[thackney]

Point one-There is no subsidy now for corn, wheat, etc, for farms.

Ethanol is subsidized at more than one point. Some claim up to $1.5/gallon. All gets 51¢ at the blender, this supports a higher price for the fuel than the market would support otherwise.

http://zfacts.com/p/63.html

http://www.ethanolrfa.org/policy/regulations/federal/

http://www.ethanolrfa.org/policy/actions/state/

Point 2- No, crops can’t supply majority of our fuel but they could do 10% of the gas.

In 2007, the US used 3,390,977,000 barrels of motor gasoline. 10% would be over 14 billion gallons of gasoline. Using 151 bushels of corn per acre and 2.7 gallons per bushel that requires about 35 million acres of corn. A little over a third of all corn planted in in 2007. Add whichever fuel efficiency of ethanol/gasoline for mpg. Probably between 10~20% depending on who is making the argument. It is a production level that I agree can be reached.

Take out the subsidies above and I'm all for it.

Three- That tax credit BIG OIL gets is wrong

Tax credits? Look at the total tax bill. I believe no other industry pays higher tax rates than oil companies.

ExxonMobil 2007
Revenue $404.6 Billion
Profit $40.6 Billion (10.0%)
Taxes $102.5 Billion (25.3%)

Sales-Based taxes $31.728B
Other taxes and duties $40.953B
Income taxes $29.864B

2007 Financial & Operating Review
http://www.exxonmobil.com/corporate/files/news_pub_fo_2007.pdf
Page 16

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ConocoPhillips 2007
Revenue $194.5 Billion
Profit $11.9 Billion (6.1%)
Taxes $30.4 Billion (15.6%)

Taxes other than income taxes $18.990B
Income taxes $11.891B

2007 Annual Report
http://www.conocophillips.com/NR/rdonlyres/3838234F-F20C-4BCE-AE8D-78DE29D67455/0/07RevisedARfinal.pdf
Page 60

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Chevron 2007
Revenue $220.9 Billion
Profit $18.7 Billion (8.5%)
Taxes $35.7 Billion (16.2%)

Taxes other than income taxes $22.266B
Income taxes $13.479B

2007 Annual Report Supplement
http://media.corporate-ir.net/media_files/irol/13/130102/reports/CVX_ARsupp07.pdf
Page 3

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Marathon 2007
Revenue $62.8 Billion
Profit $4.0 Billion (6.3%)
Taxes $8.5 Billion (13.5%)

Consumer excise taxes $5.163B
Other taxes $0.394B
Income taxes $2.901B

2007 Annual Report
http://www.marathon.com/content/documents/investor_center/annual_reports/annual_report_2007_book.pdf
Page F-4

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Four- If speculating rules being tightened up cause a drop in prices here, I think other gov would do the same

You really believe that? Tell me what would make Dubai (UAE), a member of OPEC, want to do that?

Five—And the word that oil supply margin is tight isn’t true, as reports now say our refineries are not operating 100% and present demand doesn’t need a 100%.

Refineries don't produce oil, they consume it. As for gasoline production, US stocks have been falling but are still above average.

Oil is a global commodity and the supply margin on oil production is still below average.

[hubel458]

Out of all that gross income big oil could give up
that 4 billion in credits. I know that the term blender puts them in better light. But it is still big
oil companies. They still get in tax code 20 times
that in other allowances. That 4 billion is one thing of record and those who say that farms etc get a $1.50
can’t show where it is.
I was figuring a few more acres than that and total
overall corn acres larger, so that there would
be increase on the food side. There is so much unused
farmland in and out of gov programs. 30 million
in CRAPPY, and twice that much other.We went by a
dozen fields today that are getting planted for the
first time in many years. Good land where the guy
who was there farmed once, old/retired/died, land went
idle or in CRAPPY. Now farmers who are there in communities are bigger, and can take it on
and produce corn, grain, hay.And average output per acre
has increased also about 3 bushels/yr for last 15 yrs.
That is same adding 3 million acres to the 92 million
we had last year.We may see 100 million in corn next couple years. and still could increase other crops.
There is no reason not to as ther eare markets needing
the supply.Ed

I meant gasoline.
The gas stocks are above average and refineries are
doing maintenance now, so demand for oil is down
as I said, as you’d expect when refineries aren’t running full speed. But yet the news is all shortages,
speculators play their games, based on news, controversy,
and they take turns jacking it up.