Skip to comments.Sherrod Brown lies about oil company "subsidies"
Posted on 04/21/2012 4:36:22 AM PDT by reaganator
Ohio U.S. Senator Sherrod Brown's comment on reducing the federal deficit, his number one point;
"Cut $20 billion in spending by ending taxpayer-funded subsidies for the five biggest oil companies. The Big Five oil companies made a record $137 billion in profits last year and made more than $1 trillion in profits over the last decade. Every penny more at the pump increases their profits by another $200 million. Meanwhile, taxpayers spend billions each year giving handouts to these mega-corporations. I'm fighting to pass the Close Big Oil Tax Loopholes Act, which would end tax subsidies for big oil companies that are reaping record profits while you pay more at the pump."
Could this be what my Senator is deliberately attempting mislead and deceive me about?
When he is speaking of oil company profits is he using worldwide profit numbers? Is he citing profit margin?
How many lies by omission can be in one paragraph?
This was in the Sidney Daily News April 20, 2012. It probably was in numerous newspapers throughout Ohio where Brown is running for re-election.
I plan to put a letter in the newspaper exposing Sherrod Brown to be the lying scoundrel that he is.
All facts and info on this will be helpful and appreciated.
If Apple had its profit margin you could buy their products so cheap it wouldn't be funny and they couldn't build enough.
No party affiliation mentioned, so he must be a democrat to say such stupid things ....
He’s a Democrat,I’ve suffered his presence in Ohio for a long time.He’s built his career on lies,so his latest rant is no surprise.
Sherrod Brown affilates himself with the Democrat Party which has been taken over by the Marxist Socialists.
This was an excerpt from Brown’s news article. No where in the article does it mention that Brown is a Democrat.
The things Brown is saying are not stupid. The things Brown is saying are deceitful and maliciously destructive.
“Every penny more at the pump increases their profits by another $200 million.”
This is true, according to an old econ101 professor, if COSTS remain the same. Of course, telling the truth is not one of the Senator’s strong suits, so we shouldn’t be surprised.
For my part...get the government completely out of the subsidy business, all of them. Take all the artificial contributors out of the economic equation and the markets will decide price points, volumes, and velocities of goods, etc.
And, elect Josh Mandel.
That's how newspapers tell you someone is a dem.
The one “subsidy” that I know of is when Congress mandated blending of 10% ethanol in gasoline they subsidized it because of the additional cost.
While “record” profits sound HUGE and are, the margine is actually less than almost every other kind of business. Oil companies make profits on volumn, not high percentages of profit.
Oil companies make 2-4 cents profit per gallon of gasoline. The Feds take 18.5 cents...Who is gouging?
The info regarding “Sherrod Brown’s comment on reducing the federal deficit” as reported in the Clermont Sun
Reducing the federal deficit
As Sherrod Brown Brings His Campaign To Toledo, Ohioans Continue To Pay For His Failed Energy Policies
Project Vote Smart
Sherrod Brown - Debt, Deficit, Spending, and the Size of Government
U.S. Sen. Sherrod Brown announces additional legislation in an effort to blunt high gas prices
Sen. Brown responded further on Monday, and continued his effort to curb rising fuel prices by announcing his support for two pieces of legislation he believes will help families and local businesses.
Sen. Brown will introduce “The Close Big Oil Loopholes Act,” a measure he believes will end more than $4 billion in tax deductions given to the five biggest oil companies each year.
“The new bill would end these wasteful taxpayer handouts to big oil companies making record profits and use the savings to reduce the federal deficit,” said Sen. Brown. “Closing these loopholes will amount to more than $20 billion over 10 years for taxpayers.”
The second measure is the “No Oil Producing and Exporting Cartels Act,” which would give the U.S. Attorney General the authority to pursue legal action against oil producing nations that band together to manipulate the price of oil.
Two Legislative Bills referenced above:
Senate rejects measure to end subsidies for big oil companies
S. 394: No Oil Producing and Exporting Cartels Act of 2011
Similar bill in House
H.R. 1346: No Oil Producing and Exporting Cartels Act of 2011
Thank you very much!, Whenifhow
Note this website and graphic on the site puts it into perspective - on a scale - he ranks between John Kerry and Diane Feinstein.
Sherrod Brown’s Shameful Record
Ranked as the leftmost senator in 2009 and 2010 by National Journal (http://www.nationaljournal.com/congress/most-liberal-members-of-congress-20110226)
I’m on Brown’s email list. Recently, he posted methods to cut $85B costs over ten years. I emailed , “That’s a good start. How about the other $6.15T left? and I’m not paying higher tax rates!”
Here’s a pretty good article.....
Big Oil and Tax Breaks
By Randall Hoven
To hear the president and Democrats talk, you’d think that Big Oil was sucking the Treasury dry with huge subsidies. Almost a year ago I wrote about the federal government’s “subsidies” to Big Oil. I said then, “They are all tax ‘breaks’... about $4.3 billion per year — about 0.2% of this year’s deficit and enough to fund about 10 hours of current US government spending.”
I was wrong. The tax breaks for all fossil fuels was not $4.3B in 2011. It was only $2.5B — about 0.19% of that year’s deficit, and enough to fund only six hours of U.S. government spending. The source for such heresy? The Congressional Budget Office.
Just to be clear, that $2.5B was not just for Big Oil, but also for Big Coal and Big Gas: all fossil fuels. Here, more exactly, are those subsidies, in the CBO’s words.
“Expensing of exploration and development costs for oil and natural gas.” ($0.8B)
“Option to expense 50% of qualified property used to refine liquid fuels.” ($0.8B)
“Option to expense investment costs on the basis of gross income rather than on production.” ($0.9B)
I can’t say I understand those “subsidies.” Is exploration not supposed to be a cost of doing business for an oil company? Who is to say these expenses are not legitimate costs? But let’s take the CBO’s word for it that these are, for some reason, “subsidies.”
Let’s compare those subsidies to other energy subsidies. The CBO has a chart.
Well look at that: tax subsidies for all fossil fuels were only 15% of all federal subsidies for energy. The Green alternatives of renewables and “efficiency” took 78% of all tax subsidies for energy. Big Oil has so much influence on Capitol Hill that our government subsidizes its competitors five times more. Fossil fuels provide 77% of our nation’s energy yet receive just 15% of the federal government’s tax subsidies.
“Alcohol fuels,” which include ethanol, took $6.1B of tax subsidies, or more than twice as much as oil, gas, and coal combined.
When did this start happening? The CBO has another chart.
The explosion of energy subsidies seemed to coincide rather neatly with Democrats taking over both the House and Senate in 2007, and then the presidency in 2009. (That darned Reagan cut subsidies for fossil fuels to nothing. In Reagan’s last year, the small amount of tax subsidies for energy was all going to renewables.)
You know who else likes subsidizing alternative energy? George Soros. He wrote this in January 2009:
The American consumer can no longer act as the motor of the global economy. Alternative energy and developments that produce energy savings could serve as a new motor, but only if the price of conventional fuels is kept high enough to justify investing in those activities. That would involve putting a floor under the price of fossil fuels by imposing a price on carbon emissions and import duties on oil to keep the domestic price above, say, $70 per barrel.
Somehow, George got his wish for high fuel prices even without a Copenhagen-like global Cap & Trade system. When he wrote that, oil was only about $40 per barrel. Just one year later, it was consistently over $70 per barrel, George’s magic threshold — as if delivered as a Christmas gift. And this year it’s been about $100 per barrel. Good times: a 150% increase in crude oil prices in the three years since George Soros called for higher fuel prices, perfectly coinciding with the three years of Obama’s presidency.
You know who else pushes alternative energy sources really hard? The Communist Party USA:
We could begin with an immediate carbon tax that would penalize those with the largest carbon footprint - big corporations - while also making a case for the elimination of coal production and expansion of alternative energy sources.
And who else? Presidential candidate Barack Obama said this in 2008 (via Jake Tapper at ABC):
So if somebody wants to build a coal-powered plant, they can. It’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted. That will also generate billions of dollars that we can invest in solar, wind, biodiesel, and other alternative energy approaches.
Pretty wild coincidence, huh? Barack Obama, George Soros, and the Communist Party all pushing the same energy policies.
Because they are Leftist.
What is a Leftist?
What is the life blood of the capitalist economy?
In the Enemy Media, there are two political parties:
Sherrod Brown himself wrote the piece for submission in the Ohio newspapers.
If it was an AP article I would also be making note of the fact that Brown’s political party affiliation was not mentioned, but it was not, Brown or his staff wrote the deceitful pack of lies.
Rob Portman also writes pieces for submission in the Ohio newspapers.
What is the life blood of the capitalist economy?
There is no modern industrial age without oil.
The motive behind the attack on oil and the oil industry is to bring down the American Capitalist economy.
The economy is like a car engine. You hamper with it’s fuel intake (oil and gas) and it slows down. You mess with it’s emmisions putting a potato on the tail pipe (cap and trade) it dies.
The Left does not want capitalism to succeed. THAT is what defines the Left.
This is NOT about the environment. This is about destroying and replacing capitalism with a centrally controlled government dictated economy. When the state is ownership of the industries, will these same people still have these grave environmental concerns? Of course NOT!