Republicans block extra taxes on oil companies

[Friday on my mind]

At least you're not a hypocrite. But you are wrong. Walmart doesn't make nearly the profit of most companies with similar revenue. They profit about 3 cents on every 1.00 taken in.

Bashing Wal-Mart is so 2006...get with the times....

Back to oil....
The reason you and me are paying so much is mostly because of Democrats. People are upset that Republicans don't want to tax oil companies. But why should we care? We should care about all of the taxes on gasoline that Democrats have put in place. Taxing at the pumps (democrats) hurts us...taxing at the source (big oil) will just raise prices, too. So anyone blaming republicans for gas prices needs a reality check

Plus, the reason oil companies won't build refineries here is that environmental whackos have made the laws too restrictive. Nowadays, you couldn't possibly run or build a profitable refinery with all the restrictions democrats have put in place.

Again Walmart has the biggest profits of any corporation in the world,don't know who you are trying to compare that too.Also they are the biggest employer in the US which is really a sad commentary.While 30 years ago that would have been GM which meant decent jobs with decent benefits with Walmart it does not.And as long as they operate the way they do it will be a good idea to point that out.Besides in case you haven't noticed by the turn out for the dems this primary season which has been multiple times what the pubs saw the country is no longer buying the trust the pubs and big buisness line any longer as they see their living standards and economic position being eroded.
And I don't know what it will take for this stuff about refinery's not being built to cease.The oil companies have no desire to build new ones.they don't even operate the ones they have at full capacity.

 

[historylover]

Re: Doesn't do anything ...

This was a "feel good" and "100% political" bill. I used to think oil companies got all sorts of tax breaks and what not that other industries do not, until I started reading up. It seems people have been skewing facts a long time.

I also noted that percentage-wise, oil company profits are down. They are actually making less and less return in profit as the price of oil per barrel goes up. I.e., they are reducing their own profit margins.

Frankly, between this and other things, I believe so many Americans are not only so outta-touch with reality, but just looking to blame anyone but themselves for our own shortcomings, that we deserve what we get. I mean, the boom of SUVs and countless waste didn't happen during W., and it wasn't Clinton's fault either.

It's been our own attitudes since the '90s.

Can I agree too much with this person?

Self-sacrifice - and WWII - helped out through and out-of the Great Depression. This recession is 1/100 of that, so being a realistically prudent and wiser consumer will deliver us out of this. Jefferson said a revolution every decade or so is healthy for a Democracy - oil, medical, and food prices may spark the next one, which will be an economic one.

 

[historylover]

http://news.yahoo.com/s/ap/20080610...oil_profits;_ylt=AojpN06QPRrwa.oKhrUBXPpI2ocA

WASHINGTON - Senate Republicans blocked a proposal Tuesday to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America's anger over $4 a gallon gasoline.

The Democratic energy package would have imposed a tax on any "unreasonable" profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill's supporters argue has added to the crude oil price surge.

"Americans are furious about what's going on," declared Sen. Byron Dorgan, D-N.D., and want Congress to do something about oil company profits and "an orgy of speculation" on oil markets.
The windfall profits bill would have imposed a 25 percent tax on profits over what would be determined "reasonable" when compared to profits several years ago. The oil companies could have avoided the tax if they invested the money in alternative energy projects or refinery expansion. It also would have rescinded oil company tax breaks — worth $17 billion over the next 10 years — with the revenue to be used for tax incentives to producers of wind, solar and other alternative energy sources as well as for energy conservation"


While the country is reeling from higher gas prices the oil companies are making record profits.This bill would have taxed those "windfall" profits and repealed the tax breaks the oil companies were given which with the huge profits they don't need.Also they would have regulated the speculative oil market traders more which is blamed for some of the rapid recent price surge.So what do the pubs do? Stonewall it and block it!They are going to really pay the price for that I bet.They won't be blocking things like this soon because the dems will have big enough majority's after nov. to do these things no matter what the bought and paid for oil company lackeys (the pubs) want.

If they want to elicit technology upgrades in the oil industry, then, like it or not, offer tax breaks. Taxation increases prices, but decreases the incentive to spend more one technology because the decreasing profit percentages mean belt-tightening, not loosening.

But, I think that the long-term solution is continuing to allow the free market system, i.e. high prices, to shift consumer behaviour. Consumer continue to to want to but alternates to gas autos, oil companies will continue investing in alternates, but the government will deal with the bitching. However, listening to - and partially ignoring - bitching is the government's job.