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Originally posted by jamie83
Originally posted by harvib
I think it's pretty obvious. Continue to pretend like it's a partsian issue and that there is low supply and thereby justify soaring gas prices...
So if it's not low supply what is it?
If it's not a partisan issue, what is it?
I still haven't heard an explanation that makes sense regarding why we shouldn't drill offshore.
Oil Companies; Political Patsies or Greedy Fat-cats?
I have recently noticed the building anger towards the oil companies and their ridiculous profits...
Well this got me thinking, and bear with me, because I believe this is my first researched thread, and I want to get my point across.
Americans use a huge amount of gas every day....
it shows that the United States consumes about 20 million barrels of oil each day. If you look at the statistics on a page like this one, you find that a barrel of oil (which contains 42 gallons or 159 liters) will yield something like 19 or 20 gallons (75 liters) of gasoline, depending on the refinery. Therefore, in the United States, something like 400 million gallons (1.51 billion liters) of gasoline gets consumed every day.
And profits for the last quarter were 11 Billion for one company alone.(EXXON MOBIL)
In total, there were over 120 BILLION dollars in profit by oil companies last year. So why am I calling the oil companies "Patsies"?
For one, Exxon paid over 40% of it's profits to taxes. They were the largest payers of taxes in U.S. history.
If you were to do the math, the oil companies make less than 1 dollar per gallon of gas, being as I cannot get the figures for overseas fuel sales by these American Companies. So not to be liberal with the math or anything, but how much profit should be taken from the very corporations who we all have stock in?
Conclusion: In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).
By comparison, grocery stores RAKE in the profits on a Gallon of milk, and yet there is no uproar at the direct gouging done by those camps...
At one point in 2003, the profits that retailers earned for everygallon of milk equaled the wholesale amount farmers were paid
per gallon, Cotterill said in a report he issued on milk prices last year.
So what is my point? The company that pays more taxes than the lower half of wage earners combined, is also contributing 90% of it's profits to the various mutual funds that we all own, and has raised prices 25% when costs have risen 120% for it's product.
Read the data, and if you compensate for current prices for crude, you will see that there really should be MUCH HIGHER prices for fuel right now. If it was not for our low gas taxes, there would be much more to complain about.
So what's the conspiracy? Are we deliberately being maligned so that we begin to loathe the middle east and seek some war "spoils"? With ethanol costing more than twice the cost of regular fuel, (it takes a gallon of fuel to create a gallon of ethanol) and considering it uses the same amount of corn per gallon that a human eats in an ENTIRE year, are we being pushed to create the conditions for a complete destruction of the oil producing nations, and a famine for the rest of the world that we don't want to support anymore?
I am not rich, actually fairly poor, and I drive a gas guzzler, so please avoid the bias argument. Thanks, and please be gentle.
Congressman Roy Blunt put together these data to highlight the differences between House Republicans and House Democrats on energy policy:
ANWR Exploration House Republicans: 91% Supported House Democrats: 86% Opposed
House Republicans: 97% Supported
House Democrats: 78% Opposed
Oil Shale Exploration
House Republicans: 90% Supported
House Democrats: 86% Opposed
Outer Continental Shelf (OCS) Exploration
House Republicans: 81% Supported
House Democrats: 83% Opposed
Refinery Increased Capacity
House Republicans: 97% Supported
House Democrats: 96% Opposed
91% of House Republicans have historically voted to increase the production of American-made oil and gas.
86% of House Democrats have historically voted against increasing the production of American-made oil and gas. powerlineblog.com
Originally posted by sos37
I'd like to hear the Democrats and Liberals explain this one away.
Rep. Earl Blumenauer, D-Ore., dismissed the need for oil explanation, speaking with FOX News Wednesday.
"There are 68 million acres right now that is available for exploration right now that the oil companies have — an area the size of Illinois and Georgia. We ought to be focusing on doing that," Blumenauer said, adding that a legal gap he referred to as the "Enron loophole" exempts energy trading from oversight of the U.S. Commodities Futures Trading Commission.
Originally posted by passenger
Oil companies make about $.08 (eight cents) per gallon in profit. The Federal Government takes $.184 (eighteen point four) cents per gallon. Who’s making a bigger profit off the sale of gas? Why doesn’t the government cut back a little. It might not be $.50 (fifty cents) per gallon, but it’s a start.
Originally posted by Anonymous ATS So, if you're all about throwing away billions of dollars, then by all means, go right ahead. But, please don't use MY tax money to do it.
Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.
A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.
Technically recoverable oil resources are those producible using currently available technology and industry practices. USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources.
New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes. About 105 million barrels of oil were produced from the Bakken Formation by the end of 2007.