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However, recall that as a candidate he indicated that he wanted to see higher prices for all fossil fuels and a turn toward green energy, . More to the point, however, are the actions that Obama's administration has taken to exacerbate the problem of rising gasoline prices.
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1 - 12 of 12 Comments Last updated May 11, 2011
Disappointed

Albuquerque, NM

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#1
May 7, 2011
 

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Obama has created the high gas prices. This is what he wants and has said so. So you guys got your "change". Hope you enjoy it, its gonna get alot worse before he get what he wants.
Hogfarmer

Hong Kong

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#2
May 9, 2011
 

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And don't forget the other thing the administration has done that has hurt us. "QE2" has flooded the market with new USD-and the world value has tanked accordingly. In the past few weeks, the USD has lost about 10% of its value against several major currencies, and oil is the first commodity to reflect this fact. There will be more coming
Clark

Fort Worth, TX

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#3
May 9, 2011
 

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Since I work in the oil business, I am somewhat predjudiced on this subject since Obama and his minions have targeted the oil business as an enemy while giving GE a free ride. Fact: The oil business did pay a large amount of taxes while GE got a free ride.

Many of the tax breaks Obama accuses "Big Oil" of having were taken away years ago. Only the smaller independents get the tax breaks taken away from Big Oil. These independents need these tax breaks under the current tax system.

The oil business is a risky business. This is not like making widgets or building something at GE. No one knows whether oil or gas will be discovered until several million dollars are spend to drill a well. Science has come a long way, but it cannot tell you whether oil and gas will be discovered. Otherwise, there would not be so many "dry holes" drilled.

Having said the above, much of this discussion could be solved with a revision of the tax code. Let's get rid of all the tax breaks for every company and lower the tax rate for businesses. Let's bring back the companies using the safety of America who pay no taxes such as GE. Why hasn't Obama gone after GE just to name one company which pays no taxes? Why is he going after the oil companies which pay lots of taxes? Does anyone know the percentage profit that Exxon makes? It will bring things into focus when compared with other industries.
Michael Morris

United States

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#4
May 9, 2011
 
Clark wrote:
Since I work in the oil business, I am somewhat predjudiced on this subject since Obama and his minions have targeted the oil business as an enemy while giving GE a free ride. Fact: The oil business did pay a large amount of taxes while GE got a free ride.
Many of the tax breaks Obama accuses "Big Oil" of having were taken away years ago. Only the smaller independents get the tax breaks taken away from Big Oil. These independents need these tax breaks under the current tax system.
The oil business is a risky business. This is not like making widgets or building something at GE. No one knows whether oil or gas will be discovered until several million dollars are spend to drill a well. Science has come a long way, but it cannot tell you whether oil and gas will be discovered. Otherwise, there would not be so many "dry holes" drilled.
Having said the above, much of this discussion could be solved with a revision of the tax code. Let's get rid of all the tax breaks for every company and lower the tax rate for businesses. Let's bring back the companies using the safety of America who pay no taxes such as GE. Why hasn't Obama gone after GE just to name one company which pays no taxes? Why is he going after the oil companies which pay lots of taxes? Does anyone know the percentage profit that Exxon makes? It will bring things into focus when compared with other industries.
A few considerations. Tens of billions each year Are spent by widget makers not knowing if consumers will buy it. There is no successful product fairy. Stockholders are taxed on the exact same sales as the corporation. You seem upset over an inequity in the double taxation rather than the effect of taxation.

The difference for the oil guy is all he has to do is find a product for which others create a demand while most other businesses must address creating demand in addition to design and production and delivery.

Also, how much of big oil is the mere brokering of imports? Sure, the GE green thing is scam, but supporting the supporters is nothing new.
Condescending Libs

Ruidoso, NM

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#5
May 9, 2011
 
Michael Morris wrote:
<quoted text>
...but supporting the supporters is nothing new.
...but, but, but, isn't this part of Hopey & Changey?

I otherwise agree.
Clark

Fort Worth, TX

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#6
May 9, 2011
 

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Michael Morris wrote:
<quoted text>
A few considerations. Tens of billions each year Are spent by widget makers not knowing if consumers will buy it. There is no successful product fairy. Stockholders are taxed on the exact same sales as the corporation. You seem upset over an inequity in the double taxation rather than the effect of taxation.
The difference for the oil guy is all he has to do is find a product for which others create a demand while most other businesses must address creating demand in addition to design and production and delivery.
Also, how much of big oil is the mere brokering of imports? Sure, the GE green thing is scam, but supporting the supporters is nothing new.
First of all, I am not upset. I agree with some of your points. However, I don't think any industry--and I mean any industry--should be targeted as receiving huge tax breaks which is only partially correct while letting others such as GE escape scrutiny. I will re-state that the oil business paid a lot of taxes and GE paid none.

As for "the oil guy all he has to do is find a product", do you know what all goes into this and how much money it takes to find that product? There is no guarantee of success and only 1 in 7 wildcats actually make commerical wells. These dry holes cost millions of dollars also. However, that is not my main point in all of this.

I don't think our tax system is fair to any of us. I think the tax code has been manipulated by lobbyists, congressmen, and big business to each's benefit. My point was and is that this system needs to be simplified and made more equitable for everyone--even if the oil business does lose these tax breaks which are actually business deductions that I keep hearing about. I want every person and company paying their fair share. That is why I like a flat tax or something similar.
time traveler

United States

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#7
May 9, 2011
 

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Clark wrote:
<quoted text>
First of all, I am not upset. I agree with some of your points. However, I don't think any industry--and I mean any industry--should be targeted as receiving huge tax breaks which is only partially correct while letting others such as GE escape scrutiny. I will re-state that the oil business paid a lot of taxes and GE paid none.
As for "the oil guy all he has to do is find a product", do you know what all goes into this and how much money it takes to find that product? There is no guarantee of success and only 1 in 7 wildcats actually make commerical wells. These dry holes cost millions of dollars also. However, that is not my main point in all of this.

I don't think our tax system is fair to any of us. I think the tax code has been manipulated by lobbyists, congressmen, and big business to each's benefit. My point was and is that this system needs to be simplified and made more equitable for everyone--even if the oil business does lose these tax breaks which are actually business deductions that I keep hearing about. I want every person and company paying their fair share. That is why I like a flat tax or something similar.
Clark, take note - we are in agreement on the tax code/laws. I am also concerned that GE lobbyists will win the argument for GE to return billions of profit dollars from overseas to the US tax free. And people wonder where the jobs are - a number of large companies keep their profit $$$ out of the US.
Michael Morris

United States

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#8
May 9, 2011
 

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Clark wrote:
<quoted text>
First of all, I am not upset. I agree with some of your points. However, I don't think any industry--and I mean any industry--should be targeted as receiving huge tax breaks which is only partially correct while letting others such as GE escape scrutiny. I will re-state that the oil business paid a lot of taxes and GE paid none.
As for "the oil guy all he has to do is find a product", do you know what all goes into this and how much money it takes to find that product? There is no guarantee of success and only 1 in 7 wildcats actually make commerical wells. These dry holes cost millions of dollars also. However, that is not my main point in all of this.
I don't think our tax system is fair to any of us. I think the tax code has been manipulated by lobbyists, congressmen, and big business to each's benefit. My point was and is that this system needs to be simplified and made more equitable for everyone--even if the oil business does lose these tax breaks which are actually business deductions that I keep hearing about. I want every person and company paying their fair share. That is why I like a flat tax or something similar.
You have just explained the reason big US oil wants nothing to do with development any more regardless of the industry line. Otherwise they would have a similar deal. It is hard to get tax breaks on imported oil.

And yes I do have some idea of the costs all the way down to the archaeological costs and the GIS. The lack of those costs due to the shift to brokering imports is why there is little to deduct. Why burn up your fuel when the other guy is selling his? That is how it is done.
Clark

Fort Worth, TX

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#9
May 9, 2011
 
time traveler wrote:
<quoted text>
Clark, take note - we are in agreement on the tax code/laws. I am also concerned that GE lobbyists will win the argument for GE to return billions of profit dollars from overseas to the US tax free. And people wonder where the jobs are - a number of large companies keep their profit $$$ out of the US.
Thanks Goodness! I knew we would find common ground on something. Too bad you and I aren't in charge of getting the American taxpayer a fair deal in all of this. I have sent letters to my representatives, but other than Ron Paul, I'm not sure they are listening. Kay Bailey Hutchison is a lost cause (#2 pork barrel recipient), but I still have hopes for John Cornyn.
Clark

Fort Worth, TX

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#10
May 9, 2011
 

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Michael Morris wrote:
<quoted text>
You have just explained the reason big US oil wants nothing to do with development any more regardless of the industry line. Otherwise they would have a similar deal. It is hard to get tax breaks on imported oil.
And yes I do have some idea of the costs all the way down to the archaeological costs and the GIS. The lack of those costs due to the shift to brokering imports is why there is little to deduct. Why burn up your fuel when the other guy is selling his? That is how it is done.
I still agree with some of your points, but forget Big Oil. Over 85% of the wells drilled in the US are drilled by independents. Many of them are small businesses just trying to make a buck. They are the ones who still have the tax incentives and business deductions just like other industries.

From a taxpayer point of view, this business of burning up the other guy's oil is bankrupting us. I don't know whether it is Big Oil, traders, or OPEC sticking it to us, but the bottom line is the same. We need ALL the forms of energy with oil and gas being the main ones for the next 50 years. You still can't put a windmill or battery on a jet plane or a train. Boone Pickens natural gas plan is a good direction until we can develop other alternative forms of energy.
factchecker

China

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#11
May 11, 2011
 

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William Haralson wrote a number of reasons we "might" slow down oil drilling in an effort to show that new oil drilling will lower gasoline prices.
The US produces maybe 2% of the world's oil. Production is higher today than it was before the Gulf spill. The US uses over 25% of the world's oil. Do the math Mr. Haralson, there is little impact of your points to lowering gas prices.
If the EPA makes the dune lizard endangered, they will still extract oil from the Permian Basin. From May 1 to May 8 of this year Texas increased it's oil wells drilled by 71, one week. Oil contracts (in fact, the largest) in the Gulf of Mexico are being granted. What's more, I find one source of over 20 jobs in the oil industry from Midland.
Check your facts before you speak. The US is producing more oil than before the Gulf spill. There are wells being drilled each week. Yet, the speculators claim there is the need to raise the price of gasoline and oil.
If the death of Osama meant anything, ask yourself... he did not have oil wells, no gas interest, no business in West Texas... why did the price go down for West Texas crude and not for bulk gasoline?
Sweet Pea

Alto, NM

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#12
May 11, 2011
 
Michael Morris wrote:
<quoted text>
You have just explained the reason big US oil wants nothing to do with development any more regardless of the industry line. Otherwise they would have a similar deal. It is hard to get tax breaks on imported oil.
And yes I do have some idea of the costs all the way down to the archaeological costs and the GIS. The lack of those costs due to the shift to brokering imports is why there is little to deduct. Why burn up your fuel when the other guy is selling his? That is how it is done.
Lord, how I have missed you.

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