Republicans Block Extra Taxes On Oil Companies

[one...two...tree 2,762]

...which is why the Big Oil's friends in Washington want to drill for more oil rather than invest much money in alternative energies.

Why would they be forced to invest in alternative energies? They are an OIL company. Jeez, use your brain Steven. Quit blaming big oil for wanting to sell oil. It's what they do.

Big Oil has been granted all kinds of tax breaks and subsidies so where is the savings for the consumers? So now that the price is over $4 a gallon and responsible politicians are saying #######, you think that if we pull those tax breaks from under their feet, their going to collapse? Have I got something to sell you...

One barrel of crude oil (42 gallons) when refined, produces about 20 gallons of gasoline (link).

According to the U.S. Department of Energy, here's an approximation of where each dollar

you spend on gas goes:

Taxes: 11%

Distribution and Marketing: 6%

Refining: 10%

Crude oil: 73%

A barrel of crude (42 gallons) costs $135.

1 gallon of gas = 2.1 gallons of crude = $6.43

If you include the taxes, refining and distribution, you will get $8.81 per gallon of gas.

You're paying only $4 instead of $8.81 - and you're asking "where's the savings"?

This is the ongoing argument. Big Oil wants us to believe that by giving them the tax incentives, we're doing ourselves a favor. Had we rid ourselves of the subsidies long ago, we would be driving much different cars than we are today. That's Gary's free market argument - let the market influence consumer trends, but this proves that the market was already mucked with and the hidden costs are there - whether they can all be quantified into dollars and sense. Nothing's free - you can bet your pants we're paying for that subsidy one way or another.

Dude, make up your mind - do you want cheap gas or not?

If you do, appreciate the savings and stop whining - you're paying a lot less for a gallon of gas than it costs to produce it.

If not, let's get rid of the tax incentives and start paying $8-9 per gallon, like Europe and the rest of the world. Free market will take of everyone real quick, believe me.

The part in red....amen and hallelujah.

[mawilson 2,133]

...which is why the Big Oil's friends in Washington want to drill for more oil rather than invest much money in alternative energies.

Why would they be forced to invest in alternative energies? They are an OIL company. Jeez, use your brain Steven. Quit blaming big oil for wanting to sell oil. It's what they do.

Big Oil has been granted all kinds of tax breaks and subsidies so where is the savings for the consumers? So now that the price is over $4 a gallon and responsible politicians are saying #######, you think that if we pull those tax breaks from under their feet, their going to collapse? Have I got something to sell you...

One barrel of crude oil (42 gallons) when refined, produces about 20 gallons of gasoline (link).

According to the U.S. Department of Energy, here's an approximation of where each dollar

you spend on gas goes:

Taxes: 11%

Distribution and Marketing: 6%

Refining: 10%

Crude oil: 73%

A barrel of crude (42 gallons) costs $135.

1 gallon of gas = 2.1 gallons of crude = $6.43

If you include the taxes, refining and distribution, you will get $8.81 per gallon of gas.

You're paying only $4 instead of $8.81 - and you're asking "where's the savings"?

This is the ongoing argument. Big Oil wants us to believe that by giving them the tax incentives, we're doing ourselves a favor. Had we rid ourselves of the subsidies long ago, we would be driving much different cars than we are today. That's Gary's free market argument - let the market influence consumer trends, but this proves that the market was already mucked with and the hidden costs are there - whether they can all be quantified into dollars and sense. Nothing's free - you can bet your pants we're paying for that subsidy one way or another.

Dude, make up your mind - do you want cheap gas or not?

If you do, appreciate the savings and stop whining - you're paying a lot less for a gallon of gas than it costs to produce it.

If not, let's get rid of the tax incentives and start paying $8-9 per gallon, like Europe and the rest of the world. Free market will take of everyone real quick, believe me.

The part in red....amen and hallelujah.

Does it mean you retract your previous statement?

Big Oil has been granted all kinds of tax breaks and subsidies so where is the savings for the consumers? So now that the price is over $4 a gallon and responsible politicians are saying #######, you think that if we pull those tax breaks from under their feet, their going to collapse? Have I got something to sell you...

[dalegg 143]

If not, let's get rid of the tax incentives and start paying $8-9 per gallon, like Europe and the rest of the world. Free market will take of everyone real quick, believe me.

The part in red....amen and hallelujah.

I hope Obama says that during one of the upcoming debates.

[one...two...tree 2,762]

...which is why the Big Oil's friends in Washington want to drill for more oil rather than invest much money in alternative energies.

Why would they be forced to invest in alternative energies? They are an OIL company. Jeez, use your brain Steven. Quit blaming big oil for wanting to sell oil. It's what they do.

Big Oil has been granted all kinds of tax breaks and subsidies so where is the savings for the consumers? So now that the price is over $4 a gallon and responsible politicians are saying #######, you think that if we pull those tax breaks from under their feet, their going to collapse? Have I got something to sell you...

One barrel of crude oil (42 gallons) when refined, produces about 20 gallons of gasoline (link).

According to the U.S. Department of Energy, here's an approximation of where each dollar

you spend on gas goes:

Taxes: 11%

Distribution and Marketing: 6%

Refining: 10%

Crude oil: 73%

A barrel of crude (42 gallons) costs $135.

1 gallon of gas = 2.1 gallons of crude = $6.43

If you include the taxes, refining and distribution, you will get $8.81 per gallon of gas.

You're paying only $4 instead of $8.81 - and you're asking "where's the savings"?

This is the ongoing argument. Big Oil wants us to believe that by giving them the tax incentives, we're doing ourselves a favor. Had we rid ourselves of the subsidies long ago, we would be driving much different cars than we are today. That's Gary's free market argument - let the market influence consumer trends, but this proves that the market was already mucked with and the hidden costs are there - whether they can all be quantified into dollars and sense. Nothing's free - you can bet your pants we're paying for that subsidy one way or another.

Dude, make up your mind - do you want cheap gas or not?

If you do, appreciate the savings and stop whining - you're paying a lot less for a gallon of gas than it costs to produce it.

If not, let's get rid of the tax incentives and start paying $8-9 per gallon, like Europe and the rest of the world. Free market will take of everyone real quick, believe me.

The part in red....amen and hallelujah.

Does it mean you retract your previous statement?

Big Oil has been granted all kinds of tax breaks and subsidies so where is the savings for the consumers? So now that the price is over $4 a gallon and responsible politicians are saying #######, you think that if we pull those tax breaks from under their feet, their going to collapse? Have I got something to sell you...

I posted that short answer as I was leaving the office.

You know this is a complex problem and there is no quick easy solution, but overall, the Democrats in Congress have the right idea. Some way or another, we have to shore up to that reality but now we have to do it in way that doesn't completely tank the economy. Look, in a time of crises, we are at war right now, meanwhile the oil companies have been making record profits. Given the fact that the market isn't truly free as Gary dreams it is, we have every right and obligation to strong arm the oil companies towards helping us during this crises (by giving them the choice to either invest in alternative energy or pay at a higher tax rate that other corporations pay). The oil companies are the ones whining and saying if we want them to lower the price of oil, then we've got to let them drill for more oil. They've got us wrapped around their finger. What a f##king mess.

Edited June 11, 2008 by Jabberwocky

[one...two...tree 2,762]

If not, let's get rid of the tax incentives and start paying $8-9 per gallon, like Europe and the rest of the world. Free market will take of everyone real quick, believe me.

The part in red....amen and hallelujah.

I hope Obama says that during one of the upcoming debates.

The jest of what I'm saying is that the Democrats in Congress are aiming for the right thing.

[mawilson 2,133]

If not, let's get rid of the tax incentives and start paying $8-9 per gallon, like Europe and the rest of the world. Free market will take of everyone real quick, believe me.

The part in red....amen and hallelujah.

I hope Obama says that during one of the upcoming debates.

The jest of what I'm saying is that the Democrats in Congress are aiming for the right thing.

Yep - that's the "jest" of it.

[one...two...tree 2,762]

If not, let's get rid of the tax incentives and start paying $8-9 per gallon, like Europe and the rest of the world. Free market will take of everyone real quick, believe me.

The part in red....amen and hallelujah.

I hope Obama says that during one of the upcoming debates.

The jest of what I'm saying is that the Democrats in Congress are aiming for the right thing.

Yep - that's the "jest" of it.

damn MS Word didn't help me on that one.

[GaryC 7]

Your finally showing your true colors Steven. You want higher prices. You want our economy to tank. And all for your political aims. It's refreshing to finally see you come out with the truth.