Dems take aim at oil industry tax breaks

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WASHINGTON - House Democrats are targeting billions of dollars in oil company tax breaks for quick repeal next year. A broader energy proposal that would boost alternative energy sources and conservation is expected to be put off until later.

Incoming House Speaker Nancy Pelosi, in an outline of priorities over the first 100 hours of the next Congress in January, promises to begin a move toward greater energy independence "by rolling back the multibillion dollar subsidies for Big Oil."

Dems take aim at oil industry tax breaks - Yahoo! News

Big oil companies must be getting a bit nervous. Maybe the Democrats can do something about reducing our dependence on foreign oil. The only thing Republicans can seem to do is make oil companies richer.

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@tumbleweed cv,

The oil companies only get rich because they work hard at it . Their profit margin is very small compared to other industries . Consider the jobs that might be lost if they have to cut research and production . The tax incentives and such that they enjoy are needed to continue in business . When they make profits , the $ does "trickle down " , whether you believe it or not .

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@Curmudgeon,

The oil companies already get royalty relief on top of tax cuts.

NOW . Crude Awakening . FAQ: Oil and Gas Royalty Relief . 6.16.06 | PBS

Washington - The federal government is on the verge of one of the biggest giveaways of oil and gas in American history, worth an estimated $7 billion over five years.

New projections, buried in the Interior Department's just-published budget plan, anticipate that the government will let companies pump about $65 billion worth of oil and natural gas from federal territory over the next five years without paying any royalties to the government.

Bush Royalty Plan Biggest Oil and Gas Giveaway in History

Even with royalty relief and tax cuts oil companies aren't building any refineries to increase production.

There hasn't been any new refineries built in the last 30 years,which some claim is a way for oil companies to control the price of oil.

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@tumbleweed cv,

What about the fact environmentalists would picket any move by the oil industries to build refineries in the US. Sure, the oil industry is in it for the money, what business isn't.

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@lowflyn,

My point was they should at least pay the royalties. That royalty belongs to the taxpayers.

I think the treasury could use a few bucks right about now.

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@tumbleweed cv,

tumbleweed;7030 wrote:

My point was they should at least pay the royalties. That royalty belongs to the taxpayers.

I think the treasury could use a few bucks right about now.

Of those royalties you would like to charge "Big Oil" How does the oil company recoupe those payouts? They have to charge it to the consumer. So you want the government to get it to do as they see fit and stiff the consumer with the bill?

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@Drnaline,

They recoup their money they same way they do now, at the pump.:wtf:

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@tumbleweed cv,

Pump, I,E the consumer. So your answer would be yes. You must be a fan of intitlement programs.

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@Drnaline,

Giving the oil companies the royalty revenue is an entitlement program that favors oil companies. It seems you favor entitlement programs. Very Happy

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@tumbleweed cv,

Do you want lower or higher gas prices? If the government charges them royaltys them make us pay for such, not the government. The government takes those royaltys and does what ever they do with them. They favor the oil companys which intern favors the consumer. Personally i don't care it they charge "Big Oil" royaltys or not, just don't complain or blame anybody but the demo's when the price goes up.

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@Drnaline,

What difference does it make where the money is spent? It's taxpayer money.

The oil companies are making record profits so taxpayers should be paid their royalties.

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@tumbleweed cv,

tumbleweed;7081 wrote:

What difference does it make where the money is spent? It's taxpayer money.

The oil companies are making record profits so taxpayers should be paid their royalties.

It's all taxpayer money. The money the government gets and the money the oil companys have to charge to get it back. Why don't you complain when the housing industry, airlines, investors are making record profits? What makes them different, they are all heald by stock holders?

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@Drnaline,

Drnaline;7084 wrote:

It's all taxpayer money. The money the government gets and the money the oil companys have to charge to get it back. Why don't you complain when the housing industry, airlines, investors are making record profits? What makes them different, they are all heald by stock holders?

Make the connection to oil royalties and I'll comment on them.:wtf:

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@tumbleweed cv,

Then you'll probably want your take on there market too.

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@tumbleweed cv,

In the past the government helped Chrysler , and Amtrak . Was that wrong ? I don't recall who was in power then .

1 Reply

@Curmudgeon,

Curmudgeon;7098 wrote:

In the past the government helped Chrysler , and Amtrak . Was that wrong ? I don't recall who was in power then .

Those companies were in in a financial crisis. I'm not aware of any oil companies going bankrupt.

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@tumbleweed cv,

I suppose they would be in financial trouble if they weren't able to sell oil and gas at prices Americans are willing to pay .
I never saw your answer to the point that no new refineries have been built lately . Is that an oil company ploy also ? Green Party folks and other environmentalists are violently opposed to new refineries . I work in a business that works closely with refineries and chemical plants and they tell me they would build new plants if they could .

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@tumbleweed cv,

Tumble should ask Nancy Pelosi why no new refineries have been built. But i'm sure he knows the reason. They like foriegn oil dependency.

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What difference does it make where the money is spent?

Because it's not the taxpayers spending what the government gets.

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@Drnaline,

So what have Republicans done to reduce our dependence on foreign oil?

Show me some data that states oil consumption has dropped in the last 6 years under Bush.

1 Reply

@tumbleweed cv,

tumbleweed;7113 wrote:

So what have Republicans done to reduce our dependence on foreign oil?

Show me some data that states oil consumption has dropped in the last 6 years under Bush.

Tried to allow drilling on our own soil. What have the dems done? Stopped it.
Seems there a little too preoccupied with conservation. You think they are trying to conserve oil? They hear the outcry from high prices, will they do anything about it, not if it gets in the way of there "Conservation?" Did you read your whole article?

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Show me some data that states oil consumption has dropped in the last 6 years under Bush.

When has this country ever cut it's use of oil, whether domestic or foriegn? Not in the last 6, 12, 24, 48 years, all the way to our industrial age?

Taken from your link.

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A broader energy proposal that would boost alternative energy sources and conservation is expected to be put off until later.

Why alternative, there is plenty of oil around here, if the dems would let them drill and refine it!

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a tax on the oil industry's windfall profits

How would you like the government taxing your windfall when you've already payed taxes on it? Or taxing your smarts to invest in it in the first place?

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promises to begin a move toward greater energy independence "by rolling back the multibillion dollar subsidies for Big Oil."

How does rolling back on oil companys promote greater energy independence?

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Congress struggled to respond to the public outcry over soaring summer fuel prices and oil companies' huge profits.

So lets charge them royaltys so "Big Oil" will be forced to jack the price even higher!

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Topping the list for repeal are:

_Tax breaks for refinery expansion and for geological studies to help oil exploration.

There is your refinery answer. The dems know there is no oil here and they don't want anyone looking for it either?

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Democrats say neither tax benefit should be needed for an industry reaping large profits at today's high crude oil prices.

That's right, and you don't mind paying for it either right? And who dictates the price of oil? Not the oil companys but they do have a markup no matter what the cost.

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_More incentives and mandates to expand the use of ethanol and biodiesel as a substitute for gasoline. Requiring oil companies to phase in retail pumps that deliver fuel that is 85 percent ethanol.

Wait a second, there gonna take it away so they can give it right back to them? Real smart these dems.

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plans hearings on legislation to spur further production and distribution of ethanol and biodiesel, and promote conservation.

What does conservation (i'm not talking about oil conservation, i mean drilling in Alaska)have to do with the price of oil and oil tax breaks?

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Last spring, Sen. Charles Schumer (news, bio, voting record), D-N.Y., said if the country is to reduce its addiction to oil

I wonder what Schamer drives to work? Or he is not included in the country? I think his "crash program" should start with him or his chauffer.

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Dems take aim at oil industry tax breaks

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