OP Defends Billions in Tax Breaks For Billionaire CEOs of Oil

[GamerGal]

http://news.yahoo.com/s/ap/20110512/...enate_oil_ceos

With the CEOs of the five largest oil companies sitting before the Senate Finance Committee, Sen. Ron Wyden of Oregon played a video of a 2005 congressional hearing in which oil company executives said they didn't need generous tax breaks because oil was selling at $55 a barrel. As the hearing commenced, the price per barrel hovered just below $100.

""You all said you didn't need them in 2005," Wyden said. "You seem to be telling a different story today."

But every single Republican stood up for... Oil profits and not America. Yep, they have already stated they will block any and all attempts at removing special tax breaks the GOP and Bush put in.

Because 22billion a year for one CEO just isn't enough, he needs more tax breaks.

Now wait for the righties to come in and scream about how taxes kill jobs, even though the companies make tens of billions of dollars a year and create 0 new jobs. Hell, Wisconsin is bleeding jobs and they want more tax cuts for top 1%

[PoorOldRobert]

Such a sensational spin on this issue. There are courses you can take to enhance your fictional writing abilities. Then you might be able to misinterpret stories for not only fun, but for profit. But then again, why would you want to be disgraced with earning a living? Relax, go get yourself one of those OBL martinis. It's made with 2 shots and a splash.

[Freddy]

http://news.yahoo.com/s/ap/20110512/...enate_oil_ceos



But every single Republican stood up for... Oil profits and not America. Yep, they have already stated they will block any and all attempts at removing special tax breaks the GOP and Bush put in.

Because 22billion a year for one CEO just isn't enough, he needs more tax breaks.

Now wait for the righties to come in and scream about how taxes kill jobs, even though the companies make tens of billions of dollars a year and create 0 new jobs. Hell, Wisconsin is bleeding jobs and they want more tax cuts for top 1%

I agree that these tax breaks should end, but where did you get $22 billion a year for a CEO from?

[GamerGal]

http://mediamatters.org/research/201105130019

Fox Rushes To Defend Oil Companies After Senate Hearing
May 13, 2011 11:45 am ET — 159 Comments
Fox News has rushed to defend oil companies in the wake of a Senate hearing in which oil executives were questioned about whether their companies should continue to receive tax subsidies. This follows Fox's long history of defending oil companies from criticism.

Ror, again, not surprised.

[PoorOldRobert]

I would like to know what the true profit margin is relative to other industries, such as manufacturing, utility, transportation, etc. The refining cost basis may or may not be reported accurately if the refiner is itself the exploration and producer also.
What I;m getting at is they may claim a crude cost based on the market, which is influced by speculators, all the while the true cost is substatially lower. Granted, those refiners that do not produce their own crude, but buy it off the market, would be in a different structure all together. I think the industry maintains X markup, which increases profits commensurately, If so, they are happy to see the higher crude prices.
I do not see where the oil industry is deserving of tax breaks especially when the government is broke! Perhaps this a smoke and mirrors ploy to offset the offshore lease costs, as well as the royalties being paid. Why go through the cost of conducting lease sales if the revenue is given back via tax breaks.
I cannot see how we should accept "special" tax break incentives when we are paying state and federal taxes on fuel to support the highway system. There is talk of the "need" to increase road use taxes to maintain the highway infrastructure.
Insanity and incompetence is not limited to any particular party, they seem to wallow in it in Washington.
We're going to drill, no stop everything, wait, we're gonna drill again. I truly doubt it.
I have to think that once the major oil companies go into other countries this administration will save the day by funding (or buying and then controlling) the independant producers.
I have grown up in the oil industry and I am partial to it, but I don;t think their margins are fair. Business should be on a level field, not based on how strong your particular lobby is. Any thoughts?

[Reef Badlaw]

Who's OP, in this thread's title?

[Brewloc]

Who's OP, in this thread's title?

GOP is what I think she meant.

[James Random]

Such a sensational spin on this issue. There are courses you can take to enhance your fictional writing abilities. Then you might be able to misinterpret stories for not only fun, but for profit. But then again, why would you want to be disgraced with earning a living? Relax, go get yourself one of those OBL martinis. It's made with 2 shots and a splash.

Haha. 18 posts and he's already clocked GG's antics.

[Reef Badlaw]

GOP is what I think she meant.

Whew... I was afraid she meant former F1 driver; Olivier Panis.

[Brewloc]

Whew... I was afraid she meant former F1 driver; Olivier Panis.

Yeah I know, captain obvious, right.
I guess it could have been BP just to save me some face uh?