Should US oil companies be taxed more?

  1. You have chosen to ignore posts from user_1159153. Show user_1159153's posts

    Should US oil companies be taxed more?

    With gasoline prices topping $4 a gallon, the US Senate is expected to vote today on whether to consider a windfall profits tax for the five largest US oil companies and rescind $17 billion in tax breaks the companies expect to get over the next 10 years.

    Democrats support the higher taxes for oil companies but they will have to overcome staunch Republican opposition to any new taxes on the oil industry. Republicans contend that the country can't tax its way out of this crisis, while oil executives warn that the new taxes would discourage oil and gas exploration and production, possibly causing prices to rise instead of fall.

    What do you think Congress should do?

     
  2. You have chosen to ignore posts from KingOfEverything. Show KingOfEverything's posts

    Should US oil companies be taxed more?

    More taxes = more ways for politicians to waste money on stupid things.  I think a more prudent solution would be to require 40% of profits from energy companies be required to invest in alternative energy technology.
     
  3. You have chosen to ignore posts from scottmcl. Show scottmcl's posts

    Should US oil companies be taxed more?

    If the government raises the taxes on oil companies they will just pass it onto the consumer anyway.
     
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  5. You have chosen to ignore posts from bosstang. Show bosstang's posts

    Should US oil companies be taxed more?

    I think they should institute a 50% windfalls profit tax on all oil over 70 dollars a barrel and 60% over $150 a barrel and 80% over $200 dollars a barrel. Lets face it the wells they are pumping for were projected to cost them $17-$19 a barrel to pump 3-3.5 times the return is more then suffecient everything over that is price gouging. I also want to see profits over 15% on commodity speculation taxed heavily as well. THe new tax should be then put toward Health Care education and R&D to help strengthen our economy, provide training and jobs for the future right now they are trying to starve us out with high food and gas prices.
     
  6. You have chosen to ignore posts from dpasquantonio. Show dpasquantonio's posts

    Should US oil companies be taxed more?

    Congress should stay out of this and let the market take care of itself.  And Ted Kennedy, once he's healed, should throw all his weight, so to speak, behind the Cape Wind project, and support any and all viable alternative energy projects. 
     
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  9. You have chosen to ignore posts from Culo-Grande. Show Culo-Grande's posts

    Should US oil companies be taxed more?

    Give 1 Billion to the first person to make a mass-production car that uses little/no gas.  Give the company that makes this car tax-free status for 10 years.  Drill in Alaska and the Gulf.  Make the Arabs drink their oil in 10 years.
     
  10. You have chosen to ignore posts from naddeer121. Show naddeer121's posts

    Should US oil companies be taxed more?

    Getting rid of the  tax breaks... YES.  Taxing the profits?  I think that sets a dangerous precident and the impact will be far greater.  Think of the % of retirement money invested in big oil.  It has been a great investment and those that are complaining of the gas prices I bet a good % have some big oil in their retiurement funds somewhere.

    Taxing profits is going to affect the bottom line which will affect the stock price.   I think people need to remember that every action has an equal and opposite reaction.
     
  11. You have chosen to ignore posts from aynnie. Show aynnie's posts

    Should US oil companies be taxed more?

    Yes - they are making record profits and we are paying record prices - BIG SHOCKER THERE.  Funny all the people here who are so happy to pay those big prices and line the pockets of the oil companies.  They are not just making profits - they are making OBSCENE profits - so yes they should pay more taxes.  Stop apologizing and excusing their raping of the American public.
     
  12. You have chosen to ignore posts from aynnie. Show aynnie's posts

    Should US oil companies be taxed more?

    Yes - they are making record profits and we are paying record prices - BIG SHOCKER THERE.  Funny all the people here who are so happy to pay those big prices and line the pockets of the oil companies.  They are not just making profits - they are making OBSCENE profits - so yes they should pay more taxes.  Stop apologizing and excusing their raping of the American public.
     
  13. You have chosen to ignore posts from JamisonD. Show JamisonD's posts

    Should US oil companies be taxed more?

    If they eliminate the gas tax, then the price of gas will undoubtedly go up by that sum. Econ 101, as economist Paul Krugman explains:

    "if the supply of a good is more orless unresponsive to the price, the price to consumers will always riseuntil the quantity demanded falls to match the quantity supplied. Cuttaxes, and all that happens is that the pretax price rises by the sameamount."

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    If they are going to tax the oil companies for making a profit, then they should get rid of the gas tax the rest of us have to pay.  How much good will it do the general public by the Government tax the big companies.  It won't make the cost of putting gas in my car any less.

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  14. You have chosen to ignore posts from cab02149. Show cab02149's posts

    Should US oil companies be taxed more?

    Congress should deal with the true issue:  The power of the U.S. Corporation and it's distorting effect on the U.S.economy, then and now.  The corporation should be subservient to the citizens not the other way around. $4 gasoline is only a symptom of a disease.
     
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  16. You have chosen to ignore posts from aynnie. Show aynnie's posts

    Should US oil companies be taxed more?

    Thanks Seymour!! What is up with that??  Let's here the justification on how the poor oil companies need that!!  How can people keep swallowing this?  Is it really coincidence that we have Bush/Cheney and gas approaching $5 a gallon?
     
  17. You have chosen to ignore posts from chshattuck. Show chshattuck's posts

    Should US oil companies be taxed more?

    The taxes you pay to all levels of government, on gasoline are nearly 3 times the proift the oil companies make.  Their profit margins are barely 10%, a windfall tax is a joke and an outrage
     
  18. You have chosen to ignore posts from Osmotic. Show Osmotic's posts

    Should US oil companies be taxed more?

    Supply and demand, as regards BRIC countries (perhaps not Brazil, due to their foresight)  are only beginning to play a part in gas prices.  In just a few short years, the curtain will be pulled back on the real supply levels, and $4 a gallon will seem like cheap money.

    The bulk of the immediate issue is with oil futures.  We are sitll seeing record per-barrel oil prices based on speculation, and those prices won't hit the market for another month - so once again, enjoy gas at the current bargain prices while it lasts.

    Taxes are not the answer - they are easy to implement, and virtually impossible to remove, and quite frankly strikes me as yet another short-sighted election-year tactic.  Any solution to reduce or maintain the cost of gas is transient at best, and at the end of the day the piper still needs to be paid. 


    Congress should focus on sustainable solutions - and that doesn't mean converting to green overnight.  Even fractional redutions in our consuption would have a sweeping impact.  Solutions such as the Scuderi engine (www.scuderigroup.com) are based on existing technology, and can be  fit into existing production lines.  This is the kind of interim solution Congress should be focusing on, and can be implemented within a year, not in five years, or a decade.
     
  19. You have chosen to ignore posts from candyjar. Show candyjar's posts

    Should US oil companies be taxed more?

    Levy very heavy taxes on the oil companies w/ their billions of profits, limit the % of tax that can be on a gallon because the oil companies will try to pass the tax burden onto the citizens, explore green alternatives, open some of our reservers to get us thru the crunch of the summer or more lost revenue (vacations) will additionally hurt our ecomony and stop financing the damn war.  It is their country, they must support themselves.  If we stopped paying for the war, they would want the war ended yesterday.

    Get rid of the oil lobbys in Washington, get rid of the oil men running our government.  They will not do anything that will impact their income.  It is like complaining to your boss about your boss.  DUH !

     
  20. You have chosen to ignore posts from ross62. Show ross62's posts

    Should US oil companies be taxed more?

    Taxing the oil companies profits isn't going to address the central problem we face which is the onset of Peak Oil.  Without confronting that reality, which entails making profound adjustments in every area of our lives, this windfall tax scheme is, at best, useless.
     
  21. You have chosen to ignore posts from engfant. Show engfant's posts

    Should US oil companies be taxed more?

    They should do what it takes to make the cost AT THE PUMP go down and no more. Who cares how it's done as long as it causes the RETAIL PRICE to drop.
     
  22. You have chosen to ignore posts from novyankee. Show novyankee's posts

    Should US oil companies be taxed more?

     Lets get a bit real - the oil cos have been getting many breaks over the years, they have had massive profits the last few years & first quarter of this yr - while everyday people are struggling. Their own
    papers state they are keeping US production of oil @ the 1990's level as they want to return as much $$ to their stockholders as possible.
    They keep wanting more tax breaks & drilling in the very few restricted areas left. I remeber when the Alaska pipeline was supposedly going to solve a majority of our problems. 
    The only way you will see a vehicle w/ an alternative source of energy is if the oil cos can profit from it! Ever since the late 70's every Republican president/congress has killed anything relating to alternative fuels - unless the oil co. can profit from it.
    I don't know if taxing them on windfall profits is a good idea- they'll just pass the cost on to consumer - but since they don't want to pump oil at the rate needed for the current years, or explore/drill in areas that are OK'd and have potential - then they shouldn't be getting the tax breaks they say they need. Once they start showing they are doing something serious for all of the consumers, not just their shareholders - then tax breaks could be revisted.
    Also since everyone  says it's "speculators" raising the cost per barrel
    of oil -not just the oil co or "supply & demand" then something should be done to reign that in. Congress should look to see who is behind a lot of this speculating - and if it's the oil cos - take serious issue w/ that!
     
  23. You have chosen to ignore posts from lnmonster. Show lnmonster's posts

    Should US oil companies be taxed more?

    Somebody has to pay taxes.  If we don't collect taxes, the debt simply passes on to the next generation, and they have to pay our share plus the interest.

    The trick is to tax people and corporations in a way which is best for our society as a whole.  Republicans tend to believe that taxes disincentivizes behavior, while Democrats believe taxes should be paid by the entities which can afford to do so while being hurt the least.  There is validity and limitations to both views.

    The Republicans approach to cutting taxes for oil companies clearly hasn't incentivized them to producing enough more oil.  They already hold leases for drilling in the US that they're just sitting on, and they haven't built a new refinery in the last 30 years.   If cutting their taxes doesn't make them produce more oil and gasoline, then increasing taxes on them won't make them produce less.  It'll just reduce the taxes the rest of us have to pay.
     
  24. You have chosen to ignore posts from NRDiver. Show NRDiver's posts

    Should US oil companies be taxed more?

    I think the Dems should stop blaming everyone else for this mess. If they were not sitting around for the last 15 years blocking all efforts to use our own resources, from drilling in Alaska and off the Gulf coast to bringing on line new refinieries and/or nuclear power plants, WE WOULD NOT BE PAYING $4 PER GALLON.

    The Dems are only doing this tax thing to divert attention from their own miss-guided policies and we are all suckers for letting them off the hook. We all will be walking, riding scooters and motorbikes, and taking the T if the Dems have their way. And Kerry and Kennedy will be sailing on the Cape Cod and blocking all efforts to develop a wind farm.

     
  25. You have chosen to ignore posts from novyankee. Show novyankee's posts

    Should US oil companies be taxed more?

    Comparing Microsoft to the US oil Compaines is ridulous. You can live w/out a computer from Microsoft - there are others out there. You need oil/gas for essentials - such as heat in the winter!  
     

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