Senators ask Big Oil to justify tax breaks
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Since: Jun 09
#1 May 13, 2011
The tax breaks are deprecation on equipment, which all companies take advantage of. If this legal tax break is removed from the oil companies, the oil companies will raise the cost of fuel to make up for the lose of the depreciation tax.
Beside these show trails that just to placate the great unwashed in to thinking that our elected officials really care about fuel prices. The only way to lower oil prices is for America to produce more and create a surplus and provide our own oil.
#2 May 13, 2011
Understanding depreciation allowances depends on knowing the variables that affect the rate of taxation. I would think that the senators are well aware of these variables. Business publications cite a surplus oil supply due to decreased demand and attribute the increasing cost to speculators on Wall Street driving up the prices on futures. The higher prices are bonus profits for those oil companies that have exploration and producing wells in the US.
You are giving away your arrogant perspective when you refer to anyone as "the great unwashed". I agree that increased domestic production may lower costs, but there is now a global market for oil. There are other solution including competing fuels and modes of transportation.
#3 May 13, 2011
-Senators pressed executives from the nation's five biggest oil companies yesterday to justify billions of dollars in tax breaks at a time of soaring profits and gasoline prices.
These are the same group of folks that gave them to them in the first place. I would like to see the senators justify their high salaries.
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