Oil CEOs head to Hill for grilling by...

Oil CEOs head to Hill for grilling by Senate Dems

There are 309 comments on the Daytona Beach News-Journal Online story from May 12, 2011, titled Oil CEOs head to Hill for grilling by Senate Dems. In it, Daytona Beach News-Journal Online reports that:

Senate Democrats are calling top executives from the five biggest oil companies before a congressional hearing to flog them verbally for high gasoline prices, big profits and generous tax breaks that Democrats would like to end but don't have the votes to stop.

Join the discussion below, or Read more at Daytona Beach News-Journal Online.

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“Truth to Power!”

Since: Apr 07

United States

#1 May 12, 2011
The Oil Companies aren't speculating & driving the Oil Prices up as Obama wanted.


The US Oil Companies aren't intentionally cutting back on exploration as Obama has forced this to happen.


The Oil companies supply the country's economic Life Blood; FUEL. They make pennies per Gallon of Gas while government makes an average of 50 cents PROFIT per gallon. Something very Wrong with who is scolding who.


“Truth to Power!”

Since: Apr 07

United States

#2 May 12, 2011



OPEC is Cutting Production so why aren't these cowardly demosplats calling the Sheiks into Congress?




LOL! What a JOKE!

“hellshade”

Since: Jul 07

Location hidden

#3 May 12, 2011
The laughing liberal wrote:
The Oil Companies aren't speculating & driving the Oil Prices up as Obama wanted.
The US Oil Companies aren't intentionally cutting back on exploration as Obama has forced this to happen.
The Oil companies supply the country's economic Life Blood; FUEL. They make pennies per Gallon of Gas while government makes an average of 50 cents PROFIT per gallon. Something very Wrong with who is scolding who.
perhaps you could provide your sources for this information?

oil companies are not only making record profits but they are also getting subsidaries a.k.a. welfare from the govenment via our tax money.

why do the need our money when they are making record profits?

enquiring minds want to know...

“hellshade”

Since: Jul 07

Location hidden

#4 May 12, 2011
The laughing liberal wrote:
OPEC is Cutting Production so why aren't these cowardly demosplats calling the Sheiks into Congress?
LOL! What a JOKE!
the real joke here though is the fact when anyone is called in front of congress these days it's a dog and pony show. nothing gets done and no one is held responsible for thier actiond. it's bullshit...

Since: May 11

Location hidden

#7 May 12, 2011
I'm guessing they'll still be using propane for the grilling, can't let those subsidies go to waste. I'll take my oil exec medium rare please.

“Truth to Power!”

Since: Apr 07

United States

#8 May 12, 2011
centereach ny wrote:
<quoted text>
the real joke here though is the fact when anyone is called in front of congress these days it's a dog and pony show. nothing gets done and no one is held responsible for thier actiond. it's bullshit...

We Agree.

“Truth to Power!”

Since: Apr 07

United States

#9 May 12, 2011
centereach ny wrote:
<quoted text>
perhaps you could provide your sources for this information?
oil companies are not only making record profits but they are also getting subsidaries a.k.a. welfare from the govenment via our tax money.
why do the need our money when they are making record profits?
enquiring minds want to know...


Here's the Gas TAX Map:
http://www.floridastategasprices.com/USA_Tax_...

“Truth to Power!”

Since: Apr 07

United States

#10 May 12, 2011
The federal government profits approximately .59 cents per gallon through gasoline taxes, 7 ½ times or 750% that of the oil producers themselves and 20% of the price at the pumps.

Pay attention here, Washington liberals are attacking oil companies for their 2.5% gross profit margin, while Washington is profiting 20% per gallon.

Democrats answer? Tax some more? W-T-F!




If oil companies cut their profit margins by 50%, it would drop the price of a gallon of gas by only .04 cents per gallon. If Washington law makers cut their take by 50%, gasoline would cost .30 cents per gallon less.

If the federal government didn’t tax gasoline at all, the price per gallon at the pumps would be $2.40 per gallon instead of $3.00 per gallon and the oil companies would still be at a respectable 2.5% gross profit margin.


Who is gouging whom?

“Truth to Power!”

Since: Apr 07

United States

#11 May 12, 2011
centereach ny wrote:
<quoted text>
perhaps you could provide your sources for this information?
oil companies are not only making record profits but they are also getting subsidaries a.k.a. welfare from the govenment via our tax money.
why do the need our money when they are making record profits?
enquiring minds want to know...


Whatever they pay in taxes gets filtered back to you at the pump. Think about that.


These Companies already pay BILLIONS in Taxes each year so forcing them to Pay MORE only means Gas Prices GO UP. Do you understand that?


Inquiring minds want to know...







Oil Company Profits and Tax Collections: Does the U.S. Need a New Windfall Profits Tax?

by Scott A. Hodge and Jonathan Williams
Fiscal Fact No. 41
November 9, 2005

This week, the Senate will hold hearings on rising oil and fuel prices and the subsequent record earnings recently posted by U.S. oil companies. Some lawmakers have suggested that these profits are unseemly and, thus, should be subject to a new “windfall profits” tax.

Before rushing to create a new federal tax, lawmakers should ask two questions:

(1) Do oil companies currently pay too little in taxes compared to profits?
(2) What was the effect of the last windfall profits tax enacted in 1980?

The answer to the first question is that over the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in taxes, after adjusting for inflation, to federal and state governments—including excise taxes, royalty payments and state and federal corporate income taxes. That amounts to more than three times what they earned in profits during the same period, according to the latest numbers from the Bureau of Economic Analysis and U.S. Department of Energy.

These figures do not include local property taxes, state sales and severance taxes and on-shore royalty payments.

The answer to the second question, according to the Congressional Research Service (CRS), is that the 1980s windfall profits tax depressed the domestic production and extraction industry and furthered our dependence on foreign sources of oil.1


http://www.taxfoundation.org/publications/sho...



This is an Old Class Warfare game by the Scumbag Democrat Party.

“i hope we can change this!”

Since: Aug 08

usa

#12 May 12, 2011
centereach ny wrote:
<quoted text>
the real joke here though is the fact when anyone is called in front of congress these days it's a dog and pony show. nothing gets done and no one is held responsible for thier actiond. it's bullshit...
oh yeah?
tell that to roger clemons or barry bonds!

“hellshade”

Since: Jul 07

Location hidden

#13 May 12, 2011
The laughing liberal wrote:
<quoted text>
Whatever they pay in taxes gets filtered back to you at the pump. Think about that.
These Companies already pay BILLIONS in Taxes each year so forcing them to Pay MORE only means Gas Prices GO UP. Do you understand that?
Inquiring minds want to know...
Oil Company Profits and Tax Collections: Does the U.S. Need a New Windfall Profits Tax?
by Scott A. Hodge and Jonathan Williams
Fiscal Fact No. 41
November 9, 2005
This week, the Senate will hold hearings on rising oil and fuel prices and the subsequent record earnings recently posted by U.S. oil companies. Some lawmakers have suggested that these profits are unseemly and, thus, should be subject to a new “windfall profits” tax.
Before rushing to create a new federal tax, lawmakers should ask two questions:
(1) Do oil companies currently pay too little in taxes compared to profits?
(2) What was the effect of the last windfall profits tax enacted in 1980?
The answer to the first question is that over the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in taxes, after adjusting for inflation, to federal and state governments—including excise taxes, royalty payments and state and federal corporate income taxes. That amounts to more than three times what they earned in profits during the same period, according to the latest numbers from the Bureau of Economic Analysis and U.S. Department of Energy.
These figures do not include local property taxes, state sales and severance taxes and on-shore royalty payments.
The answer to the second question, according to the Congressional Research Service (CRS), is that the 1980s windfall profits tax depressed the domestic production and extraction industry and furthered our dependence on foreign sources of oil.1
http://www.taxfoundation.org/publications/sho...
This is an Old Class Warfare game by the Scumbag Democrat Party.
i don't recall asking about taxing. what i did ask was why do oil companies need to get subsidaries from the government?
do they need to get our tax money thru the government as well? i say no.
and before you go off on just democrats one must also hold responsible republicans as well since both parties are responsible for the current mess we are in.

republicans don't want to tax the companies whatsoever and claim it will cost more jobs but i don't see many corporations making jobs here even without paying taxes when it's cheaper to outsource them.
democrats want to give away to people that don't deserve it espicially these illegal aliens that are nothing more than criminals breaking our laws to come here.

nothing is cut and dried or black and white as some would say. both parties are not listening to the people they are listening to the corporations and lobbyists that buy them. not us...

Since: May 10

United States

#14 May 12, 2011
The laughing liberal wrote:
<quoted text>
Here's the Gas TAX Map:
http://www.floridastategasprices.com/USA_Tax_...
You kinda missed the point of the commenter I believe.

YOUR comment

"The US Oil Companies aren't intentionally cutting back on exploration as Obama has forced this to happen."

SOURCE?

LOL

Since: May 10

United States

#15 May 12, 2011
carey529 wrote:
<quoted text>
oh yeah?
tell that to roger clemons or barry bonds!
Yes, THEY EFFECT OUR ECONOMIES RIGHT?

lol

Since: May 10

United States

#16 May 12, 2011
The laughing liberal wrote:
<quoted text>
Whatever they pay in taxes gets filtered back to you at the pump. Think about that.
These Companies already pay BILLIONS in Taxes each year so forcing them to Pay MORE only means Gas Prices GO UP. Do you understand that?
Inquiring minds want to know...
Oil Company Profits and Tax Collections: Does the U.S. Need a New Windfall Profits Tax?
by Scott A. Hodge and Jonathan Williams
Fiscal Fact No. 41
November 9, 2005
This week, the Senate will hold hearings on rising oil and fuel prices and the subsequent record earnings recently posted by U.S. oil companies. Some lawmakers have suggested that these profits are unseemly and, thus, should be subject to a new “windfall profits” tax.
Before rushing to create a new federal tax, lawmakers should ask two questions:
(1) Do oil companies currently pay too little in taxes compared to profits?
(2) What was the effect of the last windfall profits tax enacted in 1980?
The answer to the first question is that over the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in taxes, after adjusting for inflation, to federal and state governments—including excise taxes, royalty payments and state and federal corporate income taxes. That amounts to more than three times what they earned in profits during the same period, according to the latest numbers from the Bureau of Economic Analysis and U.S. Department of Energy.
These figures do not include local property taxes, state sales and severance taxes and on-shore royalty payments.
The answer to the second question, according to the Congressional Research Service (CRS), is that the 1980s windfall profits tax depressed the domestic production and extraction industry and furthered our dependence on foreign sources of oil.1
http://www.taxfoundation.org/publications/sho...
This is an Old Class Warfare game by the Scumbag Democrat Party.
Yes, it's written in stone that Exxon MUST get a 9.3% rate of return on it's GROSS SALES NUMBER.

LOL

Since: May 10

United States

#17 May 12, 2011
The laughing liberal wrote:
The federal government profits approximately .59 cents per gallon through gasoline taxes, 7 ½ times or 750% that of the oil producers themselves and 20% of the price at the pumps.
Pay attention here, Washington liberals are attacking oil companies for their 2.5% gross profit margin, while Washington is profiting 20% per gallon.
Democrats answer? Tax some more? W-T-F!
If oil companies cut their profit margins by 50%, it would drop the price of a gallon of gas by only .04 cents per gallon. If Washington law makers cut their take by 50%, gasoline would cost .30 cents per gallon less.
If the federal government didn’t tax gasoline at all, the price per gallon at the pumps would be $2.40 per gallon instead of $3.00 per gallon and the oil companies would still be at a respectable 2.5% gross profit margin.
Who is gouging whom?
2.5%?

Boy are you using old numbers.

Exxon made 9.3% profit on gross sales in 2010!!!

“If it ain't broke don't fix it”

Since: Jul 09

Arcadia, LA.

#18 May 12, 2011
centereach ny wrote:
<quoted text>
oil companies are not only making record profits but they are also getting subsidaries a.k.a. welfare from the govenment via our tax money.
And as long as oil companies are making record profits, the government is raking in billions as well. Thus, this story and headline are misleading. A more appropriate title would have been:

"Oil CEOs head to Hill for Share-holders Meeting with Senate Dems".

“hellshade”

Since: Jul 07

Location hidden

#19 May 12, 2011
carey529 wrote:
<quoted text>
oh yeah?
tell that to roger clemons or barry bonds!
the point being is that congress is bought out by corporations,goldmann sachs,exxon/mobil,the healthcare industry etc.
anytime any of these people are brought before congress nothing happens to them. it's a dog and pony show for the public to make it look like congress is doing something.

the likes of bonds and clemens do not affect these politicians political donations.

get it now?
Deng

Zhenjiang, China

#20 May 12, 2011
THE CEOS OWN AND CONTROL THE SENATORS, NOT THE OTHER WAY AROUND; HERE IS A TYPICAL ORCHESTRATED PUBLIC ORGY WHERE THE ACTORS TRY TO CONVINCE THE ORDINARY CITIZEN INDIVIDUAL THEY HAVE REPRESENTATION IN THE CORPORATE-STATE GOVERNMENT DYNASTY

“Truth to Power!”

Since: Apr 07

United States

#21 May 12, 2011
Jonny Boy Central Coast wrote:
<quoted text>
You kinda missed the point of the commenter I believe.
YOUR comment
"The US Oil Companies aren't intentionally cutting back on exploration as Obama has forced this to happen."
SOURCE?
LOL



The Obama administration issued a moratorium on offshore deepwater drilling (first enacted on May 30th, 2010). The goal of the moratorium is to shield the Gulf
from further harmful effects by limiting the likelihood of a similar oil spill in the future. The moratorium,
however, will do more harm than good. By ceasing offshore drilling, even for as little as six months, the
moratorium will further depress onshore state and local economies dependent on oil production.

Evidence indicates that the Deepwater Horizon spill was attributable to a lack of sufficient oversight during the transition of the rig from exploration to commercial production. Halting all offshore deepwater drilling in response to a
likely low-probability event serves neither to address the root causes of the accident, nor to aid in the economic rehabilitation of the Gulf region. Indeed, a moratorium on offshore drilling would result in billions of dollars in additional lost economic activity in the Gulf.


http://www.noia.org/website/download.asp...

What is the "Source" of your stupidity?

“Truth to Power!”

Since: Apr 07

United States

#22 May 12, 2011
centereach ny wrote:
<quoted text>
i don't recall asking about taxing. what i did ask was why do oil companies need to get subsidaries from the government?
do they need to get our tax money thru the government as well? i say no.
and before you go off on just democrats one must also hold responsible republicans as well since both parties are responsible for the current mess we are in.
republicans don't want to tax the companies whatsoever and claim it will cost more jobs but i don't see many corporations making jobs here even without paying taxes when it's cheaper to outsource them.
democrats want to give away to people that don't deserve it espicially these illegal aliens that are nothing more than criminals breaking our laws to come here.
nothing is cut and dried or black and white as some would say. both parties are not listening to the people they are listening to the corporations and lobbyists that buy them. not us...
LOL! It's a Wild misunderstanding that oil companies somehow receive direct subsidy payments from the government like the payments some farmers receive (sometimes for NOT growing certain crops).

Since its inception, the U.S. tax code has allowed corporate tax payers the ability to recover costs and to be taxed only on net income. These cost recovery mechanisms, also known in policy circles as “tax expenditures”, should in no way be confused with “subsidies”, i.e., direct government spending.

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