Ending Tax Breaks for Big Oil

[finnbow]

How this gonna play out? The Dems wanting to curtail tax breaks to Big Oil during a time in which they are enjoying record profits, yet the GOP opposes it (in favor of Medicare cuts). Is this gonna bite the GOP in the @ss or is their "no tax hikes on this poor little industry" rhetoric gonna carry the day?

[d-ray657]

When revenue is close to all time lows, and the oil companies don't need special treatment any more, it will be hard to sustain an argument against the cessation of this give away. Don't forget that the increased price of gasoline makes the oil companies even more vulnerable.

Regards,

D-Ray

[piece-itpete]

Buchanan mentioned on the McLaughlin Group that Exxon made 8 cents on the dollar last year. 8%? That's mighty thin.

The price of gas cuts both ways. If you cut the breaks, and gas goes up - guess what people think?

Pete

[CarlV]

Originally Posted by piece-itpete

Buchanan mentioned on the McLaughlin Group that Exxon made 8 cents on the dollar last year. 8%? That's mighty thin.


Pete

The world's largest public energy company reported net income of $7.56 billion, or $1.60 a share, in the second quarter, up 91% from $3.95 billion, or 81 cents a share, in the same period in 2009.
Analysts were expecting earnings of $1.46 a share, according to a survey by Thomson Financial.
Earnings for the first half of 2010, excluding special items, were $13.9 billion, up 60% over the first half of 2009. http://money.cnn.com/2010/07/29/news...xxon/index.htm

HOUSTON — Exxon Mobil, the largest American oil company, reported a 53 percent increase in its fourth-quarter profit on Monday, helped by an improving world economy that has increased energy demand and crude prices. http://www.nytimes.com/2011/02/01/business/01oil.html

Considering all the businesses closing their doors in this economy I would say they are doing pretty good.

Buchanan lol.




Carl

[d-ray657]

Originally Posted by piece-itpete

Buchanan mentioned on the McLaughlin Group that Exxon made 8 cents on the dollar last year. 8%? That's mighty thin.

The price of gas cuts both ways. If you cut the breaks, and gas goes up - guess what people think?

Pete

That is 8 cents for every dollar of sales. That's not how Exxon counts it for its shareholders, which is return on capital investment. At that rate, it comes out to around 34% - know anyone who wouldn't take that ROI? Know anyone who gets that ROI that needs to be propped up with tax credits?

Regards,

D-Ray

[whell]

I think Harold Ford Jr has some reasonable points, but will this article prompt forum members to finally stop demonizing the oil industry (or any other industry for that matter)?

http://online.wsj.com/article/SB1000...s_opinion_main

Doubt it!

[noonereal]

Originally Posted by whell

I think Harold Ford Jr has some reasonable points, but will this article prompt forum members to finally stop demonizing the oil industry (or any other industry for that matter)?

http://online.wsj.com/article/SB1000...s_opinion_main

Doubt it!

did you even read this?

and to answer your question, I hope the hell none of us here stop demonizing the demon.

[whell]

Originally Posted by noonereal

did you even read this?

and to answer your question, I hope the hell none of us here stop demonizing the demon.

Of course I did. Did you? You'd prefer to subsidize our pursuit of a questionable domestic energy strategy, and continue to enrich foreign oil interests, on the backs of working families who can least afford to pay inflated prices for gasoline, heating oil and oil - based products?

[noonereal]

Originally Posted by whell

Of course I did. Did you? You'd prefer to subsidize our pursuit of a questionable domestic energy strategy, and continue to enrich foreign oil interests, on the backs of working families who can least afford to pay inflated prices for gasoline, heating oil and oil - based products?

it's one of the few links that you submitted that I read, I generally know better as I used to read them all the time and discovered that you did not.

the rest of your post is just a lot of crap as usual

just twisted bs rather than a real exchange

As you should know i don't play unravel whell's posts

[whell]

Originally Posted by noonereal

it's one of the few links that you submitted that I read, I generally know better as I used to read them all the time and discovered that you did not.

the rest of your post is just a lot of crap as usual

just twisted bs rather than a real exchange

As you should know i don't play unravel whell's posts

And, as usual, you just dismiss the post as "crap" without offering any substantive rebuttal.