Dumb idea, Taxing big oil.

Yes, so far the Democratic Senate's solutions for reducing oil prices:

Drilling in know oil deposits..............NO
Expanding nuclear energy................NO

Voting to allow law suits against OPEC............YEP:D
Trying to tax big oil...........................................YEP:D
 
Quote from trader_arb:

Actually the dumbest idea yet has been corn ethanol.
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Food for gas so folks can pump it into SUVS. Another dumb idea.

Government intervening into free markets is always a disaster in the end.

We need to stop paying with tax dollars farmers to grow fuel corn.
 
Quote from prc117f:

If you tax them more, they will just pass the cost down to the consumer. Big buisness is never going to swallow expenses for the sake of it, they will just pass it on to the consumer.


http://www.thestreet.com/story/10420766/1/big-oil-tax-bill-voted-down-in-senate.html?puc=newshome
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Someone is confusing oil companies from the refiners. How much does it cost to get one barrel of oil out of the ground? like $10? Let's say it is $20 or even $60. So how much oil companies making? The refiners are the ones not making much, but oil companies making a fortune.

Anyway, I would not support windfall profit on oil companies BUT definitely get rid of all tax breaks.

Oil companies spend BILLIONS ever year buying back their own stock!!! THis cash wouldn't be the cash they save from paying less taxes would it?? Instead of using these billions to drill for oil they spend it on making shareholders more money with ZERO benefit to anyone else.

Also, 80% of the land leases they hold (all over the U.S.), they are not using to drill on.
 
Quote from cybtropic:

Someone is confusing oil companies from the refiners. How much does it cost to get one barrel of oil out of the ground? like $10? Let's say it is $20 or even $60. So how much oil companies making? The refiners are the ones not making much, but oil companies making a fortune.

Anyway, I would not support windfall profit on oil companies BUT definitely get rid of all tax breaks.

Oil companies spend BILLIONS ever year buying back their own stock!!! THis cash wouldn't be the cash they save from paying less taxes would it?? Instead of using these billions to drill for oil they spend it on making shareholders more money with ZERO benefit to anyone else.

Also, 80% of the land leases they hold (all over the U.S.), they are not using to drill on.
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They buy back their stock because they are not allowed use the money to expand oil production/exploration in America.
 
I just told you they are not using 80% of the leases they hold. They don't need permission to drill on that land / in that water.
 
Quote from cybtropic:

Someone is confusing oil companies from the refiners. How much does it cost to get one barrel of oil out of the ground? like $10? Let's say it is $20 or even $60. So how much oil companies making? The refiners are the ones not making much, but oil companies making a fortune.

Anyway, I would not support windfall profit on oil companies BUT definitely get rid of all tax breaks.

Oil companies spend BILLIONS ever year buying back their own stock!!! THis cash wouldn't be the cash they save from paying less taxes would it?? Instead of using these billions to drill for oil they spend it on making shareholders more money with ZERO benefit to anyone else.

Also, 80% of the land leases they hold (all over the U.S.), they are not using to drill on.
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They are a public company and have a fiduciary duty to their shareholders. Who else would you suggest they "benefit"?
 
Quote from cybtropic:

I just told you they are not using 80% of the leases they hold. They don't need permission to drill on that land / in that water.
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They would like to buy more but can't. Also a land lease does not automatically come with the rights to drill for Oil.

Oil Companies have begged for years to have access to more land to look and drill for oil. Democrats will not let them.
 
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