Senate Republicans block windfall taxes on Big Oil

[Rmsanger 10+ year member]

I don't believe the government ought to create windfall profit taxes, it's anti-captialistic. What they should do is be alot more engaged in the oil company's alternative fuel investments. They should proactively promote more investments and cooperate to make sure the investment is being made wisely.

 

[maldecido33 10+ year member]

stupid idea?
I think its a stupid idea that the people supplying us with gas are making more profit then ever while the rest of the country is suffering. These gas prices are pushing our economy into the shit hole

They are, for the most part, making roughly the same percentage of profit as the majority of other fortune 500 companies. Ever heard the saying it takes money to make money? Well someone with $1 million invested at a rate of 5% returns will make $50,000 in a given time period, while someone with only $100,000 will only make $5,000.

Big oil companies are making the same percentage of money as everyone else, but since their profit is numerically much larger than other companies, people say they "are making more profit than ever."

They put in billions of dollars for R&D, manufacturing, processing, transporting, etc. Mom and pop's ice cream shop might put in $10,000. Now, if mom and pop's ice cream shop profits $5,000, they saw profits of 50%. If Exxon-Mobil, who put in say $10billion saw 50% returns, they would get back $5 billion in profits. Who's to say they shouldn't reap the same rewards that mom and pop does?

 

[Anybody Killa]

What I don't understand about the Oil industry is why they pay $2.46 for a 55 Gallon drum of oil yet, We pay $3.90+ for a gallon of gasoline.

 

[richierich75 10+ year member]

Saudi Cultural Minister "The kingdom will work to ensure there will be no "unwarranted and unnatural oil price hikes that could affect international economies, especially those of developing countries," Madani said.

"There is no justification for the current rise in prices," he said.

Madani said that the kingdom has informed "all oil companies it deals with, as well as countries that consume oil that (the kingdom) is ready to provide them with any additional oil they need."

http://www.usatoday.com/money/industries/energy/2008-06-09-saudis-oil-prices_N.htm

So once again, it is not a supply/demand world - our gov't has manipulated the mass public in to thinking there is a shortage of oil and that is "justifying" the increase in price. BULLSHIT, oil price is controlled by SPECULATION!!!! guess who controls the SPECULATION!!!!!

anyone who still doesn't believe our government controls this is just plain ignorant and will continue to argue without reason and without researching and educating themselves with the the facts. keep believing the bullshit that you see on Fox, bunch of fvckin sheep!!!!

 

[richierich75 10+ year member]

They are, for the most part, making roughly the same percentage of profit as the majority of other fortune 500 companies. Ever heard the saying it takes money to make money? Well someone with $1 million invested at a rate of 5% returns will make $50,000 in a given time period, while someone with only $100,000 will only make $5,000.
Big oil companies are making the same percentage of money as everyone else, but since their profit is numerically much larger than other companies, people say they "are making more profit than ever."

They put in billions of dollars for R&D, manufacturing, processing, transporting, etc. Mom and pop's ice cream shop might put in $10,000. Now, if mom and pop's ice cream shop profits $5,000, they saw profits of 50%. If Exxon-Mobil, who put in say $10billion saw 50% returns, they would get back $5 billion in profits. Who's to say they shouldn't reap the same rewards that mom and pop does?

I understand what you are saying and to an extent I can not disagree - the problem lies where, and I know you don't want to hear it, but with the big tax breaks given to the industry by guess who - that's right, Bushy!!!

People want to b!tch about taxes, they are a necessary evil - the only other option is for the federal gov't to spend less - and we all know that is not going to happen, especially with a war in progress and especially when McCain says the war will continue and move on to Iran. Now, there is a $600 billion DEFICIT, how do you suppose this is going to go away? Give more tax breaks to big business's and put more of the tax burden on the middle working class - that is what our current situation is.

 

[Flipx99 5,000+ posts]

I don't believe the government ought to create windfall profit taxes, it's anti-captialistic. What they should do is be alot more engaged in the oil company's alternative fuel investments. They should proactively promote more investments and cooperate to make sure the investment is being made wisely.

x2.

 

[Flipx99 5,000+ posts]

So once again, it is not a supply/demand world - our gov't has manipulated the mass public in to thinking there is a shortage of oil and that is "justifying" the increase in price. BULLSHIT, oil price is controlled by SPECULATION!!!! guess who controls the SPECULATION!!!!!

anyone who still doesn't believe our government controls this is just plain ignorant and will continue to argue without reason and without researching and educating themselves with the the facts. keep believing the bullshit that you see on Fox, bunch of fvckin sheep!!!!

I would agree if you would substitute media for government. If you think the government controls the media..then I guess you would be correct. I attribute most of the blame of the current runup in fuel prices, as well as the "recession" on the media constantly combarding us with bad news.

 

[rtillaree 10+ year member]

did you expect anything else?

 

[maldecido33 10+ year member]

I understand what you are saying and to an extent I can not disagree - the problem lies where, and I know you don't want to hear it, but with the big tax breaks given to the industry by guess who - that's right, Bushy!!!
People want to b!tch about taxes, they are a necessary evil - the only other option is for the federal gov't to spend less - and we all know that is not going to happen, especially with a war in progress and especially when McCain says the war will continue and move on to Iran. Now, there is a $600 billion DEFICIT, how do you suppose this is going to go away? Give more tax breaks to big business's and put more of the tax burden on the middle working class - that is what our current situation is.

I think tax breaks are horrible; there are lawyers out there who assist wealthy people in figuring out the best way to allocate/spend/give money to pay the least amount of taxes. I think the only tax breaks should be for non-profit/charitable organizations.

 

[ohdub4 10+ year member]

They are, for the most part, making roughly the same percentage of profit as the majority of other fortune 500 companies. Ever heard the saying it takes money to make money? Well someone with $1 million invested at a rate of 5% returns will make $50,000 in a given time period, while someone with only $100,000 will only make $5,000.
Big oil companies are making the same percentage of money as everyone else, but since their profit is numerically much larger than other companies, people say they "are making more profit than ever."

They put in billions of dollars for R&D, manufacturing, processing, transporting, etc. Mom and pop's ice cream shop might put in $10,000. Now, if mom and pop's ice cream shop profits $5,000, they saw profits of 50%. If Exxon-Mobil, who put in say $10billion saw 50% returns, they would get back $5 billion in profits. Who's to say they shouldn't reap the same rewards that mom and pop does?

wow thats a great example! very visual in the mind

 

[duece212 5,000+ posts]

They are, for the most part, making roughly the same percentage of profit as the majority of other fortune 500 companies. Ever heard the saying it takes money to make money? Well someone with $1 million invested at a rate of 5% returns will make $50,000 in a given time period, while someone with only $100,000 will only make $5,000.
Big oil companies are making the same percentage of money as everyone else, but since their profit is numerically much larger than other companies, people say they "are making more profit than ever."

They put in billions of dollars for R&D, manufacturing, processing, transporting, etc. Mom and pop's ice cream shop might put in $10,000. Now, if mom and pop's ice cream shop profits $5,000, they saw profits of 50%. If Exxon-Mobil, who put in say $10billion saw 50% returns, they would get back $5 billion in profits. Who's to say they shouldn't reap the same rewards that mom and pop does?

That pretty much sums it up. I hate hearing idiots say "oh fuk the oil companies, they make too much money and we suffer", but don't look at their margins. Its really bad when congressmen follow the same train of thought //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[richierich75 10+ year member]

I would agree if you would substitute media for government. If you think the government controls the media..then I guess you would be correct. I attribute most of the blame of the current runup in fuel prices, as well as the "recession" on the media constantly combarding us with bad news.

yeah, media has some responsibility - but that is what they are supposed to do, inform the public - what is wrong is when the information is scripted by the government and given to the media to inform the public - and that isn't something that the government would do or even something that this administration has not done, right?

 

[Flipx99 5,000+ posts]

yeah, media has some responsibility - but that is what they are supposed to do, inform the public - what is wrong is when the information is scripted by the government and given to the media to inform the public - and that isn't something that the government would do or even something that this administration has not done, right?

I am sure the governemt has great influence.

What if the information is wrong? I believe the media is over-reporting the bad news.

 

[richierich75 10+ year member]

I am sure the governemt has great influence.What if the information is wrong? I believe the media is over-reporting the bad news.

If the information is believed to begin from a perceived "reliable" source, why would they believe the info to be wrong? Unfortunately, what "good" news is there on the economy, gas, stock markets, war or coming from the government that they should be reporting????

 

[JCJetta 10+ year member]

Equal protection, a Constitutional law.

A windfall profits tax does not offer equal protection (oil companies paying more taxes than say computer companies). As such, it is not constitutional.

Besides, oil companies would simply pass through this tax back to consumers - us. That means we'd pay more at the pump.

Further - oil companies are publically traded. That means you have every right to purchase shares of said companies and enjoy gains (or losses) on their profits, if you so desire.