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Obama demands Congress end oil, gas subsidies
Newsday ^ | JULIE PACE (Associated Press)

Posted on 03/01/2012 12:59:22 PM PST by mdittmar

NASHUA, N.H. - (AP) -- President Barack Obama, turning his political sights on snowy New Hampshire, demanded that Congress eliminate oil and gas company subsidies that he called an outrageous government "giveaway." Though politically a long shot, the White House believes the idea resonates at a time of high gasoline prices.

"Let's put every single member of Congress on record: you can stand with oil companies or you can stand up for the American people," Obama said.

The president also said GOP charges that his policies are driving up gas prices won't pass "a political bull-detector" test and pointed to a chart that showed decreasing U.S. dependence on foreign oil. His remarks came as retail gasoline prices rose Thursday to a national average of $3.74 per gallon.

(Excerpt) Read more at newsday.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Government; News/Current Events
KEYWORDS: bailouts; greenjobs; obamcare; solyndra

1 posted on 03/01/2012 12:59:25 PM PST by mdittmar
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To: mdittmar

Won’t the oil companies just raise their prices????


2 posted on 03/01/2012 1:01:45 PM PST by New Jersey Realist (America: home of the free because of the brave)
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To: mdittmar

What are these subsidies they keep talking about. Is it the tax provisions that allow them lower their tax burdons?

Then why not attack GE that didn’t pay a dime last year?


3 posted on 03/01/2012 1:02:06 PM PST by DManA
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To: mdittmar

Let us stop EVERY SINGLE subsidy.


4 posted on 03/01/2012 1:04:49 PM PST by theBuckwheat
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To: DManA
What are these subsidies they keep talking about. Is it the tax provisions that allow them lower their tax burdens?

Why not end the subsidies for the following: Sugar, Wheat, Corn, Milk, and the Chevrolet Volt,

5 posted on 03/01/2012 1:06:28 PM PST by dearolddad
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To: mdittmar

FUBO!


6 posted on 03/01/2012 1:07:41 PM PST by AngelesCrestHighway
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To: DManA

“What are these subsidies they keep talking about. Is it the tax provisions that allow them lower their tax burdons?”

If the government does not confiscate all of your assets, 0bama calls it a subsidy or a giveaway.


7 posted on 03/01/2012 1:08:04 PM PST by forgotten man (forgotten man)
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To: DManA

Depletion beyond recapture of cost.


8 posted on 03/01/2012 1:08:04 PM PST by org.whodat
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To: New Jersey Realist

Won’t the oil companies just raise their prices????

Maybe that’s what they are looking forward to.


9 posted on 03/01/2012 1:09:07 PM PST by Bitsy
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To: DManA
GE like Goldman Sucks is part of the Crony Capitalism system and hence is exempt from ruling elite scrutiny.

Besides, how DARE you question The Won?! Now get back to work and pay your taxes serf!

10 posted on 03/01/2012 1:09:25 PM PST by Drill Thrawl (Brass, copper, lead. The new precious metals.)
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To: mdittmar

I’m watching Fox News now. They are playing a bit with Chu being quizzed by Congress regarding runaway gas prices. Chu is sitting there, quite spaced out, as if he’s communicating telepathically with space aliens, and telling Congress in a weird, dreamy voice, that he is implementing Obama’s policy of ending the country’s use of fossil fuels. He is quite happy if a gallon of gasoline goes to $7, as this will, necessarily, drive-down the use of gas-powered vehicles. People, he’s insane and working for an insane president. Obama is tripling-down on his green energy fantasy.


11 posted on 03/01/2012 1:13:33 PM PST by pabianice (")
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To: mdittmar

Aren’t gas prices high enough under this yokel already? He gives billions in loans to green energy companies that go bust, and now he wants to end fuel subsidies. Can we please just get rid of this douche bag?


12 posted on 03/01/2012 1:13:33 PM PST by mass55th (Courage is being scared to death - but saddling up anyway...John Wayne)
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To: mdittmar

They are NOT “subsidies”!!!

They are TAXES NOT IMPOSED!

Every nickle Obama doesn’t tax away from you, he considers a “subsidy”!!!!!


13 posted on 03/01/2012 1:15:37 PM PST by G Larry (We are NOT obliged to carry the snake in our pocket and then dismiss the bites as natural behavior.)
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To: mdittmar
And allot more for corn and algae and solar and wind??

He's crazy!!

14 posted on 03/01/2012 1:16:03 PM PST by Sacajaweau
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To: mdittmar
Call his bluff. End all the subsidies, but end them for all "alternative" energy companies as well. I don't like government subsidies on principle. And unlike the solar, wind, or whatever alternative energy BS the oil companies can survive without them. So just cut them all off and let the chips fall where they may.

And if the price goes up, well cutting the subsidies was Obama's idea wasn't it?
15 posted on 03/01/2012 1:16:20 PM PST by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: mdittmar

Didn’t this idiot just say “i’ll do everything I can to lower gas prices”? the other day.

Problem is. The sheeple BELIEVE him!


16 posted on 03/01/2012 1:17:35 PM PST by cableguymn (Good thing I am a conservative. Otherwise I would have to support Mittens like Republicans do.)
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To: org.whodat

Don’t know anything about the subject but apparently this allowance is available to miners too. Never heard the President complain about them (except for the coal miners - he wants to force them out of business)

http://www.answers.com/topic/depletion-allowance


17 posted on 03/01/2012 1:18:18 PM PST by DManA
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To: org.whodat

Don’t know anything about the subject but apparently this allowance is available to miners too. Never heard the President complain about them (except for the coal miners - he wants to force them out of business)

http://www.answers.com/topic/depletion-allowance


18 posted on 03/01/2012 1:18:27 PM PST by DManA
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To: mass55th
Aren’t gas prices high enough under this yokel already?

Hey gas got to the mid $4 range under Chimpy McBush Haliburton, the Flaming Kenyan can go much higher than that.

Can we please just get rid of this douche bag?

Please do not insult flexible containers of vinegar and water with comparisons like that.

19 posted on 03/01/2012 1:18:49 PM PST by Drill Thrawl (Brass, copper, lead. The new precious metals.)
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To: New Jersey Realist

There ARE no subsidies! He LIES. We deduct the cost of drilling wells as those costs are incurred. In the case of Intangible Drilling and Completion costs for smaller companies the costs are written off the moment they have no recoverable, ongoing valus.


20 posted on 03/01/2012 1:19:21 PM PST by 2harddrive
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To: mdittmar
When is this "guy" going to stop attacking other Americans?

He bows down and grovels to foreigners and blames each of US.

He's attacked:

Catholics

Insurance Cos.

Doctors

Bondholders

Bankers

Coal Miners

Energy Companies

Pharm. Cos.

Small Businesses

The Chamber of Commerce

Wall Street brokers

Futures traders

CEOs

Millionaires

"the Rich"

The State of Arizona

The State of S. Carolina

The Tea Party

The Congress

The Supreme Court

I could go on but I'm seeing a pattern here.

21 posted on 03/01/2012 1:19:48 PM PST by Pietro
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To: New Jersey Realist

But YES, we will raise proces if we are discriminated against by the US tax code. CERTAINLY we will.


22 posted on 03/01/2012 1:20:43 PM PST by 2harddrive
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To: mdittmar

End the subsidies that are passed along to the consumers, in essence you will be adding cost to the producer of gas. Don’t worry tho’, that increased cost is not going to be the cause of a price increase at the pump!

How does anyone ever believe this buffoon?


23 posted on 03/01/2012 1:22:45 PM PST by CSM (Keeper of the "Dave Ramsey Fan" ping list. FReepmail me if you want your beeber stuned.)
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To: Bitsy
This is a Win-Win for 0-Blame-a.

Gouging oil companies brings in more money from taxes. Gas prices go up allowing him to claim the oil companies are even more even, he may even claim they are retaliating and seek to nationalize them. Or they may finally succumb to the pressure and go bankrupt allowing the Rats to nationalize them.

Republicans look evil, feckless or both.

We have to face facts, Obama is eating the Republicans lunch.

24 posted on 03/01/2012 1:23:00 PM PST by Aevery_Freeman (Typed using <FONT STYLE=SARCASM> unless otherwise noted)
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To: DManA
Percentage Depletion Allowance. A depletion allowance is analogous to depreciation and is appropriate when the quantity of the potential resource is unknown, such as the amount of recoverable oil from a well. Independent oil and gas producers use a depletion allowance to recover capital investments over time. This is also available to producers involved in mining, timber, geothermal steam, and other natural deposits. The depletion allowance for independent oil and gas producers is 15 percent of the producer’s gross income from its average daily production, up to 1,000 barrels of oil. While there is nothing wrong with percentage depletion in theory, the question is whether at 15 percent it is overly generous or, possibly, not generous enough and should be raised.

http://www.heritage.org/research/reports/2011/05/whats-an-oil-subsidy

This is a not a factor for any large producer, only small independents.

25 posted on 03/01/2012 1:23:22 PM PST by thackney (life is fragile, handle with prayer)
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To: New Jersey Realist

yes.


26 posted on 03/01/2012 1:24:04 PM PST by television is just wrong
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To: mdittmar

“eliminate oil and gas company subsidies that he called an outrageous government “giveaway””

Hey, Obama, you dumbass (who has never had a real freaking job and wouldn’t know how to run a lemondade stand) they are not subsidies, you jackass...

They are TAX BREAKS (as in deductions) like everything else in BUSINESS. You don’t ‘GIVE’ them anything.

******

Not like SOLYNDRA where you actually GAVE them our money!

The federal government offers energy producers (including ‘GREEN ENERGY’) and purchasers tax incentives, such as credits, deductions, exemptions and allowances. For example, purchasers of clean-fuel burning vehicles may receive a federal income tax credit.


27 posted on 03/01/2012 1:26:29 PM PST by kcvl
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To: Pietro

And that was all just in the last week or so!


28 posted on 03/01/2012 1:26:45 PM PST by CSM (Keeper of the "Dave Ramsey Fan" ping list. FReepmail me if you want your beeber stuned.)
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To: Drill Thrawl
"Hey gas got to the mid $4 range under Chimpy McBush Haliburton, the Flaming Kenyan can go much higher than that."

All I know is that the last time I filled my car here in central NY State, the price was $3.96 a gallon. It was never that high during the Bush's 8 years in office.

29 posted on 03/01/2012 1:32:13 PM PST by mass55th (Courage is being scared to death - but saddling up anyway...John Wayne)
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To: mdittmar

Take your “ demanded that Congress “ and stuff it up your Magic Negro a$$ to stupid muslim bastard.

I wish the oil companies could shut down ALL production and drilling within the U.S., and DEMAND that Obama step down.

Newt will fix this country wrecking nonsense, but first we must get him nominated and then voted in as president.

** President Newt Gingrich-”Our beloved republic deserves nothing less.”


30 posted on 03/01/2012 1:33:03 PM PST by Gator113 (** President Newt Gingrich-"Our beloved republic deserves nothing less." ~Just livin' life, my way~)
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To: Aevery_Freeman
This is a Win-Win for 0-Blame-a.

Gouging oil companies brings in more money from taxes. Gas prices go up allowing him to claim the oil companies are even more even evil, he may even claim they are retaliating and seek to nationalize them. Or they may finally succumb to the pressure and go bankrupt allowing the Rats to nationalize them.

Republicans look evil, feckless or both.

We have to face facts, Obama is eating the Republicans lunch.

Another good rant destroyed by spelling errors (crap)!

31 posted on 03/01/2012 1:38:28 PM PST by Aevery_Freeman (Typed using <FONT STYLE=SARCASM> unless otherwise noted)
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To: Gator113
Newt will fix this country wrecking nonsense, but first we must get him nominated and then voted in as president.

His continued support of ethanol subsidies makes it an unlikely prospect.
32 posted on 03/01/2012 1:39:48 PM PST by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: mdittmar

Does anyone have any ideas how I, as a private citizen, could get a grant to build my own solar power system?


33 posted on 03/01/2012 1:40:26 PM PST by Terry Mross (Difference between a conservative / liberal-obvious. Difference between a rep and a dem? None)
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To: 2harddrive

Thanks for the clarification. Just found this on Hot Air:

http://hotair.com/archives/2011/05/03/oil-company-subsidies-clarified/

Cut ligitimate business expenses for one industry, cut it for all industries - including the “favored” ones FCOL.


34 posted on 03/01/2012 1:41:20 PM PST by New Jersey Realist (America: home of the free because of the brave)
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To: Terry Mross

From what I can tell, the best way to do that is to become a democrat campaign fund bundler.


35 posted on 03/01/2012 1:42:52 PM PST by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: cripplecreek

** President Newt Gingrich-”Our beloved republic deserves nothing less.”


36 posted on 03/01/2012 1:45:05 PM PST by Gator113 (** President Newt Gingrich-"Our beloved republic deserves nothing less." ~Just livin' life, my way~)
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To: Gator113

Quite an argument ya got there.

Ethanol Subsidies, Newt Gingrich, and the 2012 Election

http://www.freerepublic.com/focus/f-bloggers/2669660/posts

Gingrich, Backed By Ethanol Lobby, Supports Subsidy

http://www.freerepublic.com/focus/f-news/2818113/posts

Republicans Are Weak on Farm Subsidies

http://www.cato.org/publications/commentary/republicans-are-weak-farm-subsidies


37 posted on 03/01/2012 1:52:08 PM PST by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: Terry Mross
Does anyone have any ideas how I, as a private citizen, could get a grant to build my own solar power system?

I actually looked into this,windy and sunny most of the time at my place.

Even with a Government subsidy it would have taken 15 years for me to break even on my investment.

38 posted on 03/01/2012 2:00:38 PM PST by mdittmar
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To: mdittmar

First of all, this will raise prices.

But if we do cut the subsidies, then cut the special tax rates also. There was a reason such deals were made.


39 posted on 03/01/2012 2:06:51 PM PST by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: DManA

It is an intangible drilling cost that is exactly the same rate (and considered the same) as a Manufacturing subsidy that most manufacturers get. We do not get a subsidy for permanent equipment.


40 posted on 03/01/2012 2:14:09 PM PST by richardtavor
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To: mdittmar
Obama could lower the price tomorrow...if he wanted to.

Just stop the Federal Gas tax.

He's a big fan of E.O.'s.....just do it.

41 posted on 03/01/2012 2:14:09 PM PST by Osage Orange (E tan e epi tas)
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To: New Jersey Realist

Well, yes

But, on the additional tax revenue will reduce the deficit.

I think ALL subsidies should eliminated and the government should stop picking winners and losers.


42 posted on 03/01/2012 2:14:32 PM PST by BlueLandRed
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To: cripplecreek

LOL... I do not read any of your posts, so you’re wasting your time.

You were wrong on Bachmann, you were wrong on Cain and now you’re wrong on Saintorum.

I tried to be nice to you during the Cain debates, but you returned my gesture with further insults. You have absolutely no credibility with me.

So, post your tripe to someone else.

NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT-NEWT.

** President Newt Gingrich-”Our beloved republic deserves nothing less.”


43 posted on 03/01/2012 2:47:39 PM PST by Gator113 (** President Newt Gingrich-"Our beloved republic deserves nothing less." ~Just livin' life, my way~)
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To: Gator113
LOL... I do not read any of your posts, so you’re wasting your time.

Doesn't surprise me a bit that you don't have the courage to seek any facts.
44 posted on 03/01/2012 2:49:43 PM PST by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: mdittmar
President Barack Obama, turning his political sights on snowy New Hampshire, demanded that Congress eliminate oil and gas company subsidies that he called an outrageous government "giveaway." Though politically a long shot, the White House believes the idea resonates at a time of high gasoline prices.

Wow, what a great economic plan!! At a time when the country is in an Obamao-inspired recession and gas prices are skyrocketing due to zero's anti-gas "green energy" policies, he thinks that this will make him a shoe-in for a second term!!???

Whadda maroon!!!

45 posted on 03/01/2012 2:59:11 PM PST by DustyMoment (Congress - Another name for white collar criminals!!)
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To: DustyMoment
At a time when the country is in an Obamao-inspired recession and gas prices are skyrocketing due to zero's anti-gas "green energy" policies, he thinks that this will make him a shoe-in for a second term!!???

Sure. The best way to get more oil is make it more expensive to drill a well.

Makes all the sense in the world, doesn't it?

46 posted on 03/01/2012 3:12:31 PM PST by okie01 (THE MAINSTREAM MEDIA: Ignorance On Parade)
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To: cripplecreek

I suspect that you know just as much about courage as you do about common sense..... LMAO @ you


47 posted on 03/01/2012 3:12:44 PM PST by Gator113 (** President Newt Gingrich-"Our beloved republic deserves nothing less." ~Just livin' life, my way~)
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To: Pietro

You forgot Bush


48 posted on 03/01/2012 3:44:25 PM PST by bikerman (you can take the man out of the jungle but can't take the jungle out of the man)
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