http://www.washingtontimes.com/news/2011/may/17/republicans-block-oil-tax-break-repeal/
I don't think for a minute that ending said tax breaks will make gasoline any cheaper (not that increased offshore drilling will any time soon, either), but I still think it's ridiculous that in a time of record profits for oil companies, coinciding with a time of record deficits for the government, that our government feels compelled to fund these tax breaks. Heaven forbid Congress should appear "un-American."
Originally posted by wittywonkaA tax break is not a subsidy.
http://www.washingtontimes.com/news/2011/may/17/republicans-block-oil-tax-break-repeal/
I don't think for a minute that ending said tax breaks will make gasoline any cheaper (not that increased offshore drilling will any time soon, either), but I still think it's ridiculous that in a time of record profits for oil companies, coinciding with a time of r ...[text shortened]... els compelled to fund these tax breaks. Heaven forbid Congress should appear "un-American."
The fuel companies are making a profit. Gummint is racking up record shattering losses. Schumer has a problem with that.
Get the fuel company guys to run the gummint.
“'Bureaucrats: they are dead at 30 and buried at 60.
They are like custard pies; you can't nail them to a wall.”
- Frank Lloyd Wright
Originally posted by wittywonkaI don't quite understand the Democrats logic -- repeal tax breaks for oil exploration/drilling in a time when oil prices are high? Surely one wants to increase supply, not decrease it?
http://www.washingtontimes.com/news/2011/may/17/republicans-block-oil-tax-break-repeal/
I don't think for a minute that ending said tax breaks will make gasoline any cheaper (not that increased offshore drilling will any time soon, either), but I still think it's ridiculous that in a time of record profits for oil companies, coinciding with a time of r ...[text shortened]... els compelled to fund these tax breaks. Heaven forbid Congress should appear "un-American."
Originally posted by spruce112358If oil prices are high then exploration and drilling are already a lot more profitable.
I don't quite understand the Democrats logic -- repeal tax breaks for oil exploration/drilling in a time when oil prices are high? Surely one wants to increase supply, not decrease it?
Originally posted by KazetNagorraI think this is an important question. Do we want to subsidize certain activity? do we want to offset the fact that we tax gasoline use? Perhaps it is completely unjustified but the fact that they have record profits right now is not really the issue.
Why did they get these tax breaks in the first place?
I am far from an expert but it seems like oil is a risky business and that when profits are high people think their profits are unjustified but when things are bad (oil spills) people want to kill the companies. I am wondering if this attitude is really a reflection of people just feeling we should use alternate energy sources and has nothing to do with the actions and profits of oil companies.
Originally posted by quackquackDo oil companies sell oil at a loss "when things are bad"?
I am far from an expert but it seems like oil is a risky business and that when profits are high people think their profits are unjustified but when things are bad (oil spills) people want to kill the companies.
Originally posted by FMFI am not sure how it is relevant but when oil goes down your inventory is worth less so you make less money. I am sure BP lost money as a result of the Gulf spill. I would guess that if oil comapnies have huge fixed costs that are never re-captured if price or demand goes down. Its not like everyone wants to start their own oil company because it is so easy to make profits.
Do oil companies sell oil at a loss "when things are bad"?
I don't know all the facts (and I'm guess neither do other people who posted above based on their arguments) but the idea that we need to change tax laws because an industry is profitable seems awfully silly.