Oh please... with Congress, one group has much more power than the POTUS ...
Posted on 05/07/2009 10:07:45 AM PDT by reaganaut1
Edited on 05/07/2009 3:23:56 PM PDT by Admin Moderator. [history]
President Barack Obama wants to end $26 billion in oil and gas industry tax breaks, calling them ''unjustifiable loopholes'' in the tax system that other companies do not get.
Obama's proposed fiscal 2010 budget, details of which were released Thursday, also more clearly spells out his intention to shut down a proposed nuclear waste dump at Yucca Mountain in Nevada and calls for ending a government subsidy that helps utilities license and plan for new nuclear power plants.
(Excerpt) Read more at nytimes.com ...
If the economy recovers someday, energy prices will rise sharply, thanks in part to Obama's obstruction of exploration and production.
BOHICA.
Word games.
Just say that Obama is raising taxes on corporation.
American oil companies should then demand that they be able to drill here for the crude instead of propping up someone elses economy.
As screwed up as the oil market is, oil will be $100 on this news.
Oil and gas are skyrocketing even with a torrent of bad news on a few glimmers of false hope.
The oil & gas industry got no tax breaks. What Obama is talking about -- through the side of his mouth -- are concessions of royalties paid on block leases in the Gulf of Mexico in areas so deep that no one wants to explore or drill there. The concession were given to persuade oil & gas companies to explore and drill in never before super deep waters in order to increase domestic production.
Obama and the Dems are asshats!
Thanks for the information. It looks wrong to change the rules of the game after the companies have taken risks and committed capital, but he has treated the Chrysler creditors the same way.
Those tax breaks will be made up for by higher prices. Why wait until 2010. Democrats should get on with their plans, and let Americans pay the price. Before the next election, we need $5.00 a gallon gas and shortages at pumps. Let the Democrats sell alternative energies that will take twenty years to come online.
Its difficult to see how this is going to work out to be anything exc a massive train wreck. When folks start putting discretionary $ into getting to work, heating/cooling + all the spill over in other products they buy + higher taxes what will be left? I think Pres Present better get some thick skin quick w/ the flame proof option b/c he’ll need it.
That’d be good news to this administration.
He wants the cost of fuel to go up. WAY up.
Remember all of the fuss last summer?
He’s working to make that happen all over again so that they can demonize and blame “big oil” and make another power grab.
Any “problems” caused for the poor people will be paid for by the producers in this country. That is the sick plan for all of his goals.
Exactly!
Now when I see another pregnant welfare cheat I won’t to smack them! They already have massive amounts of kids running wild and she is doing nothing but sleeping with another ‘baby daddy’ and it makes me sick!
How much of this crap can the taxpayer’s take?! While most of us are spending within our means others who don’t give a damn are doing nothing to curb their spending (and producing more mouths for the taxpayer’s to feed)!
The funny thing is that the oil companies haven't committed any capitol. No one wants those lease blocks in the central deep Gulf of Mexico. It was simply an offer. So in effect, there is no money to be taken back from the oil companies. The whole thing is a joke and just makes it look like Obama is getting tough with the evil oil companies. Pure dog-n-pony show for his sheep.
Brillant
Squander the money spend on Yucca Mtn. and not spend $94 million money forward. Scrap the project.
Spend $195 million more to “investigate” other options.
Call it a savings.
Raise taxes and call it budget cuts because it “reduces” the deficit.
The drilling tax treatments are too complicated to explain but he has characterized them as a “loophole” and thus invokes more class envy. Drilling Intangible tax credits are simply acclerated depreciation and production allowances are depreciation of an asset that is going away ...not loopholes, similar treatment to many other industries.
I hope you all freeze in the frickin’ dark.
The game is over people if these clowns stay ...they are malicious and ignorant.
You’ll have to make them out of animal fat becasue what we use now is made from OIL.
Would you? Would you commit millions of capital subject to sigificant game changing tax treatments or even worse ...outright reversal of agreements to lease? The lease bonus is only a part of the expense in getting ready to drill and produce. They can take it back and refund the money (a questionable event) but will never credit you for the money you spent to shoot seismic, process it and whatever else you have done.
If people knew what it actually took to put a gallon of gasoline in their tank ...nah, wouldn’t matter.
Get ready for $5/gal. gasoline.
Spread ‘em wide - here comes higher Gasoline Prices for all.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.