Democrats Push To End Tax Breaks For Oil Companies

[Bronco_Beerslug]

Good idea!!!!!!!!!!!!

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WASHINGTON (Reuters) - Democrats on Saturday pressed the U.S. Congress to slash tax breaks for profit-flush oil companies amid record high gasoline prices and quickly pass legislation aimed at protecting consumers from price-gouging.

Sen. Maria Cantwell (news, bio, voting record), a Washington Democrat up for re-election this fall, said the tax breaks for oil companies should be changed to offer incentives for vehicles that can run on ethanol and for more energy efficient goods.

"It's time to end the huge tax breaks for big oil, and replace them with new incentives for lightweight, efficient materials and for cars that can run on either ethanol or gasoline," she said in the Democrats' weekly radio address.

The national retail price for gasoline hit an average of $2.92 a gallon in the last week, up 42 cents a gallon in the last month. Some oil companies have been reporting hefty profits recently.

Democrats, who believe they could wrestle majority control of Congress from Republicans in the November election because of soaring gasoline costs, earlier this week offered legislation that they said would slash at least $28 billion in tax breaks and subsidies for oil and natural gas companies.

Republicans have been scrambling for other ideas on how to ease the gas price burden, but an initial idea of handing out $100 checks to U.S. consumers flopped.
(CONTINUED)
http://tinyurl.com/z7ltv

[W*GS]

Good - it's long past time to end welfare for corporations.

[Saddletramp]

Originally Posted by Bronco_Beerslug

Good idea!!!!!!!!!!!!

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WASHINGTON (Reuters) - Democrats on Saturday pressed the U.S. Congress to slash tax breaks for profit-flush oil companies amid record high gasoline prices and quickly pass legislation aimed at protecting consumers from price-gouging.

Sen. Maria Cantwell (news, bio, voting record), a Washington Democrat up for re-election this fall, said the tax breaks for oil companies should be changed to offer incentives for vehicles that can run on ethanol and for more energy efficient goods.

"It's time to end the huge tax breaks for big oil, and replace them with new incentives for lightweight, efficient materials and for cars that can run on either ethanol or gasoline," she said in the Democrats' weekly radio address.

The national retail price for gasoline hit an average of $2.92 a gallon in the last week, up 42 cents a gallon in the last month. Some oil companies have been reporting hefty profits recently.

Democrats, who believe they could wrestle majority control of Congress from Republicans in the November election because of soaring gasoline costs, earlier this week offered legislation that they said would slash at least $28 billion in tax breaks and subsidies for oil and natural gas companies.

Republicans have been scrambling for other ideas on how to ease the gas price burden, but an initial idea of handing out $100 checks to U.S. consumers flopped.
(CONTINUED)
http://tinyurl.com/z7ltv

You think gas is high now? you ain't seen nothin then. If Oil Companies lose tax breaks then cash flow drops. Clear case for increasing gas prices. Bet on it.

[Spider]

Originally Posted by TEXSOONER/BRONC

You think gas is high now? you ain't seen nothin then. If Oil Companies lose tax breaks then cash flow drops. Clear case for increasing gas prices. Bet on it.

what in the hell do you know ? Damn half the wells outside of Sidney Montana are shut in ... too much Canadian oil flowing , if you guys thought Canada was our friend guess again , they have flooded our Northern pipelines with thier oil trying to cash in ....... Oh and W*GS would you care to tell me how many barrels of Gosline they found today ?

[Spider]

good news is , there is talk about building a high flow pipeline from Montana to Minnisota ........ that will help alot

[L.A. BRONCOS FAN]

Originally Posted by Bronco_Beerslug

Good idea!!!!!!!!!!!!

Wow - some Democrats decided to do their jobs today.

Next thing you know, they'll be speaking up and saying it's a bad idea to let oil companies write our nation's energy policy in secret meetings with a president and VP who are both oil men.

[L.A. BRONCOS FAN]

We live in the United States of Enron

What a shame that Ken Lay is no longer front-page news.

Even the former Enron chief's personal testimony at his criminal fraud trial hasn't catapulted him from the business pages of most newspapers. There, details of Lay's extravagant lifestyle complement the accounts of extravagant corruption and extraordinary arrogance that led to the collapse of what was once one of the world's largest corporations, a darling of both Washington and Wall Street.

The most precious revelation: The leased yacht where Lay feted his wife, Linda, with a $200,000 birthday party in January 2001 was named "Amnesia."

America suffers its own amnesia about Enron. How many outside California recall the rolling blackouts, the howling congressional investigations of 2002 and the political scrambling at the White House, where Lay's status as President Bush's leading lifetime political contributor and his secret energy-policy advice to Vice President Dick Cheney were once thought to be political liabilities?

Continued:

http://www.news-journalonline.com/Ne...PN38050506.htm

[Saddletramp]

Originally Posted by §Pide®

what in the hell do you know ? Damn half the wells outside of Sidney Montana are shut in ... too much Canadian oil flowing , if you guys thought Canada was our friend guess again , they have flooded our Northern pipelines with thier oil trying to cash in ....... Oh and W*GS would you care to tell me how many barrels of Gosline they found today ?

What does Canada being our friend have to do with Oil companies losing their tax breaks I have worked in the oilfield of 15 years I think I ought to know a little and whether you care or not Oil companies losing tax breaks will hurt cash flow. To fastest ways to increase cash flow for [B]any[B] business is to:

1. layoffs. payroll decreases cashflow increases. this is actually the fastest way to increase cashflow.
2. Increase prices. If it is a product that people have to have. They are going to buy it. Period. You are a truckdriver. You have to have fuel. If your taxes increased and you could do it wouldn't you raise your rates to cover the losses? Same principal. You know you would assuming you can get those new rates of course.

[Bronx33]

Funny how all the oil ompanies got everybody by the balls and they are givin tax breaks...... only in america.

[L.A. BRONCOS FAN]

Originally Posted by Bronx33

Funny how all the oil ompanies got everybody by the balls and they are givin tax breaks...... only in america.

Even funnier that there are actually ordinary Americans who think this is a good idea and defend it.

[Spider]

Originally Posted by TEXSOONER/BRONC

What does Canada being our friend have to do with Oil companies losing their tax breaks I have worked in the oilfield of 15 years I think I ought to know a little and whether you care or not Oil companies losing tax breaks will hurt cash flow. To fastest ways to increase cash flow for [B]any[B] business is to:

1. layoffs. payroll decreases cashflow increases. this is actually the fastest way to increase cashflow.
2. Increase prices. If it is a product that people have to have. They are going to buy it. Period. You are a truckdriver. You have to have fuel. If your taxes increased and you could do it wouldn't you raise your rates to cover the losses? Same principal. You know you would assuming you can get those new rates of course.

15 years , then you should understand what Canada flooding our northern pipeline with thier oil ......