It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by neo96
Another hate the GOP thread,Hate corporations thread, Hate "big oil thread".
Some people are so blinded by idelogy they never look deeper:
n 2011, the United States consumed about 134 billion gallons1 (or 3.19 billion barrels2) of gasoline, a daily average of about 367.08 million gallons (8.74 million barrels). This was about 6% less than the record high of about 142.38 billion gallons (or 3.39 billion barrels) consumed in 2007.
367 million of gallons sold each and every day 365 days a year then figure in the Feds cut of 18.4 cents for each and every gallon sold.
Then figure in the states cut which works out to around:
66 million a day= 24 billion a year and what is the return of alternative energy?
That same alternative energy subsidized by that "gas tax" ?
It's my understanding (and I'd love to be corrected) that these are all or mostly depreciation allowances.
What happens if the depreciation allowance is dis-allowed? The companies' taxes go up. And immediately thereafter they start charging more for oil and it's products.
The gum is a bad deal because you don't get your money's worth, the steak is a good deal because you do. Investing in wind is, unfortunately, a bad deal for the same reason.
Originally posted by RealSpoke
Republicans love giving out corporate welfare while complaining about foodstamps. Really disgusting party. They also hate the Earth and all the poor people on it.
Amonix Solar: FAIL! – manufacturing plant in North Las Vegas, subsidized by more than $20 million in federal tax credits and grants given by Obama Administration, has closed its 214,000 square foot facility a year after it opened.
Solar Trust of America: FAIL! - Filed Bankruptcy in Oakland, CA, April 3, 2012 – On April 2, 2012
Bright Source: FAIL! - Bright Source warned Obama’s Energy Department officials in March 2011 that delays in approving a $1.6 billion U.S. loan guarantee would embarrass the White House and force the solar-energy company to close. Lost Billions of dollars but Getting More Money To Keep Trying. Can you say, “This isnt working?”
Solyndra: FAIL! - Obama gave Solyndra $500,000,000 in taxpayer money and Solyndra shut its doors and laid off 1100 workers in August 2011 After Billions in Losses due to failure to make a solar product that works!
LSP Energy: FAIL! - LSPEnergy LP filed bankruptcy protection and a sale of its assets in Feb 2012
Energy Conversion Devices: FAIL! – On February 14, 2012 Energy Conversion Devices, Inc. and its subsidiaries filed for bankruptcy Abound Solar: FAIL! - Abound Solar received a $400 million loan guarantee from Barack Obama announced in June, 2012 that it would file for bankruptcy
SunPower: FAIL! - SunPower stopped producing solar cells last year at near bankruptcy restructured only with help of, get this, oil giant TOTAL who owns 60% stake. Irony! Still struggling… Beacon Power: FAIL! – Beacon Power Corp filed for bankruptcy Oct 2011 just a year after Obama approved $43 million loan Government loan guarantee
Ecotality: FAIL! - ECOtality, a San Francisco green-tech company that never earned any money on the verge of bankruptcy after receiving roughly $115 million in two loan guarantees from Obama
A123 Solar: FAIL! -A123 received $279 million from taxpayers thanks to President Obama’sDepartment of Energy loan guarantees and after Solyndra bankruptcy is getting another $500M from Obama and it has lost $400M
UniSolar: FAIL! - Uni-Solar filed for Ch 11 bankruptcy in June 20 this year laid off hundreds got more Obama money still failing but still in business
Azure Dynamics: FAIL! - Azure Dynamics files for bankruptcy in June wasting millions in Obama “Stimulus” and tax credits. Azure Dynamics LLC filed for bankruptcy protection in Canada and the US. Azure laid off 120 of its 160 employees in Oak Park; Boston; Vancouver, British Columbia; and the UK.
Evergreen Solar: FAIL! - Evergreen Solar received $527 Million in Taxpayer money from Obama filed bankruptcy
Ener1: FAIL! received more than $100 million in government funding from the Obama administration filed for bankruptcy January 2012
I think we're seeing some of that uncertainty.
One concern is that instability of the tax system may add to uncertainty and slow investment activity.
But I'm not criticizing the study, I'm glad you brought it up. I think it makes the case for lifting subsidies a little stronger.
Against a backdrop of weakened natural gas prices, however, the elimination of oil and gas company tax preferences could reduce current employment.not just prospective gains in employment. Moreover, because capital]intensive industries have larger multiplier effects than labor intensive industries, spillovers to the rest of the economy could be noticeable in the short run.
How could I pass up that headline?
The Surprising Reason That Oil Subsidies Persist: Even Liberals Love Them
That seems to be good, but be careful, if you accept it, most of the case for ending subsidies goes away.
“any government action that lowers the cost of fossil fuel energy production, raises the price received by energy producers or lowers the price paid by energy consumers.”
And finally, the tax issue:
The single largest expenditure is just over $1 billion for the Strategic Petroleum Reserve, which is designed to protect the U.S. from oil shortages. The second largest category is just under $1 billion in tax exemptions for farm fuel. The justification for that tax exemption is that fuel taxes pay for roads, and the farm equipment that benefits from the tax exemption is technically not supposed to be using the roads. The third largest category? $570 million for the Low-Income Home Energy Assistance Program. (This program is classified as a petroleum subsidy because it artificially reduces the price of fuel, which helps oil companies sell more of it). Those three programs account for $2.5 billion a year in “oil subsidies.”
Last year CNN did a story where they put together their own list of the so-called oil subsidies, and in their list the “largest single tax break” — amounting to $1.7 billion per year for the oil industry — is a manufacturer’s tax deduction that is defined in Section 199 of the IRS code. This is a tax credit designed to keep manufacturing in the U.S., but it isn’t specific to oil companies. It is a tax credit enjoyed by highly profitable companies like Microsoft and Apple, and even foreign companies that operate factories in the U.S. Further, the deduction for oil companies is already limited. Apple is able to take a 9% manufacturer’s tax deduction, but ExxonMobil is only allowed to take a 6% deduction.
Originally posted by RealSpoke
Republicans love giving out corporate welfare while complaining about foodstamps. Profits over people! Profits over the environment! Profits over everything, the only thing that matters.
edit on 3-10-2012 by RealSpoke because: (no reason given)