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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
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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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