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Author: 1poorguy Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 441237  
Subject: Re: big oil subsidies Date: 2/23/2013 3:23 PM
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So are oil companies' profits unreasonable?

I don't believe in that. As long as everything is "clean" and above-board, then the profits are the profits.

One huge "subsidy" is (last I knew) we don't charge oil companies much for the privilege of extracting our oil from our land. They have to pay for their permit, and that's about it. It's a pittance. But the oil does NOT belong to them. It belongs to the American people. We should charge them a lot more than we do.

Imagine, for a moment, if you were like Jed Clampett and Shell came in and simply started pumping out the oil. They pay you some small pittance for it, but just keep sucking it off your land. You'd think that outrageous because it's your land. Well, federal lands are also your (and my and everyone's) land. And that's exactly what we let them do. IMO, it's that practice when done overseas that leads people like Chavez to nationalize their oil (because that's the only way the people can benefit from it).

1poorguy
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