Skip to comments.Obama: Lower Gas Prices By Taxing Big Oil More
Posted on 03/17/2012 12:23:56 PM PDT by Starman417
Here comes Obama The Blamer. Blame Bush, Blame oil companies:
In his weekly address to the nation Saturday, Obama sought to redirect consumers anger with his administration to anger with Congress for allowing companies like Exxon Mobil and Chevron to receive $4 billion from the federal government every year.
Your member of Congress should be fighting for you. Not for big financial firms. Not for big oil companies, Obama claimed.
In the next few weeks, I expect Congress to vote on ending these subsidies, he continued. And when they do, were going to put every single Member of Congress on record: They can either stand up for oil companies, or they can stand up for the American people.
Lefties think ending these subsidies wouldn't force the oil companies to raise gas prices because big oil already makes so much money. Really? Their net profit margin is 7.9%. Out of all the industries they rank 91st in profits out of 216 industries listed.
How about taxes paid?
The federal Energy Information Administration reports that the industry paid some $35.7 billion in corporate income taxes in 2009, the latest year for which data are available...That figure also doesn't count excise taxes, state taxes and rents, royalties, fees and bonus payments. All told, the government rakes in $86 million from oil and gas every dayfar more than from any other business.
Not paying their "fair share"? Here's a staggering fact: The Tax Foundation estimates that, between 1981 and 2008, oil and gas companies sent more dollars to Washington and the state capitols than they earned in profits for shareholders.
...As for the "subsidies" that Mr. Obama says the oil industry receives, these aren't direct cash handouts like those that go to the green lobby. They're deductions from taxes that cover the cost of doing business and earning income to tax in the first place. Most of them are available to other manufacturers.
Hmmmm, how about those green subsidies? Now those are real subsidies with millions of dollars in cash handed over without any due diligence and when those companies go belly up the tax payers are left holding the bag:
...Taxpayers and ratepayers are providing subsidies worth almost as much as the entire $1.6 billion cost of the project. Similar subsidy packages have been given to 15 other solar- and wind-power electric plants since 2009.
The government support which includes loan guarantees, cash grants and contracts that require electric customers to pay higher rates largely eliminated the risk to the private investors and almost guaranteed them large profits for years to come. The beneficiaries include financial firms like Goldman Sachs and Morgan Stanley, conglomerates like General Electric, utilities like Exelon and NRG even Google.
Any whining from Obama about giving subsidies to GE? Google?
How about ACORN?
(Excerpt) Read more at floppingaces.net...
I think ending oil subsidies is actually a good idea. Though taxes ought to be lifted as well.
At this point I’ll even settle for nutjob Ron Paul to get rid of this menace!
Or cutting taxes on the people that buy the gas.
I filled up yesterday and there was a sticker telling me how much in taxes I pay for each gallon:
18.4 cents for Feds
35.3 cents for State
That’s a total of 53.7 cents for each gallon of gas! To the government!
And that doesn’t count the supply chain taxes which are built into the gallon of gasoline.
No Barry, the government takes gets plenty of my money and I really don’t appreciate it.
Id say the “$4 billion” in subsidies (tax breaks) to oil and gas netted us a bit more benefit. Unless of course those “subsidies” were wasted by Exxon BP etc in pursuing “alternative energy” schemes. The oil and gas companies are among some of the biggest investors in “green” energy.
They also comprise a big portion of the investments in the retirement pension funds of our esteemed unions.
Just let Charlie Brown obama yank away the football and see what happens to the economy.
Yes, Yes, Yes, cut all subsidies, add new taxes, hinder exploration in the US, so the gasoline prices at the pump are around $6 in November you flaming idiot.
“Obama the Blamer”. Truer words have never been spoken. The scumbag won’t take responsibility for anything. Much like his supporters.
That’s the problem with communists. The solution to every problem is ALWAYS to raise taxes. Communists are some greedy bass turds. They love money more than anything. They just don’t want to have to work for it when it’s easier to just steal it from somebody else.
Since when is a tax write off, a payment from the Fed, every year. Does that mean that getting a child credit or joint filing exemption, is the same as getting a check from the Government every year?
And does he really think the American people are that stoopid?! (Don't answer that........)
or “Barak the Blameless”.
Anyone but junior would be better than this sitting scourge of the nation.
go ahead, take away the subsidies, they will pass the costs down to EVERYONE that buys gas and NOT just those of us who pay taxes.
What Obama deliberately forgets to say is that the oil companies have paid $42 billion per year taxes to the federal government.
So what has Washington done for us? Everything it can to stand in the way.
Oil companies already pay roughly twice their profits in taxes, take all of the risks, and reap rewards about half of soda pop manufacturers in terms of percent profit.
Apparently Dear Leader is unfamiliar with the economic fundamental that customers are the ones that ultimately pay the taxes assessed to corporations because they pass those costs on via their prices for goods and services. Idiot.
In the great scheme of Obama dealings—what is 4 Billion Dollars?
Compared to the trillions Obama is pissing away it’s nothing.
Not even one days spending. It would hardly keep the tank full on Air Force One and it’s subsidiary planes that fly Obama all around on his political fund raisers.