Obama to Congress: Raise Tax on Oil

Originally posted by dzonatas
reply to post by SWCCFAN

 

When Big Oil companies like Exxon don't pay federal taxes, then that means the U.S. Coast Guard doesn't get paid.

The USCG gets paid regardless.

If the U.S. Coast Guard doesn't get paid, then there is no fleet to pick up a mess.

The USCG does not clean up Spills they investigate and Fine Companies for spills.

Since it falls under an oil severance tax, the tax isn't at the pump.

If it cost a company money they add the added cost of compliance to the end user.

Crap rolls down hill.

Nobody has paid for the clean-up.

Who hired all the clean up companies then? They don't work for free.

The U.S. Coast Guard can be said to work out of the U.S. deficit spending. How could this deficit spending be stopped? Go back to square one and make sure Big Oil pays its taxes.

Every stinking dime the government spends is deficit spending.

The US is Broke!

reply to post by SWCCFAN


That is what the government wants us to believe and I actually believe it too.

US is not bankrupted, as long as we produce oil we are not bankrupted and US is a oil producing nation

Originally posted by dzonatas
The title of this thread "Obama tells Congress: Raise Tax on Oil" is almost a hoax.

Do you really believe that Obama has nothing to do with calling for the tax increase? The tittle is in context of what was proposed by the administration to the congress. Who is in charge of the administration, well who is the Puppet in charge as we all know TPTB are real masters.

This is not true anymore since there has been oil severance tax. Taxes that are specifically aimed on barrel tax cannot be taxed at the pump.

Care to back that up champ. Any prices that affect the prices of barrels of oil will tickle down further to the refinery, to the gas station, to the consumer. Obama does a lot better of explaining as he can woo the crowds in ways I can not. I posted a video on the first page that explains this in his own words, which he may have forgot as it could have been just the teleprompter talking.

reply to post by marg6043


Well its simple math

If your input is less than your output you are good to go.

If your input is Equil to your output you may have issues as you have no reserve.

if your input is less than your output you have the American Government.

And we all Have problems.

The founders have the Solution, But we American are to lazy to Fix this Lost and fallen Republic.

32 cents on the barrel, 64 cents a gal at the pump

[edit on 24-5-2010 by drwolf]

reply to post by SWCCFAN


I known, see is a reason why with all the financial crisis and the big debt deficit we still hold our ratings and keep backing up the markets with the plunge protection team, is because oil.

Originally posted by drwolf
32 cents on the barrel, 64 cents a gal at the pump

[edit on 24-5-2010 by drwolf]

Those number might be on the low side, inner city/meteropolitan pumps are goig to see the biggest rise. And then you have to account for inflation. Funny how everything accounts for inflation, but salaries never change.

Originally posted by prionace glauca

Originally posted by dzonatas
This is not true anymore since there has been oil severance tax. Taxes that are specifically aimed on barrel tax cannot be taxed at the pump.

Care to back that up champ.

Source: Oil Industry Fair Share Act

Myth v. Fact
The oil industry has made several arguments against this proposal in order to mislead the
public into opposing a severance tax.

Myth: An oil severance tax will increase the price consumers pay at the pump.

Fact: Oil is traded on a worldwide market. According to production statistics from the Energy Information Agency, California produces 0.7% of the world’s oil production. A 10% tax on oil companies could not actually have an impact on the price refineries pay for oil. According to the California Energy Commission, our state gets the majority of its oil from foreign sources and Alaska. Consequently, it is unclear how the oil industry thinks that gas prices would increase as a result of a severance tax. Furthermore, this measure contains a “no pass through” provision that will prevent oil companies from increasing the cost of oil products. This bill also allows the state to investigate instances of possible “price gouging” by oil companies.

Source: Capitol Weekly

Twenty-one states levy oil severance taxes ranging from 2 percent to 15 percent, in addition to other taxes on oil producers or purchasers.

If your states charges you oil severance tax at the pump, then it is your states fault.

The oil companies will just produce less of the product to create demand. If one avenue fails another will be used. Don't convince your self that the oil companies will allows themselves to be taxed and have reduced profits. Big Oil is in it profit, this administration is in it for double dipping.

Thanks for the link, a delightful read but sadly it will not be the case.

reply to post by prionace glauca


That is quite speculative, so no I'm not convinced by your position.

Even if the Big Oil pumps out less oil, that would be a good thing. It is already known old gas guzzlers aren't gonna stay on the road unless they get upgraded as technology changes. A better speculation... invest in newer production technology methods. There are already patents on ways to generate synthetic petroleum, so there really is no need to drill more... speculatively.

reply to post by prionace glauca


After watching that Video , one thought came into my mind.............. Beware !" Snake Oil Salesmen " !

Wait a minute. I thought Obama said that BP would be paying for the cleanup? Don't worry, if it gets to his desk, he'll sign it.

As his good buddy Rahm Emanuel once said, never waste a good crisis. Or, in Barack's version, never pass up a chance to stick it to the American worker, because that's who will end up paying this tax increase in one way or another.