Timmah!!!
Posted on 03/04/2009 4:51:45 PM PST by GOPGuide
(Reuters) - U.S. oil and natural gas producing companies should not receive federal subsidies in the form of tax breaks because their businesses contribute to global warming, U.S. Treasury Secretary Timothy Geithner told Congress on Wednesday.
It was one of the sharpest attacks yet on the oil and gas industry by a top Obama administration official, reinforcing the White House stance that new U.S. energy policy will focus on promoting renewable energy sources like wind and solar power and rely less on traditional fossil fuels like oil as America tackles climate change.
"We don't believe it makes sense to significantly subsidize the production and use of sources of energy (like oil and gas) that are dramatically going to add to our climate change (problem). We don't think that's good economic policy and we think changing those incentives is good for the country," Geithner told the Senate Finance Committee at a hearing on the White House's proposed budget for the 2010 spending year.
The Obama administration's budget would levy an excise tax on oil and natural gas produced in the Gulf of Mexico, raising $5.3 billion in revenue from 2011 to 2019.
This new 13 percent tax on all oil and gas production in the Gulf would only affect those companies enjoying a loophole that allows them to avoid paying royalties on the energy supplies they drill. Companies already paying royalties would get a tax credit.
Obama's budget would also place a $4 per acre annual fee on energy leases in the Gulf that are designated as nonproducing. The budget proposal projects the fee would generate $1.2 billion from 2010 to 2019.
Senator John Cornyn of Texas criticized the tax increases, saying they would hurt independent energy companies that provide a large share of U.S. oil and gas supplies.
(Excerpt) Read more at in.reuters.com ...
Ogabe must be pleased!
Tiny Timmy Turbo Tax Cheat.. oh joy.
Right on Tim, you are too dumb to figure out TurboTax, but you know how others should be taxed. Give me a break. How will little Timmy heat his house when all the energy companies go out of business?
LOL
This guy like Zero is in way over his head!
This freaking idiot is spending IOUs like no tomorrow. Our 4 times the Saudis oil reserves in the lower 48 Onshore are the only thing that can reboot our economy from insolvency and this little sh*t kis spewing this propaganda nonsense.
Our natural resources could help fix the economy and actually give seniors and baby boomers a shot at having a retirement.
“U.S. oil and natural gas producing companies should not receive federal subsidies in the form of tax breaks because their businesses contribute to global warming, U.S. Treasury Secretary Timothy Geithner told Congress on Wednesday.”
World Class A**hole
And little Timmy the Traitor knows that profit margins will be preserved and costs passed on to consumers errrr ahhhh voters !
2010 can’t get here fast enough.......
US Treasury secretary attacks oil, gas tax breaks
http://in.reuters.com/article/oilRpt/idINN0454844120090304
complete list at www.nachumlist.com
Apologize in advance for the language...
What asshole thought it would be a bright idea for the U.S. Treasury Secretary to expand his role to dealing with "Global Warming."
Don't these f#$%##$! idiots have enough economic and treasury related issues to deal with without jumping into that bottomless morass?
How many bull$#!t qualifiers are being placed on how to resolve the current financial problems? Are the F$^#%#&! treasury policies being passed by EPA for CO2 compliance approval regardless of economics 101?
How about having the treasury secretary deal with f#%^&%@! treasury related issue only in at least a meagre attempt to keep his eye on the ball...
F#$! it, he'd just raise taxes, kill more jobs, and proloing the problems. Might as well have him align our monetary policy with policy objectives regarding space exploration and the investigation of paranormal activity. At least that way he'd be distracted from destroying our economy at least once in a while.
Rant off, thanks for letting me vent...
post #9 your right, we can hope and pray
Timmy will heat his spacious home, because, you are going to tote wood and stoke his fireplace.
they want $4 a gallon so bad.
I am with you pal.
I fail to see how we can believe this is stupidity and not an outright plot to destroy America.
There is a lot more hot air coming out of the Democrat Party than is produced by burning fossil fuels. This guy is a Pin Head. Isn’t there still snow on the ground in DC. In March?
I wouldn't piss down his throat if his guts were on fire.
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