Obama calls on Congress, Oil Subsidies near an end.

Shouldn't this be titled "Obama calls on Congress to end an existing tax deduction for the largest oil companies"? If the government was giving them cash up front I would accept using the term 'subsidy', but in reality it is a tax deduction which is rather complicated in its application, and not just used by big oil companies. As such government is not giving anything, but only failing to receive something, which they most often term as costing government. Under that system of thinking it is costing government about $13 trillion per year to allow workers to keep some of what they earn. Do we not all really work for the government?
One way the government could get some additional revenue would be to increase gas prices at the pump with an additional tax to raise the price to that of European countries. That would produce over $500 billion per year in additional revenue, assuming the consumption rate remained the same. Obviously it's an acceptable price acceptable to Europeans so why not Americans?
Another solution to the elimination of deficit spending by government would be to mandate that tax rates be adjusted across the board after passage of a budget which would do two things, provide adequate funds for running the government without need to borrow, and also provide additional funds which would eliminate the Federal debt over a period not to exceed 30 years, about a $500 billion principal payment each year currently.
Being a septuagenarian, I would not benefit from such a course, but future generations might find less reasons to blame the older generations still living and find them deserving of some care rather than blame. You can only live on credit for so long before the bills must be paid.

 

OK, so the “big oil companies” receive $4 billion a year from the “taxpayers” – the “subsidies” terminology is a misnomer: oil companies receive tax breaks or credits based on investment in a number of areas such as exploration, environmental issues, alternative fuels, alternative (extraction) methods, etc. So what? The “taxpayers” distributed more than 10 times as much in foreign aid to many nations that have long proven less than US-friendly. The Obama administration touted that $40 billion plus as “less than 1% of the annual budget”. So, (do the math) $4 billion is 1/10th of 1% of the annual federal budget – not even a drop in the bucket by Obama thinking. So, what’s the freaking problem?

Apparently, it’s OK to provide $2 billion (cash) to Brazil to help expand their exploration and production, but totally wrong to provide “subsidies” in the form of tax incentives for our own (US) companies who pay wages to American workers.

Stop oil market fraud? Buwahahahahaha. Just more lip service by current AG Holder so that it looks like he’s doing what others haven’t – finding the REAL enemies of the people. My guess is that it’s just another Monday morning latte and bran muffin sit-down accomplishing very little other than deciding where to point the finger next.

Reducing our dependence on oil, reducing oil imports, increasing domestic production… Now, back to the “subsidies” that were given to the petroleum industry for alternative fuel research, alternative (enviro-friendly) exploration and extraction methods. Then, what about the “subsidies” given the auto industry for alternative fuel (engine) research and for general R&D for the “cleaner, more efficient” vehicles. NEWS FLASH: The US government also provides “subsidies” for finding, extracting, and processing natural gas, AND for producing “advanced bio-fuels”. And then, one of the favorite tax increases of the Obama administration/democrats is on domestic oil and gas production. So, we take it away with one hand and give it back with the other – problem solved. Yeah, right.

Only a few weeks ago, Obama touted domestic production as “higher that it’s ever been”. At the time, domestic oil production was actually less than 50% of 1972 levels. The very next day, the administration’s line was “higher than anytime since 2003”. Did our domestic production change so drastically overnight? NO! Did the Prez, lie during a speech with a high degree of media coverage only to have the correct info delivered by his underling the next day? Weeeeell…

Obama’s taking credit for domestic production from leases and drilling permits issued before he was even an official candidate for President – as a Senator, he opposed many of those same leases. In March, the U.S. Energy Information Administration (EIA) projected a reduction in total U.S. crude oil production of 110,000 barrels per day in 2011 and a further 130,000 barrels per day in 2012. In contrast, oil imports declined from a daily average of 13.7 million barrels in 2005 to 11.7 million by 2009. At that rate, a 50 percent reduction would have been reached by 2016. In 2010, oil imports rose by 62,000 barrels per day, and in January 2011, the latest month for which government data are available, the average was up an additional 200,000 barrels daily.

In all of my years of observation and experience, almost every time I’ve heard “work together” or “move forward”, somebody ended up taking one in the keister. I’ve got a pretty good idea of who it’ll be this time.

 

Nicely put, however I find the left most often considers hard facts a form of disingenuous and irrational reasoning.

 

It is and will be impossible to convert to solar-wind-wave generation until two situations occur. #1-the oil companies have control of the solar-wind-wave generation companies. #2-the alternative energy industry is large enough to buy/fund our legislators, as the oil and other monied interests do now. Big Pharma gets a pass.

 

This is what they want you to think.

Now think about how much gas YOU use.

Then think about how much gas is used for commercial trucking, or that sort of thing.

Think how much oil is used over all. You pay an equal share not based on your consumption, but on average consumption.

Now it's true, everything will cost a lot more.... for a while. But it's something that NEEDS to happen, and one way or another, we're paying for it, or making debt for it.

*edit* individual, if the oil companies are not paying the taxes, it means we are. 1/10th of a percent of the us budget is a lot of fucking money, in fact.....

As you say, it may not even be a drop in the bucket by obama thinking, but it is to me. You're showing your blatant bias to the corporation over the individual. The corporation shouldn't even have rights, much less tax breaks.

And while it may not be a drop in the bucket to obama, it's a large part of what's letting the oil companies keep america by the balls. No one will look into hemp, solar, wind, tidal, or anything else that could actually harvest energy at a speed that can both supply our needs and not deplete our sources.

Not a drop in the bucket, so why are you arguing against it? the oil companies shouldn't feel a drop in the bucket any more than obama should, and it should take an important step towards stopping us from all being fucked in the ass by them holding the earths resources hostage: as it is, we have no choice but to continue using the enrergy they give us, because what they're doing is such easy money, both because they're pulling energy out of the ground and because they're pulling energy out of all of our pocketbooks and futures.

 

bump

 

I believe the term would be-extortion.Thus=we have all of you by the sacks and if you fuck with us,we'll twist those sacks even more. In fact,we might jerk 'em right off. Never mind we make the biggest profits in the history of the world and get tax breaks--move along and get those tanks filled up, you sorry assholes. Tsk-tsk-The nerve questioning us!!