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 Alamogordo Daily News story from May 12, 2011, titled How the oil industry saves $4.4B a year on taxes. In it, Alamogordo Daily News 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 Alamogordo Daily News.

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SamD

Montgomery, AL

#1 May 13, 2011
Fallacy time again.
Corporations do NOT pay taxes.
Al of those costs are passed to the consumer.
The concept that the oil companies are making huge profits from every gallon we buy is Bovine Feces.

If the oil companies tripled their profits on a gallon of gasoline right now, they wold be getting 1/3 of what government skims from every gallon. You don't like high fuel prices, knock the crap out of government. They are the bogeyman in the fuel price equation, and they aren't using it to fix your roads either.
Amanda

Sunspot, NM

#2 May 13, 2011
There is something really wrong with the state of our economy when Oil execs are billionaires and we cannot afford to keep our kids educated. The corporations are getting tax breaks, and our kids are suffering. Just look at the other headlines in the paper: Budget cuts at area schools, the state doesn't know how to finance higher education. What is wrong with that picture????

WAKE UP and start getting active, we need to change this before it is too late!
Spencer Hart

Memphis, TN

#3 May 13, 2011
If this Tax deduction is removed for oil companies, It should be removed for ALL companies. Oil companies profit margins are no higher than many other companies. "The oil and gas industry pays a much heftier percentage of net income in taxes (41.1%) than the average of all other S&P Industrials (26.5%)." (Bob Beauprez) The profits amounts are large simply because of the volume of business. The oil industry spends around 300 BILLION per year on domestic projects. Anyone who thinks the oil companies will not protect their profit margins with the loss of the Tax Deduction by passing it on to the consumer is a FOOL.
Dwight Baker

Eagle Pass, TX

#4 May 13, 2011
Our voices are not being heard! What about our votes being counted?
By Dwight Baker
May 13, 2011
Dbaker22@stx.rr.com

Flagrant use of our treasury to support war after war after war and the spoils of those wars never come back into our treasury is a new twist in mankind history. But off the spoils go to be divided among those who stand head and shoulders above us for they are admired as the wealthiest and in the dumbing down of Americans that has been going on for fifty years we all think wealth means high intellect.

But NOT SO gaining great wealth often comes when ones have become pirates. Just grab a pen and paper and start naming names. Most fit right into being pirates.

WHY WORK when one can steal?

Therefore what we see and hear in DC today are the big boys talking back as if they were the ones elected to run our country. But the fact of the matter is they did not need to be elected just tapped by the right group at the top of our American warring pyramid of power. So I contend and will defend the fact that unless we act soon our total sovereignty will slip right through the fingers of those we have elected to watch over our checkbook.

Finally it is the worst deceptive hoax ever played on any people.
SamD

Montgomery, AL

#5 May 13, 2011
Dwight Baker wrote:
Our voices are not being heard! What about our votes being counted?
By Dwight Baker
May 13, 2011
Dbaker22@stx.rr.com
Flagrant use of our treasury to support war after war after war and the spoils of those wars never come back into our treasury is a new twist in mankind history. But off the spoils go to be divided among those who stand head and shoulders above us for they are admired as the wealthiest and in the dumbing down of Americans that has been going on for fifty years we all think wealth means high intellect.
But NOT SO gaining great wealth often comes when ones have become pirates. Just grab a pen and paper and start naming names. Most fit right into being pirates.
WHY WORK when one can steal?
Therefore what we see and hear in DC today are the big boys talking back as if they were the ones elected to run our country. But the fact of the matter is they did not need to be elected just tapped by the right group at the top of our American warring pyramid of power. So I contend and will defend the fact that unless we act soon our total sovereignty will slip right through the fingers of those we have elected to watch over our checkbook.
Finally it is the worst deceptive hoax ever played on any people.
Dwight is bright
RUDY

Santa Fe, NM

#6 May 13, 2011
And the oil companies buy our politicians, AGAIN!
Tom

Alamogordo, NM

#7 May 13, 2011
Good for the oil industry! Everybody needs to save on taxes!
SamD

Montgomery, AL

#8 May 13, 2011
RUDY wrote:
And the oil companies buy our politicians, AGAIN!
"All big business" buys all the politicians on BOTH sides in case you hadn't noticed.

The test of an honest politician is whether or not he stays bought
Cora

Alamogordo, NM

#9 May 13, 2011
It is criminal for oil execs to make the kind of salaries they do. No one actually earns
2.Ray Irani, Occidental Petroleum,$76.1 million, up 142 percent
18.Rex Tillerson, Exxon Mobil,$21.5 million, down 1 percent
20.Aubrey McClendon, Chesapeake Energy,$21 million, up 13 percent
32.G. Steven Farris, Apache,$19.3 million, up 151 percent

It may still be legal, in the same way slavery was legal in 1850, but it's immoral and should be criminal. No exec should be able to make more than 25 or 30 times what the lowest paid laborer earns. Any society that allows that is immoral.
Gorky

Alamogordo, NM

#10 May 13, 2011
What are we going to do about it?
WARRIOR

Washington, DC

#11 May 14, 2011
Gorky wrote:
What are we going to do about it?
Same thing we did about Timothy Geitner and Charles rangel not paying their taxes!
WARRIOR

Washington, DC

#12 May 14, 2011
Cora wrote:
It is criminal for oil execs to make the kind of salaries they do. No one actually earns
2.Ray Irani, Occidental Petroleum,$76.1 million, up 142 percent
18.Rex Tillerson, Exxon Mobil,$21.5 million, down 1 percent
20.Aubrey McClendon, Chesapeake Energy,$21 million, up 13 percent
32.G. Steven Farris, Apache,$19.3 million, up 151 percent
It may still be legal, in the same way slavery was legal in 1850, but it's immoral and should be criminal. No exec should be able to make more than 25 or 30 times what the lowest paid laborer earns. Any society that allows that is immoral.
Typical liberal thinking. The market dictates what these people earn. These companies are responsible in one way or another for employing over 9 million people in this country. They make pennies on a gallon. Dairy farmers make more money on a gallon of milk than oil companies do on a gallon of gas. I bet you buy bottled water from Coca-Cola yet you don't complain too much about that scam and how much those CEO's are making. Many people have their retirements invested in the stock market and are connected to oil companies. The better these companies do the more return on peoples retirements. Don't hate the system because you can't be successful in America. Get out there and work harder.
Thanks

United States

#13 May 14, 2011
Warrior just pointed out that wage disparity is what is bringing this country down. And in typical tea bagged form, he begins with an attack on the person he is responding to.
No PC

Albuquerque, NM

#14 May 14, 2011
Cora wrote:
It is criminal for oil execs to make the kind of salaries they do. No one actually earns
2.Ray Irani, Occidental Petroleum,$76.1 million, up 142 percent
18.Rex Tillerson, Exxon Mobil,$21.5 million, down 1 percent
20.Aubrey McClendon, Chesapeake Energy,$21 million, up 13 percent
32.G. Steven Farris, Apache,$19.3 million, up 151 percent
It may still be legal, in the same way slavery was legal in 1850, but it's immoral and should be criminal. No exec should be able to make more than 25 or 30 times what the lowest paid laborer earns. Any society that allows that is immoral.
So YOU get to decide what people can earn? Nice Marxist try. If you are unhappy with your salary, find another job and work your way to an executive position. Just so happens The Marxist-In-Chief's biggest donor and White House roommate, Jeffery Immelt, and his GE slime pay NO FEDERAL income tax on $7 billion in earnings and taking billions in subsidies. I don't see the Marxist Dumocraps having hearings on this. It is called Crony Capitalism.
Steve Pearce

High Rolls Mountain Park, NM

#15 May 14, 2011
I am glad to see defenders of my right to have millions of dollars of your tax money as oil subsidies. You are indeed my flock, and I am indeed your shepherd. Amen.
Dwight Baker

Eagle Pass, TX

#16 May 14, 2011
What can any do about an earthquake or how much corn flakes cost?
By Dwight Baker
May 14, 2011
Dbaker22@stx.rr.com

I believe most Americans like us here are saying what is on our mind. And that is something we can do something about.

Civility comes when all have a right to speak out and say what is on their mind. Better than most of the other ways folks in the past have had to live.
I do not defend the opulent and greedy for I know that those folks are abhorrence to my Creator. Like wise I try to not throw too many bad words at those who have more hell on their hands to live through than most others for one reason or another.

What turn me off more are sites where seem to me nobodies using fake names and the like come along and just blurb our some inside nonsense then go away.

I have not seen that here on Topix much at all.

So I think throwing stones at some one who has stated their mind best as they could and tried to make sense to all—sure made sense to me.

The topic is Equity. I believe all people should have the rights to life in all ways in equity ruled by the supreme arbitrator and this time that is public sentiment. Thus that is what we are all trying to do.

db
WARRIOR

Washington, DC

#17 May 14, 2011
Thanks wrote:
Warrior just pointed out that wage disparity is what is bringing this country down. And in typical tea bagged form, he begins with an attack on the person he is responding to.
You're welcome! You should make what you're worth. As an employee you shouldn't earn what your boss does and he shouldn't earn what his boss does and that boss shouldn't earn what his boss does and that boss shouldn't earn what the owner of the company does. You don't like me pointing out the liberal way but you as liberals typicaly do go on the atttack yourself and assume that I am a tea bagger what ever that is. You see the people who work hard and take all the risk and invest their time and money and blood, sweat and tears should make more than somebody like you who just does what he has to do to get by. Stop whining, work harder, be noticed and earn more money. Or start your own business and run it the way you want to. Stop blaming others because you are not succesful!
Alamo Native

Auburn, WA

#18 May 15, 2011
Warrior is suffering from error code ID-10-T. Enough said.
Thanks

Mesa, AZ

#19 May 15, 2011
Well then Warrior, answer me this: where do I find this chart that spells out what I am "worth"? Also, what are all the variables that sum up my "worth"?

I have to tell you that your opinion which was stated in post #17 has a few fallacies. For example, what if the boss is fresh out of college and her employees have been working for the same company for 40 years. Do you still feel that she is entitled to make more than her employees?
Dwight Baker

Eagle Pass, TX

#20 May 15, 2011
Tennessee Ernie Ford summed it up
By Dwight Baker
May 15, 2011
Dbaker22@srx.rr.com

Sixteen tons



Fighting for our Freedom in America has been our mainstay. Voices of dissent have been around as long as Plymouth Rock. The obvious voice out of synch is that of one who likes to read and study BF Skinner.

The American war machine Pentagon and big industry loved Skinner books his voice and all the rest for he believed that no body should get out of bounds.

Yet that is where genius comes from—those that throws away the book and defies common logic and work toward solving big problems.

Now a college grad that has book learning what does that really mean?

They are not going to throw away the book for that is all they know.

I will take those that fought in the trenches for the company and me any ole day.

So why is that the approved way to do things today. Back slapping never forget about that. Big companies give colleges and Universities lots of money to get their propaganda spread around and the pay back comes when grads are hired that will continue the companies sometimes their ill logic.

So it is just a pass over and passes those by ---- that has not the clout or seemed education to get promoted.

Now the other twist about all of this is that only about 20% of people born have leadership qualities.

I say if you have leadership qualities ----- quit any ole time and go find another place to hang your hat.

Some good guy or gal will see that in you and up the ladder you will go. WHY NOT!

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