Posted on 05/25/2010 7:16:56 AM PDT by chemicalman
NEW YORK (CNNMoney.com) -- The House is expected to vote this week on whether to quadruple the oil tax to pay for the damages from the massive oil spill in the Gulf of Mexico.
But as dramatic as the increase might seem, analysts say that consumers will barely feel it.
The House "oil spill response" measure, included among others in a larger bill, proposes that the tax be increased from its current rate of 8 cents a barrel to 32 cents. This is projected to raise nearly $10 billion over the next 10 years for the Oil Spill Liability Trust Fund.
"We're not talking a big impact here; we are talking about adding less than a penny to the cost of the fuel," said Tom Kloza, chief oil analyst for the Oil Price Information Service, referring to the impact that the increase would have on the price of gasoline.
According to Kloza's calculations, the 8-cent tax on a barrel of oil works out to 0.19 cents per gallon of gas. He said that an increase to 32 cents on a barrel of oil would equal 0.76 cents per gallon of gas.
(Excerpt) Read more at money.cnn.com ...
It shouldn't go to clean up the spill. That's BP's responsibility.
Besides, you know that not a nickel of it will actually go towards that.
You're right, it's just an excuse to raise taxes and we're stuck because there's very little way that I know of for us (my family and me) to cut back on our fuel consumption any more.
Not only that, the farmers, who live WAY out in the country and have to ship food, are going to have to pay more and you know what this is going to mean for not only food costs, but the cost of EVERYTHING.
Bartering is looking pretty good huh? Not only does bartering work well but it brings communities closer together. A perfect place to start a robust bartering system is with the Tea Party. Just get each Tea Party to make a list of the businesses that are in the local Tea Party and then the people can work together.
This is their chance to punish all oil companies for the grievance of one(and make more $ to redistribute to friends and bribe-takers/voters)
I saw a vehicle in town the other day with with a TEA “Taxed Enough Already” sticker on it.
If I can find out who it is, I’m going to find out where there’s a local TEA party to connect with.
Bartering works for me. The one problem is that we live in a small town not near anything a decent size, which is pretty typical for NYS. Upstate NY is pretty rural.
This is going to have a huge impact on the farmers who have to ship their food out.
Is this thought related to offshore drilling? Did you say we should complain because they are going 'down'??
Of course not.
Aren’t you interested in complaining about the proposed tax increase though?
Sorry about that, you mean about the oil tax. I thought you were upset prices are going down.
I misunderstood your comment.
Local farmers should get together and have a farmers market, or pick one week-end a month and open their farms to sales to the locals. They could still charge the same prices for their goods that they charge the bigger companies. If they helped the locals, when times get tough, the locals will help the farmers. It’s not a perfect system, but nothing is. I believe in working together to attain certain goals. Staying alive should be everyones goals...........regardless of what the government wants.
Added to Monster Ping. Thank you. Also ...
Dem Congress Jumps Into Action
Will Quadruple Gas Tax After Gulf Oil Spill
http://gatewaypundit.firstthings.com/2010/05/dem-congress-jumps-into-action-will-quadruple-gas-tax-to-pay-for-oil-spills
Dow plunges 200+ points in first 2 minutes; Falls below 10,000...
http://biz.yahoo.com/ap/100525/us_wall_street.html
World stocks plummet on renewed Europe fears...
http://apnews.myway.com/article/20100525/D9FTON500.html
Gold Rising; Speculators buying faster than producers can mine...
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6f.XxAJB0Rc
Remember Obama’s promise made almost daily. “If you make under 250K per year you will not see ‘your’ taxes increased even one penny”. He never said he wouldn't tax your ‘oil’ or your ‘gasoline’, just 'your' taxes. During the campaign the MSM never thought to ask him if he would tax things we buy either , funny how that works. So much for vetting.
"U.S. exempted BP's Gulf of Mexico drilling from environmental impact study"
"Obama admin exempted BP's Gulf drilling from environmental impact study "
"Obama sheltered BP's Deepwater Horizon rig from regulatory requirement"
"Red Flags Were Ignored Aboard Doomed Rig "
"US allowed drilling 'without required permits"
According to Kloza's calculations, the 8-cent tax on a barrel of oil works out to 0.19 cents per gallon of gas. He said that an increase to 32 cents on a barrel of oil would equal 0.76 cents per gallon of gas. Has Mr. Kloza ever even taken a business class? If a corporation now has to play 400% more taxes on a product, it won't suck it up and maintain prices out of the goodness of its heart. Per-gallon prices may not precisely quadruple, but they sure as heck won't only go up by a penny!
if goooooobermint served any benefit, the billions [or is it trillions ?] already soaked up in decades worth of taxation wouldve been used to design a spill response strategy for the thousands of drill projects that have been ongoing since my grandparents days...
just another crisis...so many to choose from, so little time...
Just another excuse to raise taxes.
I understand your point, I just like to play on Obama’s phony promises.
He said he could do all that spending without raising our taxes, so let him.
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