Obama seeks halt to tax subsidies for oil industry

Originally posted by The Old American
This is a classic election year ploy. He garners support from the poor and downtrodden by suggesting legislation that is sympathetic to their cause. The legislation will fail, as he knows it will, but the voters will already have been bought and paid for.

Don't fall for it.

/TOA

How is this an election year ploy???

He is a liberal, you know liberals tend to be anti corporate...

Originally posted by mastahunta

Originally posted by The Old American
This is a classic election year ploy. He garners support from the poor and downtrodden by suggesting legislation that is sympathetic to their cause. The legislation will fail, as he knows it will, but the voters will already have been bought and paid for.

Don't fall for it.

/TOA

How is this an election year ploy???

He is a liberal, you know liberals tend to be anti corporate...

Obama a liberal? Oil, insurance, pharma, and bankers all own a piece of the Obama pie.

He's liberal like Romney's liberal.

/TOA

reply to post by The Old American

He's liberal like Romney's liberal.

yeah, Obama wants to cut taxes for the incredibly rich by 20 percent...just like Romney does. Obama also wants to get rid of the death tax...he also wants to privatize social security and medicare....just like Romney does.

/end sarcasm

While some may think cutting the subsidies may be a good idea, the question has not been asked, what will be the long term effect of such and how will it translate out at the pump? The Oil industry is heavy regulated, and can not operate without the governments permission. And so what would the end result? That is the question that must be asked.

For starters, while they cut the subsidies, it would have results that would affect all of us. If you think that the gas is high right now, just wait, it will get worse, and then that is just the beginning. While the government keeps the oil industry in check where it can drill, with out the subsidies, it would end up meaning that the oil companies could then run roughshod and drill, able to tie up the different regulatory departments for years in the court system and then ultimately able to prevail against the federal government.

What people don’t or seem to forget is that with the money that the oil companies receive, there are strings that are attached to them, cut that money, cut the strings and the oil companies would do far worse than what they do right now. If anything the Government needs to renegotiates those contracts.

If they want to lower the gas prices, then they should put an export tax on the oil companies to make it start to hurt for them to ship oil and gas out of the country. It is not about supply, rather it is more about speculation.

Going green energy is an awesome idea, but we need to learn from other countries. Over in Europe, some of their financial issues is that they did push green energy and too hard, they have many wind turbines to create energy at the cost of jobs. I'm all for going green energy, but at the same time, we could push to make vehicles run on cleaner gas to create less emissions. Also if anything, maybe we should be looking more into water energy and solar (yeah I know Solyndra was an epic fail on solar). We have to be smarter with our money. I don't think cutting the oil subsidiaries is a good idea as it'll drive up fuel costs more, and cost jobs. I know that my family is really trying to think what to do when gas gets over $4 a gallon here for us. All we have is a van since we have a big family, and it's already costing about $50 a week in gas and that's only because we try to do as little travel as possible. We just really need to watch where our government puts our money if they do this, as personally I haven't even heard in the news what the results of the investigation into Solyndra were and to see who had their hands in it.

Originally posted by David9176
reply to post by The Old American

 

He's liberal like Romney's liberal.

yeah, Obama wants to cut taxes for the incredibly rich by 20 percent...just like Romney does. Obama also wants to get rid of the death tax...he also wants to privatize social security and medicare....just like Romney does.

/end sarcasm

edit on 18-3-2012 by David9176 because: (no reason given)

Obama seeks to halt subsidies, yet he gives offers Brazil $2 billion dollars to produce more oil so that America can buy it? Riiight. Obama supports private prisons, and keeps up the failed drug war to keep prison owners' pockets lined. Obama supports insurance companies by introducing a way to guarantee their coffers will always be full. Obama supports huge corporations by bailing them out with your money. That's really liberal of him...liberally spreading your money around to corporations.

All like Bush did, all like Romney will if he gets the chance. No sarcasm needed.

/TOA

reply to post by Nucleardiver


Thank you for bringing fact and reason to this thread. BO has no idea and throws money at things that eventually fail. Green energy ok, I'm all for it but not at his rate. Let me see him stop the vacations and golf games to try and get something done.

Originally posted by buster2010
Why should they get subsidies? They have been ripping off the public for decades and making record profits while doing it. Not to mention some of them pay next to nothing in taxes anyway.

You have no clue what your talking about do you have any idea what the oil companies profit was per gallon in last quarter? Exxon reported the last 3 months of 2010 they made .02 cents per gallon. Yes they made 2 cents the reason why profits are rising is the oil companies got smart they make there money on convenience store sales. Also American oil companies dont set the price of oil there market share is to small to control prices.