[ScaniaBoy]

Transcript of comments with emphasis added (from C4P):

Palin: As for the government subsidies that we’re hearing Obama flirting with right now in wanting to decrease those or eliminate those, we’re only talking about four billion dollars. Compare that to the fourteen trillion dollar debt that he, our President, has certainly contributed to and four billion dollars is a drop in the bucket and he shouldn’t assume that the four billion dollars is going to affect Big Oil. No, it’s the independent explorers that we want out there with their entrepreneurial spirit and their manpower and their job creating ability to be out there exploring and then responsibly exploiting and extracting our god-given natural resources.

Frost: I’m a supporter of the President’s. I’m concerned that he’s going to lose credibility on this oil and gas issue because he’s not telling the truth entirely. What he is saying is that you need to eliminate four billion dollars worth of tax breaks for major oil companies because major oil companies have obscene profits. The problem with this is that one of the big tax breaks that he’s citing -intangible drilling costs- excuse me -percentage depletion- was repealed by Congress, excuse me, in 1975, 36 years ago, as it affects major oil companies. The only ones that get percentage depletion anymore are domestic independents who drill most of the wells in the United States and employ four million people. Now the press doesn’t do a very good job of covering oil and gas tax issues. They don’t understand them. But if the press ever picks up that the President is not telling the truth about the depletion allowance, that it doesn’t go the major oil companies, he’s going to have additional problems, I believe, in the polls.

Palin:Again, you have to remember that President Obama, and I’m going to say this with all due respect to the office of the Presidency, he doesn’t know what he’s doing when it comes to energy. He does not know, as I just pointed out, that the four billion dollars that he thinks he’s gonna stick it to Exxon, BP, Conaco Phillips that no, it’s going to be the independent producers, the explorers that we want out there creating jobs that are going to be hit with an end of subsidy.

[ScaniaBoy]

PING!

(Sarah scores again! But of course all sensible people know she just talks so much fluff. /heavy irony.)

[PreciousLiberty]

Sarah Palin exhibits her superior intellect once again.

It’s a complete travesty that the media have managed to smear her successfully as somehow “stupid” or “ignorant”. Their success instead shows how stupid and gullible many Americans have become.

Palin ‘12!!!

[onyx]

GAME ON!


Sarah Palin's Ping List!

GAME ON!


Sarah Palin's Ping List!

GAME ON!


Sarah Palin's Ping List!

[headstamp 2]

Someone should e-mail this to Boehner.

[anchorclankor]

It is high time to put the kibosh to all subsidies. A very slippery slope indeed when people and organizations start carving out ways to flim-flam the taxpayer.

[Misplaced Texan]

TRUST!

Which candidate other than Sarah do you trust?

[RossB]

Stay tuned for the vague references to ‘cutting subsidies’ to oil companies. O.K., let’s talk specifics. Define , in detail, the tax structure applicable to oil. Naw. Never happen. Will they cut the depletion allowance? If so, will this apply to royalty owners, eg, the farmer who leases his land. This is very complicated and must be discussed. I tell you now, most small exploration companies depend on outside investment to spread the risk. The risk in drilling a well is extremely high. Over 75% of all wells drilled are completed as dry holes. This is a fact. Check it out. We are about to lose the base of our domestic exploration companies, the small 5 to 15 employee companies. The ‘big’ boy companies (Exxon Mobile, etc) do NOT go after the small stuff. Take Michigan, ranked 17th in domestic production. The big boys have been gone for 10 years, off looking for giant fields in other parts of the world. I am fortunate to have retired from the oil business after 42 years service. It was FUN and we did it right.

[deport]

There's a need for both the independents and majors. However the independents will be hurt to a larger degree than the majors with the Obama proposal. The following link is to an article that gives a very good insight into the role of independents especially in Alaska and how the state has helped their cause.

Alaska's oil future may lie with independent upstarts - Jan. 3, 2011

[mvpel]

It's damaging to use the leftist terminology of "subsidy" in the first place. What they're really doing is not ending a "subsidy," but actually they're imposing a $4 billion tax hike on oil production in this country, in the fantasy that this will somehow help lower gas proces.

Governments don't subsidize oil companies, oil companies subsidize governments.

[Mariner]

If one needs $4bil in subsidies to make it in the oil business...then one needs to find another business.

These subsidies should be eliminated today. There is no good reason to subsidize with taxpayer money the most profitable business in the history of man.

[dmam2011]

I’d be interested in an hr long program with Palin covering the current oil crisis in America. I think her oil industry expertise, govt side, would shine a new light on a national stage.

[unseen1]

The tax breaks in question The Obama administration is targeting nine tax breaks, according to a paper from the left-leaning Center for American Progress. Four account for the lion's share of the money: Domestic manufacturing tax deduction: This is the largest single tax break, and would save over $1.7 billion a year if eliminated. The tax deduction, passed in 2004, is designed to keep factories in the United States. Companies that manufacture here can deduct 9% of their income from operations that are attributed to domestic production. But some question if that incentive is really appropriate for oil companies. "What are they going to do, move the oil field to the North Sea," said one staffer at the Center for American Progress said in an interview earlier this year. No, but higher costs in the United States may make them move the drill rigs to the North Sea or some other place. Eliminating the tax breaks "would actually discourage new energy projects and new hiring in one of the nation's most dependable job-creating industries," the American Petroleum Institute said in a statement at the time, noting the industry currently supports over 9 million jobs. The percentage depletion allowance: This lets oil companies deduct about 15% of the money generated from a well from its taxes. Eliminating it would save about $1 billion a year. The deduction essentially lets oil companies treat oil in the ground as capital equipment. For any industry, the value of that equipment can be written down each year. But critics say oil in the ground is not capital equipment, but a national resource that the oil companies are simply using for their own profit. The foreign tax credit: This provision gives companies a credit for any taxes they pay to other countries. Altering this tax credit would save about $850 million a year. Foreign governments can collect money from oil companies through royalties -- fees for depleting their national resources -- and income taxes. A royalty would be deducted as a cost of doing business, and would likely shave about 30% off a company's tax bill. Categorized as income tax, it is 100% deductible. Foreign governments long ago grew wise to the U.S. tax code. To reduce costs for everyone involved and attract business, they agreed to call some royalties income taxes, allowing oil companies to take the 100% deduction on a bigger slice of their bill. Intangible drilling costs: This lets the industry write off about $780 million a year for things like wages, fuel, repairs and hauling costs. All industries get to write off the costs of doing business, but they must take it over the life of an investment. The oil industry gets to take the drilling credit in the first year http://money.cnn.com/2011/04/26/news/economy/oil_tax_breaks_obama/index.htm notice all of these are tax credits or tax breaks. The federal gov gives no money to the oil companies at any time. They are not subsidies.

[org.whodat]

I have my doubts the woman knows what oil depletion allowance is. But the allowance of write off past total rapture is nothing but a transfer payment and should be stop. Would have no effect on small start ups they would just be complying with existing law.

time to end all this social engineering and crony capitalism crap.

[yup2394871293]

Cato: Oil Subsidies on the Dock (The Case For Oil Subsidies is Laughably Thin)"

[Absolutely Nobama]

“Again, you have to remember that President Obama, and I’m going to say this with all due respect to the office of the Presidency, he doesn’t know what he’s doing when it comes to energy.”

Actually, Governor, he doesn’t know much about anything.

Palin in ‘12!

[2harddrive]

Deduction of IDC is not a subsidy. It is a COST DEDUCTTION.
Why not repeal the steel expense deductions from the auto industry?

[hattend]

Again, you have to remember that President Obama, and I’m going to say this with all due respect to the office of the Presidency, he doesn’t know what he’s doing when it comes to energy.

I would LOVE to hear her say that in a debate with Obozo. His staff would be whispering in his earpiece in a panic to try to refute the truth.

[wiggen]

PING because i have to share this with about 1000 people who don’t understand how intelligent she is instead believing the picture the media painted. Awesome piece.

[Extremely Extreme Extremist]

and space cadets like Bachmann

This is beneath C4P. Bashing the other candidates with name-calling isn't going to advance Palin.

[rockinqsranch]

Sarah Palin has a track record of being on the right side of issues, topics IMO. She is my favorite would-be if she would.

That said, this pee’s me off about the author as I don’t see the necessity to put down Michelle Bachmann the way the author did with this: “...and space cadets like Bachmann...”.

Unless it’s a RINO I see no reason to name call, label negatively, or otherwise negatively address another Conservative member of the team.

I think the author should openly retract his denouncement of Ms Bachmann, and apologize to her. The lady is trying to help turn this country around to the right direction.