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http://www.huffingtonpost.com/2012/03/26/big-oil-subsidies-g...

Democrats tried a different tactic Monday, offering legislation to cut federal subsidies for the oil companies that have reaped record profits from the pain Americans feel at the pump.

Under a bill sponsored by Sen. Bob Menendez (D-N.J.), the Senate would end more than $20 billion of subsidies for the five largest oil companies over the next 10 years. The money would be used to cut the deficit and invest in green energy technology.

Menendez cast the measure as cutting a giveaway to oil companies that are already swimming in cash.

"I think the American people are sick and tired of paying ridiculously high gasoline prices ... at the pump and then paying big oil again with our collective taxpayer subsidies, which they get," Menendez said. "I think that money is better spent keeping our economy going and developing alternatives that will create competition in the marketplace and help to reduce gas prices."
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Under a bill sponsored by Sen. Bob Menendez (D-N.J.), the Senate would end more than $20 billion of subsidies for the five largest oil companies over the next 10 years. The money would be used to cut the deficit and invest in green energy technology.

I hate when they frame it that way, it's purposely obscure. We give oilcos about $4 billion per year. All he wants to do is cut that in half. I don't know why we give them anything at all.
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"Under a bill sponsored by Sen. Bob Menendez (D-N.J.), the Senate would end more than $20 billion of subsidies for the five largest oil companies over the next 10 years. The money would be used to cut the deficit and invest in green energy technology.


"I think the American people are sick and tired of paying ridiculously high gasoline prices ... at the pump and then paying big oil again with our collective taxpayer subsidies, which they get," Menendez said. "I think that money is better spent keeping our economy going and developing alternatives that will create competition in the marketplace and help to reduce gas prices."

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Right, let's fund another 100 'greenie companies' backed by Obama bundlers to the tune of 20 billion bucks, where that money dissapears from taxpayers pockets by force, winds up in Obama buddies pockets and bank accounts, and with zero results other than 'broken dreams' for the employees and any stockholders who get hosed.

Let's take away the normal depreciation and mineral allowances given to every industry, and let the oil companies pass the extra costs on, raising gas prices even futher to meet Obama's Energy Czar's goal of having the US pay "European gas prices" (#8-$11/gal).

Let's add in crushing carbon taxes to make it there, too...to help fund ObamaCare for the welfare weenies and queenies too. After all, you are working and paying taxes and 44 million are collecting food stamps and other few tens of millions are loafing and collecting 'benefits' of all sorts. Just who do you think is going to pay for it?

Yep, let's blow another 100 billion on subsidies to ethanol, which 30 years later still costs over $5/gal to make, runs up the price of food by 50% for the starving masses worldwide.. Let's take corn away from the 2 billion who go away hungry and use it to make lots of money for greenie investors.....(Obama bundlers)..... reduce your gas mileage in your vehicle.

ALternative fuels? Feel good if you pay $3.80 for E85. YOu are getting 35% less gas mileage....really costing you about $5.50/gal for the same fuel mileage. You did know that right? Which is why just about everywhere you can't find an E85 pump Folks aren't stupid. In Brazil, E85 sells for 2/3rds the price of a gallon of gas. Not so here.

Oh, wait...Obama just can't wait for you to have ONLY E85 and B20 diesel. B20 diesel? You don't even hear about it any more. Truckers learned real quick that throwing money down greenie rat holes that give them less mileage for more cost is not a winning proposition.

OK..go buy a Volt...prove me wrong. If you got lots of money, buy a Fisker or Tesla. Or if you never leave town, by all means, get a Leaf......but first sign up for premium price 'alternative energy' from your electric provider so you don't pollute the planet with coal powered electricity.

Thank you

t.
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"I hate when they frame it that way, it's purposely obscure. We give oilcos about $4 billion per year. All he wants to do is cut that in half. I don't know why we give them anything at all. "


We don't...any more than you are allowed to take deductions for dependents and for your house mortgage interest on YOUR taxes.


These are normal depreciation allowances and mineral separation allowances, and expensing the cost of well drilling in the year they occur.

Why would you deny oil companies these deductions?

YOu'll pay for the cost of oil anyway. Jack up the cost of doing business, and just WHO do you think will pay for it?

Duh!....

t.
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Why would you deny oil companies these deductions?

Because they don't need it, and if they get it, why doesn't everybody in every industry?

YOu'll pay for the cost of oil anyway. Jack up the cost of doing business, and just WHO do you think will pay for it?

C'mon, tele, are you a free market capitalist or not? I use hardly any gasoline, why should I subsidize you? Are you a welfare queen, or do you pay your own way?

It's not like this hasn't been pointed out to you before. Do you enjoy being inconsistent, or are you lying every time you advocate for oilco subsidies?
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"I think that money is better spent keeping our economy going and developing alternatives that will create competition in the marketplace and help to reduce gas prices."

This quote belongs on the Humor and Urban Legends Board.

I didn't click on the link.  Is this from The Onion?
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Why would you deny oil companies these deductions?

Because they don't need it, and if they get it, why doesn't everybody in every industry?


Most companies in most industries do get these types of deductions. A manufacturer that purchases equipment to make product gets to deduct the cost of the machine (depreciation) over a period of time. Patent costs are allowed to be deducted (amortized) over a period of time. The costs to explore and drill are deducted (depleted) in like manner. How can you not know this? This is a very easy accounting concept, and you are posting on a financial web site.

Oil companies do not make outsize profits. They just happen to be very large, so the nominal dollars are large.

What other expenses do you propose that oil companies not be able to expense? The cost of oil purchased? Wages? Taxes?
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these deductions abound. these corporations find ways, such as off shore banks to keep from paying taxes too.

if any group should be on the case of getting rid of these deductions, it's the flat taxers.

but i suspect it's the very same flat taxers who defend the big oil deductions most loudly.
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It's not like this hasn't been pointed out to you before. Do you enjoy being inconsistent, or are you lying every time you advocate for oilco subsidies?

Oh, by fair. Its not like he only lies on oilco subsidies. Pretty much every argumnent put forth by tele is based on lies. Then again, he is a rightie so there is no surprise there.
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