Obama demands Congress end oil, gas subsidies

Newsday ^ | JULIE PACE (Associated Press)

[mdittmar]

NASHUA, N.H. - (AP) -- President Barack Obama, turning his political sights on snowy New Hampshire, demanded that Congress eliminate oil and gas company subsidies that he called an outrageous government "giveaway." Though politically a long shot, the White House believes the idea resonates at a time of high gasoline prices.

"Let's put every single member of Congress on record: you can stand with oil companies or you can stand up for the American people," Obama said.

The president also said GOP charges that his policies are driving up gas prices won't pass "a political bull-detector" test and pointed to a chart that showed decreasing U.S. dependence on foreign oil. His remarks came as retail gasoline prices rose Thursday to a national average of $3.74 per gallon.

[Pietro]

When is this "guy" going to stop attacking other Americans?

He bows down and grovels to foreigners and blames each of US.

He's attacked:

Catholics

Insurance Cos.

Doctors

Bondholders

Bankers

Coal Miners

Energy Companies

Pharm. Cos.

Small Businesses

The Chamber of Commerce

Wall Street brokers

Futures traders

CEOs

Millionaires

"the Rich"

The State of Arizona

The State of S. Carolina

The Tea Party

The Congress

The Supreme Court

I could go on but I'm seeing a pattern here.

[2harddrive]

But YES, we will raise proces if we are discriminated against by the US tax code. CERTAINLY we will.

[CSM]

End the subsidies that are passed along to the consumers, in essence you will be adding cost to the producer of gas. Don’t worry tho’, that increased cost is not going to be the cause of a price increase at the pump!

How does anyone ever believe this buffoon?

[Aevery_Freeman]

This is a Win-Win for 0-Blame-a.

Gouging oil companies brings in more money from taxes. Gas prices go up allowing him to claim the oil companies are even more even, he may even claim they are retaliating and seek to nationalize them. Or they may finally succumb to the pressure and go bankrupt allowing the Rats to nationalize them.

Republicans look evil, feckless or both.

We have to face facts, Obama is eating the Republicans lunch.

[thackney]

Percentage Depletion Allowance. A depletion allowance is analogous to depreciation and is appropriate when the quantity of the potential resource is unknown, such as the amount of recoverable oil from a well. Independent oil and gas producers use a depletion allowance to recover capital investments over time. This is also available to producers involved in mining, timber, geothermal steam, and other natural deposits. The depletion allowance for independent oil and gas producers is 15 percent of the producer’s gross income from its average daily production, up to 1,000 barrels of oil. While there is nothing wrong with percentage depletion in theory, the question is whether at 15 percent it is overly generous or, possibly, not generous enough and should be raised.

http://www.heritage.org/research/reports/2011/05/whats-an-oil-subsidy

This is a not a factor for any large producer, only small independents.

[television is just wrong]

yes.

[kcvl]

“eliminate oil and gas company subsidies that he called an outrageous government “giveaway””

Hey, Obama, you dumbass (who has never had a real freaking job and wouldn’t know how to run a lemondade stand) they are not subsidies, you jackass...

They are TAX BREAKS (as in deductions) like everything else in BUSINESS. You don’t ‘GIVE’ them anything.

******

Not like SOLYNDRA where you actually GAVE them our money!

The federal government offers energy producers (including ‘GREEN ENERGY’) and purchasers tax incentives, such as credits, deductions, exemptions and allowances. For example, purchasers of clean-fuel burning vehicles may receive a federal income tax credit.

[CSM]

And that was all just in the last week or so!

[mass55th]

"Hey gas got to the mid $4 range under Chimpy McBush Haliburton, the Flaming Kenyan can go much higher than that."

All I know is that the last time I filled my car here in central NY State, the price was $3.96 a gallon. It was never that high during the Bush's 8 years in office.

[Gator113]

Take your “ demanded that Congress “ and stuff it up your Magic Negro a$$ to stupid muslim bastard.

I wish the oil companies could shut down ALL production and drilling within the U.S., and DEMAND that Obama step down.

Newt will fix this country wrecking nonsense, but first we must get him nominated and then voted in as president.

** President Newt Gingrich-”Our beloved republic deserves nothing less.”

[Aevery_Freeman]

This is a Win-Win for 0-Blame-a.

Gouging oil companies brings in more money from taxes. Gas prices go up allowing him to claim the oil companies are even more even evil, he may even claim they are retaliating and seek to nationalize them. Or they may finally succumb to the pressure and go bankrupt allowing the Rats to nationalize them.

Republicans look evil, feckless or both.

We have to face facts, Obama is eating the Republicans lunch.

Another good rant destroyed by spelling errors (crap)!

[cripplecreek]

Newt will fix this country wrecking nonsense, but first we must get him nominated and then voted in as president.

His continued support of ethanol subsidies makes it an unlikely prospect.

[Terry Mross]

Does anyone have any ideas how I, as a private citizen, could get a grant to build my own solar power system?

[New Jersey Realist]

Thanks for the clarification. Just found this on Hot Air:

http://hotair.com/archives/2011/05/03/oil-company-subsidies-clarified/

Cut ligitimate business expenses for one industry, cut it for all industries - including the “favored” ones FCOL.

[MrB]

From what I can tell, the best way to do that is to become a democrat campaign fund bundler.

[Gator113]

** President Newt Gingrich-”Our beloved republic deserves nothing less.”

[cripplecreek]

Quite an argument ya got there.

Ethanol Subsidies, Newt Gingrich, and the 2012 Election

http://www.freerepublic.com/focus/f-bloggers/2669660/posts

Gingrich, Backed By Ethanol Lobby, Supports Subsidy

http://www.freerepublic.com/focus/f-news/2818113/posts

Republicans Are Weak on Farm Subsidies

http://www.cato.org/publications/commentary/republicans-are-weak-farm-subsidies

[mdittmar]

Does anyone have any ideas how I, as a private citizen, could get a grant to build my own solar power system?

I actually looked into this,windy and sunny most of the time at my place.

Even with a Government subsidy it would have taken 15 years for me to break even on my investment.

[redgolum]

First of all, this will raise prices.

But if we do cut the subsidies, then cut the special tax rates also. There was a reason such deals were made.

[richardtavor]

It is an intangible drilling cost that is exactly the same rate (and considered the same) as a Manufacturing subsidy that most manufacturers get. We do not get a subsidy for permanent equipment.