Who will get the blame when prices go up?

[Jerk]

http://in.reuters.com/article/oilRpt/idINN0454844120090304




By Tom Doggett


WASHINGTON, March 4 (Reuters) - U.S. oil and natural gas producing companies should not receive federal subsidies in the form of tax breaks because their businesses contribute to global warming, U.S. Treasury Secretary Timothy Geithner told Congress on Wednesday.
It was one of the sharpest attacks yet on the oil and gas industry by a top Obama administration official, reinforcing the White House stance that new U.S. energy policy will focus on promoting renewable energy sources like wind and solar power and rely less on traditional fossil fuels like oil as America tackles climate change.
"We don't believe it makes sense to significantly subsidize the production and use of sources of energy (like oil and gas) that are dramatically going to add to our climate change (problem). We don't think that's good economic policy and we think changing those incentives is good for the country," Geithner told the Senate Finance Committee at a hearing on the White House's proposed budget for the 2010 spending year.
The Obama administration's budget would levy an excise tax on oil and natural gas produced in the Gulf of Mexico, raising $5.3 billion in revenue from 2011 to 2019.

One more example of why the economy will not be able to recover. When your gas bill, electric bill, fuel bill, et al, go up, it will of course be the fault of those greedy evil oil companies.

It is not possible to have an Administration more hostile to free markets and capitalism than the one we have now.

[Whet]

Are these clowns ever going to learn anything, or will they stay in their fantasy world?

[yermom]

why do they need subsidies again?

[Crucifax Autumn]

I'm guessing some people don't do any of the shopping in their household...prices have been skyrocketing for quite some time.

[Fraggle145]

why do they need subsidies again?

Heh. This. :pop:

[8timechamps]

I've struggled for a long time to understand big oil. It seems year over year they are breaking an earnings record while the rest of us are just breaking down.

Tis life I suppose.

[OUDoc]

why do they need subsidies again?

Agreed. I don't understand either.

[OUMallen]

http://in.reuters.com/article/oilRpt/idINN0454844120090304

One more example of why the economy will not be able to recover. When your gas bill, electric bill, fuel bill, et al, go up, it will of course be the fault of those greedy evil oil companies.

It is not possible to have an Administration more hostile to free markets and capitalism than the one we have now.

Um, how do government subsidies = free markets?

[badger]

To Dem's credit (and I am a lifelong Republican), the gas prices stayed at around $1.10-$1.20 throughout my growing up in Wisconsin, up until about 2000, when they jumped to $1.50 or so.

It was under a Republican administration (and Republican majorities in both the House and the Senate) that even Oklahoma started seeing those Wisconsin-like prices of $1.50, followed by $2, then $3.

And now, with both Senate and House under control of the Dems, and a Democratic president, we are once again seeing lower gas prices, about $1.60 in Tulsa right now.

To Dem's discredit, we are unfortunately also seeing companies like ConocoPhillips in Ponca City and Bartlesville cutting staff greatly.

Should oil prices take off again, I would expect some of that profit to once again benefit Oklahoma's economy (at the expense of everyone paying more for gas, yes).

[OklahomaTuba]

Remember when raising taxes and regulation in the middle of an economic downturn was considered a wise economic policy??

Yeah, neither do I.

[Condescending Sooner]

A few here cannot distinguish the difference between subsidies and tax rates.

[sooner n houston]

Have you people heard how much this climate change tax is going to cost YOU? How about $1.29 per gallon for gas. Thats a lot for an imagined calamity!
I bet the oil companies will come up with a new pump, one that shows you how much the oil company is charging you and how much tax you are paying.

[SoonerProphet]

There is a difference between government giving me money and the all omnipotent power of the state allowing me to keep my hard earned profits.

[yermom]

i'm starting to think Democrats could cure cancer and you guys would find a way to make it out to have been a bad move

[badger]

Click here (http://cagle.com/news/GasTaxHoliday/main.asp) for fun cartoons involving the McCain and Clinton-proposed "gas tax holiday" of last summer.

It is from the Cagle index, one of my favorite sites on the Web.

[LesNessman]

Climate change?!?

It's gone from the low 60s this morning to the upper 70s already today in Austin!

Is that what the tax-cheat Geitner means by climate change?

[sooner n houston]

i'm starting to think Democrats could cure cancer and you guys would find a way to make it out to have been a bad move

Well, as soon as they do something, anything, worth a ****, you lets us know will ya? TIA!

[XFollower]

Let's fix the climate, while the people are going to die out because they won't be able to afford to live.

I work for one of those greedy gas companies out there. I'm not a big dog at all, just a simple software consultant. Here's the part that many people do not understand. That big bad greedy company, pays me well. In turn, I spend $1000 a month on food and groceries, tuition for my kids, give over 10% to charities, etc. The people who work at wal-mart, teach my kids, use my contributions, appreciate it. If the big bad oil/gas companies get taxed big for making a profit, then I lose my job, therefore I don't spend money, therefore, the effect goes on down the chain.

I don't look at big companies and rich people as bad. Sure, the idiots who are stealing money like Madoff and such will deal with their day of judgment and so be it. I look at the big companies and rich people as opportunities for me to prosper. I can work my butt off for them, prosper, be happy and pass my earnings on to the next guy through spending.

[Veritas]

I don't look at big companies and rich people as bad. Sure, the idiots who are stealing money like Madoff and such will deal with their day of judgment and so be it. I look at the big companies and rich people as opportunities for me to prosper. I can work my butt of for them, prosper, be happy and pass my earnings on to the next guy through spending.
This is the type of attitude that more people need to have.

Unfortunately there are a lot of voters that seem to think that rich people and companies were appointed magisterially with prosperity. They think that wealth has been earned by guile and that it's therefore OK to steal...I mean tax...those entities are higher levels.

Ya see, even liberals have a moral conscience that recognizes onerous taxes as theft. The only way they can justify that theft is to somehow make the party they're stealing from the bad guy who needs to have things taken away from him.

[yermom]

we aren't talking about new taxes, we are talking about removing tax breaks.

why do oil companies deserve tax breaks that other companies aren't getting?

[yermom]

Well, as soon as they do something, anything, worth a ****, you lets us know will ya? TIA!

well, Obama's pissed off all the Bush humpers. that's been good for quite a few laughs

[MrJimBeam]

And now, with both Senate and House under control of the Dems, and a Democratic president, we are once again seeing lower gas prices, about $1.60 in Tulsa right now.



Why would you credit Dems with what clearly is the result of a weak economy? The election of Obama didn't result in lower fuel prices. I don't think anyway.

[badger]

I'm just calling it like I see it - the Dems have control of the federal government, gas prices are low.

Is it a sheer coincidence, or are oil companies running away in fear of more regulation should they raise gas prices again?

I am not saying it's a good or bad thing - I think that eventually, oil companies will stop selling to the U.S. just to cut losses and there may be shortages if this continues.

[XingTheRubicon]

we aren't talking about new taxes, we are talking about removing tax breaks.

why do oil companies deserve tax breaks that other companies aren't getting?

Not all oil companies are XOM. There are literally thousands of O&G companies clinging to life right now. (Many in Oklahoma) Now, sticking it to Oil and Gas right now isn't that big of deal as far as supply. However, when we pull out of the recession in 2013 and start using 87-90 million bbls of oil/day again, this will seem like the dumbest ****ing move Obama made. Until we have an alternative fuel that's as cheap as crude, we need to extract as much as humanly possible.

[yermom]

so it is the government's job to bail out failing businesses. ok, i think i understand.

[badger]

Well, yermom, in some cases, it is! If a business is truly that important to the success of the country, a bailout is in order! However, a "bailout" does not necessarily mean tossing money at them to help them out. I would consider the FDIC insurance in banks a form of government bailout, as nobody had confidence in banks back in the depression, so governmental insurance in bank deposits brought that confidence back. Another form of "bailout" is bankrupcy protection provided to businesses. Being able to stay afloat through government help allows employees to keep jobs and consumers to continue using the business' goods and services.

Without government intervention via FDIC, people would probably still be stuff money under mattresses and thus, no loans from banks to feed into the economy for things like homes or cars, even for people that had every intention and ability to pay it back.

Without government intervention for bankruptcy, business would simply halt operations, liquidate assets, fire all employees and that resource would be unavailable to consumers.

:mad: Bailouts just to be throwing money at companies, however, are irresponsible.

[RUSH LIMBAUGH is my clone!]

Let's fix the climate, while the people are going to die out because they won't be able to afford to live.

I work for one of those greedy gas companies out there. I'm not a big dog at all, just a simple software consultant. Here's the part that many people do not understand. That big bad greedy company, pays me well. In turn, I spend $1000 a month on food and groceries, tuition for my kids, give over 10% to charities, etc. The people who work at wal-mart, teach my kids, use my contributions, appreciate it. If the big bad oil/gas companies get taxed big for making a profit, then I lose my job, therefore I don't spend money, therefore, the effect goes on down the chain.

I don't look at big companies and rich people as bad. Sure, the idiots who are stealing money like Madoff and such will deal with their day of judgment and so be it. I look at the big companies and rich people as opportunities for me to prosper. I can work my butt off for them, prosper, be happy and pass my earnings on to the next guy through spending.Your scenario simply does not allow the government enough control over our lives, so it WILL be punished, and CHANGED.

[RUSH LIMBAUGH is my clone!]

I'm just calling it like I see it - the Dems have control of the federal government, gas prices are low.

Is it a sheer coincidence, or are oil companies running away in fear of more regulation should they raise gas prices again.The govt. will raise taxes and create other new hardships for the oil and gas industry, prolly sooner rather than later, and will drive up prices again by doing so. The main factor that might slow down or prevent price hikes is the overall slowdown of the economy, and less demand for the oil.

[sitzpinkler]

Well, as soon as they do something, anything, worth a ****, you lets us know will ya? TIA!

yeah, 'cause republicans have done such a bang-up job, right? :rolleyes:

[85Sooner]

I'm just calling it like I see it - the Dems have control of the federal government, gas prices are low.

Is it a sheer coincidence, or are oil companies running away in fear of more regulation should they raise gas prices again?

I am not saying it's a good or bad thing - I think that eventually, oil companies will stop selling to the U.S. just to cut losses and there may be shortages if this continues.

Maybe your too young to remember the gas lines and shortages during the late 70's.

[badger]

Maybe your too young to remember the gas lines and shortages during the late 70's.

As stated in the unemployment thread, I was born in '83 (the last time unemployment hit 8 percent).

However, I am old enough to see the after-effects of these gas lines and shortages. There were many former-gas stations around in the communities I grew up in. One of the neighboring communities didn't get another station until 1989... so there were 6 years in there that a 1,200-person community traveled to my smaller hometown (of about 100 or 200) for gas!

[XingTheRubicon]

so it is the government's job to bail out failing businesses. ok, i think i understand.

So the government refraining from cutting existing tax incentives is now a "bail out"

ok, i think i understand.

[yermom]

so it's okay if it has been there, but new ones are a bad idea?

[XingTheRubicon]

right

[XingTheRubicon]

All joking aside, my concern here is from a supply angle. I don't really care if O&G execs are making too much or too little.


As far as the cuts: I know "we" want to get even with those evil, successful rich people. Pinch the hell out of them so the middle class and the poor can dance in the streets at the "top 5 percent folks" expense.....just like when it happened.....just like when......oh yeah, that's never happened.