"Republicans call for the tax records of oil companies, and to advocate for the full repeal of all tax breaks and subsidies that were given to the industry in last year’s energy bill."
GOP Blocks Measures Boosting Taxes on Oil Companies' ProfitsPosted by SJ at April 26, 2006 11:51 PMWhile Republican leaders sharply criticize soaring gasoline prices and energy industry profits, GOP negotiators have decided to knock out provisions in a major tax bill that would force the oil companies to pay billions of dollars more in taxes on their profits.
If we used half as much gas, they would double the price, and make even more $.
Posted by TIKI AL at April 27, 2006 02:39 AMFixed link to GOP Blocks Measures...
Posted by SJ at April 27, 2006 04:01 AMTax rebates and drilling in Alaska. Can't the GOP come up with anything new? And those rebate checks, would those be rebates of taxes paid or advances on what our taxes might be next year? You never know with these guys.
Posted by ann at April 27, 2006 05:29 AMLt's jst dclr smmr lng mrtrm n txs t th pmp; cll t tx cts fr th pr.
Blstng th GP fr flr t dvrsfy whl vhmntly ppsng dvrsfctn n th nm f th brrn tndr s brzn hypcrsy.
Bendito, your programming needs a check-up, as you apparently don't know the meaning of the word "diversify".
Posted by euzoius at April 27, 2006 06:24 AMquestion:
why aren't democrats making a big, big, big deal
out of the refusal of the repulican leadership to put oil executives under oath the last time they showed up to testify before congress?
wasn't not putting the oil execs under oath unusual?
how often has this happened in the past?
had it ever happened before?
this is an easy, easy and very telling message and picture
to put before the people.
Posted by orionATL at April 27, 2006 08:08 AMThere are 42 gallons of oil in a barrel. There are conflicting reports on the sources I checked about the number of gallons of gas that can be made from a barrel of crude, ranging from around 20 gallons to 28 gallons. The remainder apparently generates some other petroleum by-products, which are also sold.
If this is correct, and a barrel currently costs $77, then it doesn't seem there will be overwhelming profit in a barrel with gas at $3/gallon. Even allowing for some revenue from the byproducts, and for the fact that oil companies don't buy every barrel of crude refined, the current price per barrel necessitates even higher gas prices if the companies are to "maintain" their current profitability.
Ultimately, the oil industry and gasoline production will have to be regulated to ensure profits are not at monopolistic levels, and gasoline will have to be rationed amongst "consumers" to ensure a minimum level of fuel is available to all. There is no other answer long term, unless we are willing to let only the wealthy have the traditional American "lifestyle" and everyone else fend for themselves, energywise; this would be the "market" solution, of course.
Now, which party will fight this essential, inevitable development tooth and nail, and be supported to the hilt by the robber barons of the oil industry?
And which party will fight serious national conservation measures which would push off the need for a rationing regime for at least some period of time?
And which party will use brutal, divisive tactics to ensure the nation cannot rationally come together to address this enormous problem, which could ultimately destroy our economy?
Republicans: ever and always the party of the past, with dreams of yesterday.
Posted by euzoius at April 27, 2006 08:16 AMeuzious,
On 5/17/2004 Bloomberg reported:
Crude oil prices account for almost half of the cost of gasoline, the Energy Department says. Refining, distribution and marketing costs make up one fourth of the price and taxes account for the rest.
High gasoline prices are primarily driven by three factors.
1. The value of the dollar (Bush and Snow intentionally drove down the value of the dollar. Huge republican deficits continue devaluing the dollar. Expecting oil producers to absorb losses caused by a weakened dollar is stupid and unrealistic)
2. Geopolitical stability in oil producing regions (The U.S. is paying the price for the republican Iraq invasion and Iran rhetoric)
3. An unregulated gasoline monopoly in the U.S.(By May 2004, the Bush administration approved 33 takeovers totaling $19.5 billion)
Posted by smooth at April 27, 2006 02:23 PMHere's your real reason that oil prices are up..
Posted by K at April 28, 2006 02:28 PMThe real reason oil prices are up is because of people like you read that bullshit and vote for thieves.
Posted by smooth at April 28, 2006 10:09 PM