]

USAR...will you please start a thread once Palin updates her Facebook page calling for Rush Limbaugh's resignation for his heartless use of the the word "retards" on multiple occasions during his recent radio shows? We know how offended she is by this stuff, and I have to believe her offense extends beyond the occasions when Democrats use the word?

I will if you tell me your thoughts on the Drillgate situation.

It's our Federal Government? NOTHING Gets done in four months....are you surprised about this? I mean, I realize Palin is feining shock and awe, but if you buy into her bullshit too, well...you know I am going with this.

 

[Luissa]

Very Important and Facebook should never go together.

I wonder what level she has now reached on Mob Wars?

 

[jillian]

Very Important and Facebook should never go together.

I wonder what level she has now reached on Mob Wars?

I hear she's spending her time on Farmville.

 

[Kex]

– and drill, baby, drill!

- Sarah Palin

Sounds dirty.

 

[Modbert]

I hear she's spending her time on Farmville.

I heard the crops elected her as their farmer but she quit halfway through the harvest.

 

[US Army Retired]

Actually the lack of knowledge of the Oifield business by liberals is very clear by their unability to post on the Drillgate subject. Instead its the usual personal attacks on Palin.

 

[jillian]

lol.. a palinbot..

 

[Modbert]

Actually the lack of knowledge of the Oifield business by liberals is very clear by their unability to post on the Drillgate subject. Instead its the usual personal attacks on Palin.

Sorry, this thread requires all participants to have a copy of Obama's birth certificate. Did you not get your copy in the mail?

 

[Modbert]

lol.. a palinbot..

And he's a racist birther. Another "winner."

 

[Luissa]

Actually the lack of knowledge of the Oifield business by liberals is very clear by their unability to post on the Drillgate subject. Instead its the usual personal attacks on Palin.

Most oilworkers are union members, and most supported Obama. Todd Palin's own union supported Obama. Stop speaking out of your ass.

 

[elvis]

Actually the lack of knowledge of the Oifield business by liberals is very clear by their unability to post on the Drillgate subject. Instead its the usual personal attacks on Palin.

Sorry, this thread requires all participants to have a copy of Obama's birth certificate. Did you not get your copy in the mail?

I want my "longform" Goddamnit.

 

[bodecea]

Looks like Obama needs to listen to her and do what is right for America and quit lying to Americans when it comes to developing domestic drilling and exploration.


From Sarahs Facebook: Please read and try to comprehend this because the Oil & Gas Business is very complex and hard to understand if you're not part of it.

Sarah Palin | Facebook

Many of us appreciated the President mentioning in his State of the Union address that “tough decisions” had to be made regarding offshore drilling. People have had doubts about his seriousness in regards to domestic energy policy because our Department of the Interior dragging its feet on Virginia’s offshore oil and gas leases. Still, we’ve held out hope that America’s voice will be heard on energy.

And now Vince Haley at Big Government reports this shocker:

In April of 2009, during a discussion about offshore exploration in San Francisco, Salazar said that President Obama directed him to “to make sure that we have an open and transparent government” and that “these are not decisions that are going to be made behind closed doors.” Salazar went on to say that President Obama wanted to make sure that DOI was “maximizing the opportunity for the public to give us guidance on what it is that they want to do.”

Yet, more than four months after the comment period ended, the Department of the Interior has failed to make any public announcement about the results, even though sources have told American Solutions for months the comments show a 2-1 advantage in support of offshore drilling.

It took American Solutions almost four months and the power of the Freedom of Information Act to finally uncover indirect confirmation that, out of over 530,000 comments submitted, pro-drilling comments outnumbered anti-drilling comments by a 2-1 margin.

In an email dated October 27, 2009, Liz Birnbaum, director of the Minerals Management Service, informs other Interior officials that a preliminary tabulation of the results of the comment period had not yet gone to Secretary Salazar, adding “o the Secretary can honestly say in response to any questions that he’s [SIC] has not yet seen the analysis of the comments – staff is still working on it. I did, however, confirm to him the 2-1 split that these guys [at American Solutions] are emphasizing.”

When a public employee is on record condoning purposeful deception of the American people, the taxpayer should no longer have to fund his or her job. Secretary Salazar should immediately fire Liz Birnbaum for purposefully deceiving him, and in turn, the American people. It’s not possible for the Secretary to honor pledges of openness, honestly, and transparency in government if his staff is going to deliberately undermine such pledges.

Public opinion polls already measure near 70% support for offshore drilling, so the results from a public comment period that reflect the same public sentiment should not be surprising. But after all this talk of wanting the public’s input, Secretary Salazar and his team must find it a real stumbling block to have to explain all their anti-energy development actions in light of the comment period results to which they previously attached such great importance.

As Haley notes in his article, it’s astonishing that the Obama administration is dragging its feet on offshore drilling at a time when we’re so desperate for economic recovery and jobs. It’s no surprise that an overwhelming majority of Americans support offshore drilling: it will provide millions of good jobs and billions in revenue, and it will make us more secure by reducing our dependence on foreign oil.

Mr. President, we appreciate you asking for our input. We’ve provided it, so thank you for accepting it. With no time to waste, it’s time to listen to the American people – finally – and drill, baby, drill!

- Sarah Palin

I hear she drives a Toyota too.

hidden wish, there, Bo?

Ask the OP.

 

[bodecea]

Actually the lack of knowledge of the Oifield business by liberals is very clear by their unability to post on the Drillgate subject. Instead its the usual personal attacks on Palin.

Saying she drives a Toyota is a personal attack?

 

[Kex]

Actually the lack of knowledge of the Oifield business by liberals is very clear by their unability to post on the Drillgate subject. Instead its the usual personal attacks on Palin.

Lol, Palin posts some populist bullshit on her facebook page to get all brain dead miss Wasilla drones fired up and it somehow deserves serious response?