How the oil industry saves $4.4B a ye...

How the oil industry saves $4.4B a year on taxes

There are 21 comments on the WKYC story from May 12, 2011, titled How the oil industry saves $4.4B a year on taxes. In it, WKYC reports that:

Motorists are paying nearly $4 for a gallon of gasoline as the oil industry reaps pre-tax profits that could hit $200 billion this year.

Join the discussion below, or Read more at WKYC.

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“i hope we can change this!”

Since: Aug 08

usa

#1 May 12, 2011
and, how much does obama's bbf, jeff immelt save in taxes every year at G.E.?
the goverment MANDATES we buy a $4 LIGHTBULB that costs G.E. 4 cents to produce! IN INDIA!

where's the outrage over THAT?

i just LOVE how the media goes along with the left wing in choosing who the demon "du jour" is.

Since: Aug 10

Decatur, GA

#2 May 12, 2011
carey529 wrote:
and, how much does obama's bbf, jeff immelt save in taxes every year at G.E.?
the goverment MANDATES we buy a $4 LIGHTBULB that costs G.E. 4 cents to produce! IN INDIA!
where's the outrage over THAT?
i just LOVE how the media goes along with the left wing in choosing who the demon "du jour" is.
You're playing tit for tat, Carey. Why don't stop that childishness and remember that ALL of these corporations are raking in record profits at the expense of the tax payer. When are we going to stop bending over them? That's the question.

Since: Aug 10

Decatur, GA

#3 May 12, 2011
Bending over FOR them. Still early. Can't type.
harvey

Columbus, OH

#4 May 12, 2011
Unbelievable situation, and proof that the largest benefits of government subsidies in this country aren't poor people and minorities, but huge corporations who bribe their way into these advantages.

We need to end ALL tax subsidies to big oil and big coal NOW. Especially with their profit levels, there is NO justification for taking money out of the Treasury to benefit these greedheads.

And given reTHUGlican opposition to such proposals, it's clear that they're in bed with big energy, not serious about ending unwarranted government subsidies, and above all not serious about deficit reduction. Instead, they prattle about cutting funding to public broadcasting, a comparitively trivial sum.

Unbelievable.
harvey

Columbus, OH

#5 May 12, 2011
carey529 wrote:
and, how much does obama's bbf, jeff immelt save in taxes every year at G.E.?
the goverment MANDATES we buy a $4 LIGHTBULB that costs G.E. 4 cents to produce! IN INDIA!
where's the outrage over THAT?
i just LOVE how the media goes along with the left wing in choosing who the demon "du jour" is.
What I love is the spluttering indignation you manage over subjects unrelated to the topic under discussion.

What do you think about tax subsidies to big oil, Carey? C'mon, tell us. Why should the government subsidize these people? HUH?
Jon Sowel

Scottsdale, AZ

#6 May 12, 2011
carey529 wrote:
and, how much does obama's bbf, jeff immelt save in taxes every year at G.E.?
the goverment MANDATES we buy a $4 LIGHTBULB that costs G.E. 4 cents to produce! IN INDIA!
where's the outrage over THAT?
i just LOVE how the media goes along with the left wing in choosing who the demon "du jour" is.
do U c Fed note! EE77 for 1/2 barrel of oil? national treasure!
:-000000

“Tea parties R 4 little girls.”

Since: May 08

Orlando

#7 May 12, 2011
carey529 wrote:
and, how much does obama's bbf, jeff immelt save in taxes every year at G.E.?
the goverment MANDATES we buy a $4 LIGHTBULB that costs G.E. 4 cents to produce! IN INDIA!
where's the outrage over THAT?
i just LOVE how the media goes along with the left wing in choosing who the demon "du jour" is.
Sigh...you should do your homework before spouting off at the mouth, Carey: http://thinkprogress.org/2011/03/29/corporate...

Yes, they should pay more attention to it, but it just shows what happens when news outlets are owned by corporations. Would you like to know what can happen when a Saudi prince has some ownership in a media outlet?
Jon Sowel

Scottsdale, AZ

#8 May 12, 2011
tidy catz wrote:
<quoted text>
You're playing tit for tat, Carey. Why don't stop that childishness and remember that ALL of these corporations are raking in record profits at the expense of the tax payer. When are we going to stop bending over them? That's the question.
Carey need some elefant milkeeway! Obamaybee give him 2muchocha viagra witt ambien! ;-00000h, he wil be Obamad again!!!!!!:)
Jon Sowel

Scottsdale, AZ

#9 May 12, 2011
tidy catz wrote:
Bending over FOR them. Still early. Can't type.
dat how U wanna pick up da change!:-000000

“i hope we can change this!”

Since: Aug 08

usa

#10 May 12, 2011
tidy catz wrote:
<quoted text>
You're playing tit for tat, Carey. Why don't stop that childishness and remember that ALL of these corporations are raking in record profits at the expense of the tax payer. When are we going to stop bending over them? That's the question.
apparently, what i wrote went over your head.
simply put.
don't single out one bad guy...that's PURE politics. and pure bullshit.

if these idiots in washington want to do something useful for once, they should stop ALL the subsidise, to EVERYONE...oil, farms, "green energy" ... EVERYONE!

“i hope we can change this!”

Since: Aug 08

usa

#11 May 12, 2011
Jim Trebowski wrote:
<quoted text> Sigh...you should do your homework before spouting off at the mouth, Carey: http://thinkprogress.org/2011/03/29/corporate...
Yes, they should pay more attention to it, but it just shows what happens when news outlets are owned by corporations. Would you like to know what can happen when a Saudi prince has some ownership in a media outlet?
you should get your head out of your ass, jim.

" thinkprogress.org "????
i think not.
jon

Eatontown, NJ

#12 May 12, 2011
the government makes alot on the sales of gas. alot of the money goes to the government for leases to drill!

“Bill Clinton could have ”

Since: May 10

Prevented this

#13 May 12, 2011
harvey wrote:
Unbelievable situation, and proof that the largest benefits of government subsidies in this country aren't poor people and minorities, but huge corporations who bribe their way into these advantages.
We need to end ALL tax subsidies to big oil and big coal NOW. Especially with their profit levels, there is NO justification for taking money out of the Treasury to benefit these greedheads.
And given reTHUGlican opposition to such proposals, it's clear that they're in bed with big energy, not serious about ending unwarranted government subsidies, and above all not serious about deficit reduction. Instead, they prattle about cutting funding to public broadcasting, a comparitively trivial sum.
Unbelievable.
Why aren't the liberals screaming about the susidies that big oil is forced to take for this green energy crap called ethanol? We do not need to push that either, and stop the farm subsidies also, for this corn crap. It is the summer blending of the ethanol that is keeping the gas prices at the pump artifically high. If not for this crap the prices would be lower, so if you want to stop the tax subsidies, stop the ethanol subsidies and in turn we can stop the farm subsidies. Gas and food prices would come down.
harvey

Columbus, OH

#15 May 12, 2011
fetch almighty wrote:
<quoted text>Why aren't the liberals screaming about the susidies that big oil is forced to take for this green energy crap called ethanol? We do not need to push that either, and stop the farm subsidies also, for this corn crap. It is the summer blending of the ethanol that is keeping the gas prices at the pump artifically high. If not for this crap the prices would be lower, so if you want to stop the tax subsidies, stop the ethanol subsidies and in turn we can stop the farm subsidies. Gas and food prices would come down.
I oppose ethanol subsidies as well. And it has NOTHING to do with the price of gas at the pumps.

Now, do YOU support subsidies to the oil companies, or not?
Jon Sowel

Scottsdale, AZ

#16 May 12, 2011
carey529 wrote:
<quoted text>
you should get your head out of your ass, jim.
" thinkprogress.org "????
i think not.
thinkthong.org?:-00000

“Bill Clinton could have ”

Since: May 10

Prevented this

#17 May 12, 2011
harvey wrote:
<quoted text>
I oppose ethanol subsidies as well. And it has NOTHING to do with the price of gas at the pumps.
Now, do YOU support subsidies to the oil companies, or not?
Yes it does, the price always goes up in the summer because of the ethanol, what part of that don't you understand-in Illinois it is the ethanol that is keeping all our prices artifically high. I do not support ethanol subsides, it screws up our cars besides costing more money.

“Bill Clinton could have ”

Since: May 10

Prevented this

#18 May 12, 2011
jon wrote:
the government makes alot on the sales of gas. alot of the money goes to the government for leases to drill!
The Mayor of chicago at one point said, "I love high gas prices, we get more tax money"-so in turn why should n't oil companies get tax breaks, seems to me they aren't getting as much tax money from us as the federal state and local government. We don't need to subsidize these eco-terrorist who are forcing corn in our tanks.

“Bill Clinton could have ”

Since: May 10

Prevented this

#19 May 12, 2011
harvey wrote:
<quoted text>
I oppose ethanol subsidies as well. And it has NOTHING to do with the price of gas at the pumps.
Now, do YOU support subsidies to the oil companies, or not?
"Five years ago, a US General Accounting Office report showed that ethanol had received $11.6 billion in tax incentives since 1968, while the oil industry had received over $150 billion in tax benefit over the same period.
Probably true. But the oil industry produced 1068 times more energy so the subsidy rate per unit energy was 54 times higher for ethanol. That's like ethanol gets 54¢ and oil gets 1¢. Now if we had oil subsidies, and we do, and ADM is making more profit tCorn ethanol subsidies totaled $7.0 billion in 2006 for 4.9 billion gallons of ethanol. That's $1.45 per gallon of ethanol (and $2.21 per gal of gas replaced).
Even with high gas prices in 2006, producing a gallon of ethanol cost 38¢ more than making gasoline with the same energy, so ethanol did need part of that subsidy. But what about the other $1.12. Not needed! So all of that became,$5.4 billion windfall of profits paid to real farmers, corporate farmers, and ethanol makers like multinational ADM. Why is it the farm states put up with this?!

Where did those subsidies come from:
1. 51¢ per gallon federal blenders credit for $2.5 billion = your tax dollars.
2.$0.9 billion in corn subsidies for ethanol corn = your tax dollars.
3.$3.6 billion extra paid at the pump.

That's quite a bit when you figure it only made us 1.1% more energy independent and only reduced US greenhouse gases by 1/19 of 1%.

Don't tell me that ethanol doesn't cost more at the pump, gas prices go up every summer to mix this crap in the gasoline.
harvey

Columbus, OH

#20 May 13, 2011
fetch almighty wrote:
<quoted text>Yes it does, the price always goes up in the summer because of the ethanol, what part of that don't you understand-in Illinois it is the ethanol that is keeping all our prices artifically high. I do not support ethanol subsides, it screws up our cars besides costing more money.
No answer, huh? Write you off as another moron.
Swen Goolie

Marshall, MN

#21 May 13, 2011
Why don't the governemnts cut out the excise tax and sales tax on gas. the politicians complain about oil profits, but the government makes more off a gallon of gas than the oil companies do, without any risk. the tax breaks to the oil companies are just that, tax breaks. Ethanol gets direct and indirect subsidies and some states reduce the excise tax on the ethanol blended gasoline. Ethanol does not hurt cars anymore, they have been designed to run on it for years. the standard ethanol blend gets slighty lower fuel mileage than non-blended gas, and the 85% ethanol blend gets about 10% less gas mileage per gallon. Farmers benefit because the more ethanol we produce, the higher the price of corn goes, which, technically, should push the direct subsidies we pay farmers lower. Generally however, it doesn't because the government raises the target price every year for corn. It also raises the price of soybeans if farmers take soybean acres out of production to grow corn.

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