Yeah, this should help gas prices!

The bill would roll back two lucrative tax breaks for the five largest U.S. oil companies. One helps manufacturers compete against foreign companies; the other gives American companies a tax credit related to oil and gas extraction outside the country. Democrats estimated that those current breaks would save the oil companies $17.65 billion in taxes over the next 10 years.
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They're not charging them new taxes, just taking away tax breaks they didn't need to have in the first place.

Oil companies with record profits are the last ones that deserve corporate welfare.
 
They're not charging them new taxes, just taking away tax breaks they didn't need to have in the first place.
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And, somehow, you don't think that the oil companies will pass those higher taxes on ?
 
I'm no math genious...

...but I am not exactly sure how the Democrats believe taking tax breaks away from the oil companies will save them money.

Also, even if it isn't a new tax, this will be taking money out of the major oil companies' pockets which they will make up by taking it out of our pockets.

This is how capitalism works. A company can make as much as they want. Now, I don't believe they are doing it ethically, so the government should investigate, not take money away just because they can. So, they take the easy way out, take tax breaks away instead of doing some leg work and actually put forth some effort to find out why they are making so much.

Lg_mouth
 
Freakin' A... Is it only my uneducated self that knows business just does not pay their taxes? WE DO!
First off oil corporations do not make record profits... their investors do! If you want a piece of the action buy stocks in them!
So lets put this in terms the educated can fathom... remedial math time.
If big mean oil co. charges 3.00 per gallon (the old days) and big brother raises taxes to 3.00 per gallon, what will they charge Johnny for one gallon of gas?
DUH They will charge Johnny 6.00 per gallon! Okay folks tell me I am wrong! You won't win there!
Hell if the gubmint properly used the tax money reaped from individuals there would be plenty! A national sales tax makes more sense than taxing big business.
Ever wonder why a business with a fed tax ID card don't pay sales tax in local dealings? Easy! They are supposed to collect taxes from the consumer and send them in. So they also expect the business man to do the job of tax collector for free.
Brent
 
They're not charging them new taxes, just taking away tax breaks they didn't need to have in the first place.
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The mantra of the left! US companies are taxed at a higher rate than almost any other country. Most countries realize that's where the jobs come from, success for business means success for the economy. Liberals here want it both ways, take their profits and get good paying jobs. That's fuzzy math.
 
Is it only my uneducated self that knows business just does not pay their taxes? WE DO!
First off oil corporations do not make record profits... their investors do! If you want a piece of the action buy stocks in them!
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Actually, the investors are taxed twice. The company pays the first round of taxes, then the investors have to pay taxes on their individual income.

Got to love that progressive tax structure, that punishes people for being successful.
 
Not what I meant

I didn't mean it was unethical for them to make that much money, I was just stating that I believe there has to be something unethical going on for them to make that much money in the last couple years. If they had been making that much money all along, I wouldn't say anything.

Lg_mouth
 
I was just stating that I believe there has to be something unethical going on for them to make that much money in the last couple years. If they had been making that much money all along, I wouldn't say anything.
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The price of standard crude oil on NYMEX was under $25/barrel in September 2003. It's now just over $100/barrel. Doesn't it figure that their profits would go up along with the price of crude?
 
lg_mouth, they have been making alot. it is a play on words/math by the media and liberals. It is a bulk thing... Since they buy alot of barrels and sell them all it looks bigger....
Lets use 10 percent markup... I buy 100 barrels for 1 dollar a barrel and sell them at 1.10 a barrel... looks okay to everyone? Ten% mark up....
Now I buy one billion barrels for 100.00 and sell it at 110.00... thats fair? 10% markup...
Now do the math and post what I made! Looks scary high if all you post is my profit!:eek: That is what is going on! Attaboy to the guy that posts the sums first! That is all the media wants! that and BIG PROFITS!
Brent
 
They had nothing to do with the price rising

I expect their profits to go up, but why did the price of oil quadruple in 5 years? I know trading has a lot to do with it. But, look at Hurricane Katrina. Oil prices explode after Katrina and they have never gone back down. Don't you think that is a little fishy? Shouldn't the prices recover after the damage to the oil rigs and such was fixed? Also, they say they are raising prices to offset the cost of refining, but they are still bringing in huge profits. If they were offsetting costs, wouldn't they be making nearly the same amount of money or just a bit more, not a lot more?

Lg_mouth
 
Simply greed no matter how you phrase it. Yes I'm in favor of people making money, but when it becomes a threat to the nation and working people then something should be done. Capitalism is great but without morals and standards it to can fail, the idea of profit at any cost is in my opinion part of the reason America is in trouble on all fronts.
 
Prices have been quickly rising long before katrina and other hurricanes. OPEC decided they were going to reduce production to...
1) make more loot and...
2) IMO strangle those invading their allies.
Price goes up after a storm due to much damage to equipment and possible transportation issues.
Hope that helps...
Brent
 
Yes I'm in favor of people making money, but when it becomes a threat to the nation and working people then something should be done. Capitalism is great but without morals and standards it to can fail
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Morals and standards have nothing to do with capitalism. However, if either one of those Marxist Democrats become president then perhaps they will "fix" things to your liking. Imagine.......a Democrat in charge of "fixing" the price of oil.
 
GREED? A gun maker is facing a class action lawsuit because the failed to earn guessed profit? And You want the seller of the oil to reduce profits? Do you realize the ramifications of ripping off millions of investors?
So yer momma invests in a lawn mower and expects you to pay it back and with some of the funds you will be asked to help your family fulfill monetary needs.
The bully down the street gets in your face and tells you to mow "at cost" all of the yards you currently make a few bucks from... Do you pee down yer leg do as you are told or do you kick his butt and move ahead? Or do you just quit the lawn mowin'? I mowed for a living for years professionally and had high end clients. If they asked us to reduce the fee cuz they were strapped we would just have to cancel them. We gave a break here and there but can't operate free! We had many investors... a mower was $8,000 and it had a loan too.
Brent
 
It's called supply and demand. Oil companies are in competition with one another so I don't believe they are in cahoots in price fixing. If they were I think it would have been investigated by now. If they are then I would agree that it's greed. Greed is when you are hooked on OPM (Other People's Money, pronounced 'opium'). It's the most addictive substance known to man. Once you have it you want more. And more. You'll do it until they die and still want more. Tax their leftovers by God if you must!
 
Morals and standards have nothing to do with capitalism. However, if either one of those Marxist Democrats become president then perhaps they will "fix" things to your liking. Imagine.......a Democrat in charge of "fixing" the price of oil.
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Capitalism is inherently amoral, thus the need to have monopoly / collusion laws in place.
 
And, somehow, you don't think that the oil companies will pass those higher taxes on ?
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I said nothing of the sort. I've no doubt they will but it still doesn't justify corporate welfare for them. It's our damn fault if we allow them to jack up gas prices when they're raking in record profits.

Besides, we have some of the lowest gas prices in the world (although it could be argued that ours are higher because we have to pay for all the military resources that go toward securing that cheap price) so we have no [place to bitch and moan.

It's our damn fault that we're so dependent on oil. I see no reason to subsidize the profits of oil companies when they could easily take the hit without raising prices a single penny.


"the market" has no influence here. there is no competition among them, absolutely nothing to control prices but government intervention
 
The mantra of the left! US companies are taxed at a higher rate than almost any other country. Most countries realize that's where the jobs come from, success for business means success for the economy. Liberals here want it both ways, take their profits and get good paying jobs. That's fuzzy math.
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The mantra of the right!

No, they're not. US companies have a vast array of ways to skirt their taxes so let's not pretend that they're struggling to survive.
 
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