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Hannie59

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Message Posted: Feb 9, 2013 12:30:06 PM

Fun fact: While we were paying record prices at the pump in 2012, oil companies like ExxonMobil Corporation & Chevron were making billions! And more from their tax breaks! ... That doesn't sound right...
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1OILMAN
Champion Author Alabama

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Message Posted: Jun 29, 2013 11:27:55 AM

If you don't own some of those stocks in your portfolio you are uh, umm, uh, uh, economically challenged.
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SoylentGrain
Champion Author Illinois

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Message Posted: Jun 29, 2013 10:03:19 AM

Are you part of that club, OceanArcher?
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OceanArcher
Champion Author Mississippi

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Message Posted: Jun 29, 2013 9:54:56 AM

Having stock in a fuel company is great -- owning oil wells is even better
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MertieMan
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Message Posted: Jun 29, 2013 9:36:37 AM

That is because the oil industry is made up of thieves, crooks and thugs.
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JOB_Dave
Sophomore Author San Francisco

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Message Posted: Jun 27, 2013 11:01:59 PM

Buy Chevron stock and enjoy the dividend
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EdPG
Champion Author Boston

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Message Posted: Jun 10, 2013 9:18:54 AM

need someone new in the White House!
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DTWB
Rookie Author Cincinnati

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Message Posted: Jun 10, 2013 8:43:24 AM

neat
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bluenvoy
Champion Author Nashville

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Message Posted: Jun 10, 2013 8:26:30 AM

Maybe if the Obama Gov'ment got out of the energy business the prices would be lower and we would have more oil, gas, coal and electricity.
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2Tall
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Message Posted: Jun 10, 2013 8:04:29 AM

neat
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GrumpyCat
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Message Posted: May 13, 2013 12:54:18 AM

Boo hoo hoo. There is absolutely nothing different about those "tax breaks" than for ANY BUSINESS. All bonafide business expenses are deductible. The problem is that the base US tax rate is artificially high to make room for Congress to dole out breaks for those who bend to the will of Congress.

http://tinyurl.com/btc96l7


[Edited by: GrumpyCat at 5/13/2013 1:00:07 AM EST]
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thebrohta167
Champion Author New Jersey

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Message Posted: May 11, 2013 12:47:43 PM

ok
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421
Rookie Author Milwaukee

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Message Posted: May 11, 2013 8:41:54 AM

I find it hard to believe that oil companys that made money when oil was 147 dollars a barrel, and gas was 3.89 a gallon, still need 3.89 a gallon when oil has been ranging from 87 dollars a barrel to 97 dollars a barrel for the last 5 or 6 months
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SoylentGrain
Champion Author Illinois

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Message Posted: Apr 11, 2013 9:01:32 AM

Great article, krzysiek_ck. Just a reminder. The deductions and credits listed in the article are cost of production. If a company or individual can not include a cost of production in his profit calculation, he incurs more tax. That tax is passed on to the consumer in the form of higher retail product cost.

If you want high fuel prices, simply, tax the oil companies more. That's what disallowing deductions does.
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krzysiek_ck
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Message Posted: Apr 11, 2013 8:43:10 AM

giwan wrote: "They are not making billions from tax breaks."

Yes, they are.

Here are estimated federal tax subsidies for year(s) 2013, 2013-2017, 3013-2022 in millions of dollars.

Expensing of Intangible Drilling Costs - 3,490, 10,968, 13,902
Deduction for Tertiary Injectants - 7, 51, 100
Passive Loss Exception for Working Interests - 9, 47, 82
Percentage Depletion - 612, 5,029, 11,465
Domestic Manufacturing Deduction - 574, 4,877, 11,612

Oil and Natural Gas Industry Tax Issues in the FY2013 Budget Proposal

Add the numbers for 2013 alone and let us know how many billions you got.
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giwan
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Message Posted: Apr 10, 2013 11:29:29 PM

They are not making billions from tax breaks. They get tax breaks mostly for exploration and its not billions. Though their profit dollarwise sound high, as a percentage it is not.
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trucker090
Sophomore Author Cleveland

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Message Posted: Apr 10, 2013 9:19:01 AM

Gas companies are like OBAMA. They are trying to break everyone but the rich.
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pbarbee
Champion Author North Carolina

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Message Posted: Apr 10, 2013 12:22:42 AM

Taxes for Oil companies??
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BigHorne1
Champion Author Missouri

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Message Posted: Apr 7, 2013 1:12:49 PM

Instead of trying to take away from our seniors, making them pay more for less, believe that can work for the oil and electricity corporations.
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SoylentGrain
Champion Author Illinois

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Message Posted: Apr 7, 2013 8:33:20 AM

"While we were paying record prices at the pump in 2012, oil companies like ExxonMobil Corporation & Chevron were making billions! And more from their tax breaks! ... That doesn't sound right..."

Well, the reason it doesn't sound right is because, it's a misleading statement. While actual profit is a lot of money, you have to consider total sales of energy represents about 1/6th of all commerce in the US. But, margins are slim.

If you have complaints about energy costs, your ire should be directed to the US congress and the president of the United States.

everydayecon.worldpress/2006/04/26/oil-profit-margins-vs-other-industries/

hseekingalpha/article/267072-busting-the-myth-about-oil-company-profits
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ggg452
Champion Author Manitoba

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Message Posted: Apr 6, 2013 10:50:08 AM

Great investment opportunities within the oil industry... pad your retirement investments the more you drive...
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Banjoe
Champion Author Winnipeg

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Message Posted: Apr 4, 2013 7:52:14 AM

I hope you're all buying shares in this easy money business.
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chuckl95453
Champion Author California

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Message Posted: Apr 4, 2013 12:40:54 AM

hear hear
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ricebike
Champion Author New Jersey

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Message Posted: Mar 25, 2013 7:04:53 AM

we know this industry is driven by greed
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giwan
Champion Author Michigan

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Message Posted: Mar 24, 2013 9:31:49 PM

So just how much should they make?
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panj
Champion Author Pennsylvania

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Message Posted: Mar 18, 2013 10:02:15 PM

100 years of voting for the wrong parties
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jrfan6767
All-Star Author Kansas

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Message Posted: Mar 14, 2013 11:00:22 AM

blame the government and i mean the whole governmnet not just one man
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jrfan6767
All-Star Author Kansas

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Message Posted: Mar 14, 2013 11:00:08 AM

blame the government and i mean the whole governmnet not just one man
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tdioiler
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Message Posted: Mar 4, 2013 9:54:20 PM

I agree with brerrabbitTX

Too many strong lobby industries into our pockets. Oil companies, telecom, medical, and ethanol bandits.

All need to go!! Including those stupid tax breaks for the oil industry to screw the public at the pump.
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rumbleseat
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Message Posted: Mar 4, 2013 5:32:27 AM

While I do agree Big Oil is profitable, and doesn't need most of the tax breaks, except those that stir new exploration, I must point out that making billions of dollars is not out of whack for an industry that has hundreds of billions in investments. The Return on Investment is not out of line when compared to other industries, and before the crash most US banks had an ROI many times higher than Big Oil.
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MikeCapeCoral
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Message Posted: Mar 4, 2013 12:18:53 AM

The great American free market system... not perfect but better than most others. I remember paying 2.50 a gallon in the Bahama's in the late 80's. their dollar is on par with ours. We are still better off than most.
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brerrabbitTX
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Message Posted: Feb 12, 2013 4:27:00 PM

Look the horse has been beat to death so I won't go on. Just two things to leave with. First I never meant to get into a debate on what a fair return or profit is. The Apple comparison which can be made with Microsoft and a lot of other tech segment companies is that they make a lot of money, not as much as oil companies in terms of total dollars but certainly well above in terms of profits as a percentage of revenue and they pay very little taxes by comparison by using every tax dodge in the world. Secondly that I never said subsidies don't exsist or should not be looked at but that the biggest of these subsidies are available to all companies in what the tax laws say are in the manufacturing segment which per their definition includes oil companies. What it really boils down to is legislators and individuals really want to cut those subsidies to five companies. That is some very selective legislation that would no doubt cause some extensive legal review. If it was attempted in any other industry targeted at specific companies there would be a huge uproar, but since it's oil companies, no one cares.
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Hannie59
All-Star Author Appleton

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Message Posted: Feb 12, 2013 9:50:07 AM

And we have alot of other choices other than Apple. Apple has been successful but I can go android, windows, blackberry, or even other to get the same results and services. Oil is STILL a monopoly until things change for the better.

[Edited by: Hannie59 at 2/12/2013 9:50:40 AM EST]
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krzysiek_ck
Champion Author Illinois

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Message Posted: Feb 12, 2013 9:03:41 AM

brerrabbitTX wrote: "Look at the profit margins of Exxon vs Apple."

Two wrongs don't make a right.



[Edited by: krzysiek_ck at 2/12/2013 9:07:49 AM EST]
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brerrabbitTX
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Message Posted: Feb 12, 2013 8:55:51 AM

Apple Paid Half the Taxes of ExxonMobil in Q1 and Earned Four Times More Per Dollar of Sales

Look at the profit margins of Exxon vs Apple.

[Edited by: brerrabbitTX at 2/12/2013 8:57:01 AM EST]
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brerrabbitTX
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Message Posted: Feb 12, 2013 8:54:00 AM

The truth about all those ‘subsidies’ for ‘Big Oil’

Rather than call them subsidies understand that they are tax treatments available to every other industry in the US.

[Edited by: brerrabbitTX at 2/12/2013 8:56:30 AM EST]
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brerrabbitTX
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Message Posted: Feb 12, 2013 8:43:30 AM

From the API, yes they are pro petroleum but this high lites the fact that the subsidies taken by big oil but at the same time it is selective legislation. The first will effect all US Oil and Gas companies, including those that are smaller and according to the earlier article posted by krzysiek_ck need those tax breaks while the second two will effect basically five companies. They will take away widely available credits that any US taxpayer can use from five companies.

BUDGET PROCESS AMENDMENTS TO REPLACE FISCAL YEAR 2013 SEQUESTRATION

Sec. 301. Limitation on section 199 deduction attributable to oil, natural gas, or primary products thereof.

Sec. 302. Prohibition on using last-in, first-out accounting for major integrated oil companies.

Sec. 303. Modifications of foreign tax credit rules applicable to major integrated oil companies which are dual capacity taxpayers.

In other words, Section 199, the Domestic Production Activities Deduction, designed to promote domestic activity by allowing companies to offset the higher cost of doing business in the U.S. and which is available “to all taxpayers, including individuals, C corporations, farming cooperatives, estates, trusts, and their beneficiaries“ is being taken away – BUT only for oil and natural gas companies.

And in other words, the last-in, first-out (LIFO) inventory method of accounting that has been used for more than 70 years by U.S. taxpayers and is fully recognized and regulated by the IRS is being taken away – BUT only for major integrated oil companies.

And in other words, foreign tax credit rules that are used to allow any, and all, U.S. companies to compete in worldwide markets are being changed – BUT only for major integrated oil companies.

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sjhman
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Message Posted: Feb 12, 2013 12:48:11 AM

tsk tsk tsk
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brerrabbitTX
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Message Posted: Feb 11, 2013 6:31:55 PM

I don't have a number to give you. It is almost impossible to calculate. If you ask how much they make when there is a price increase in a barrel of oil then it would be a much more straight forward number to calculate. I know what the writer you is quoting is getting at. Take a penney times the average number of gallons sold a day in the US times the number of days in a quarter and you get the $200 million he is coming up with. My point is that the oil companies you mention do not drive every penney increase that occurs. A lot of those penny's and nickles and dimes land in the pockets of people in the retail fueling business other than the big oil companies. If you assume around 8 million barrels a day of consumption times 42 gallons a barrel times a penney times 90 days in a quarter then the number in terms of pure revenue is more like $302 million. The point is the supply chain from the oil through the refineries, through the distribution system, to the retail site level have costs and make profits as well. You want to relate every penney increase on the street level to dollars in one of the companies you mention's pocket when it just does not work that way. Crack spreads for refiners go up and down every day, margins for wholesalers change every day, distribution costs change all the time, the market changes all the time.

Fully half if not more of the gas sold in this country is not refined distributed and marketed to retailers by the "Big Oil Companies". I did a study to look at California refiners alone several months ago and almost 66% of the refining capacity in the state was owned by companies with no oil production. Therefore a penney increase at the pump meant that at best only a third of it was going to the big oil companies. That trend continues across other states as well. Therefore with little or no effort you can take the $200 million number apart. The point of what I have written from the start is simply this, it's not a simply story that can be captured in sound bites as most in this country want to hear. It is way more complex than that and that is evident from just looking at the kind and types of subsidies given. Regardless of all that the profits made by oil companies are as a function of the amount of capital employed small. Believe me you are much better off investing in Tech companies than you are oil company stocks. Why do you think that is? Because the tech companies earn much more as a percentage of capital employed.

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krzysiek_ck
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Message Posted: Feb 11, 2013 3:34:08 PM

brerrabbitTX, let sum it up. Big Oil is not paying the percentage of taxes it should. Big Oil gets taxpayers subsidies that it does not need. 2012 went down as most expensive year ever, or close to it, for gas. Why would anybody have problems with Big Oil?

brerrabbitTX worte: "My point, that you will not accept is that it is easy to have a catch phrase that says for every penney at the pump they make $200 million dollars in profit. Not true!"

Yet you fail to provide your own numbers. How much more are BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell Group making when the gas price goes up by a penny? I would love to see your point (numbers).

[Edited by: krzysiek_ck at 2/11/2013 3:42:52 PM EST]
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Hannie59
All-Star Author Appleton

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Message Posted: Feb 11, 2013 2:43:09 PM

Thanks brerTX... I do enjoy your perspective. Correct we are still dependent on gasoline. And the bottom line is what can somebody do about that? FFVs and EVs are a terrific step at this point in time. They will not fix the problem, but they will help get the ball rolling on the crippling monopoly that is the pertoleum industry. Because dependence on anything, whether it be petroleum OR ethanol, is very bad. There can't be just one player that controls that much of life in this country, or any other for that matter.

[Edited by: Hannie59 at 2/11/2013 2:43:53 PM EST]
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brerrabbitTX
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Message Posted: Feb 11, 2013 2:35:34 PM

Lets look at this logically because yes big oil makes a lot of money, and yes big oil gets subsidies. From the outset I have never denied that. The link I posted does not deny that and yet you come screaming for me to provide numbers.

First the idea that every penny increase at the pump means more profit for oil companies. Okay lets look at that and take it apart to understand it. When oil goes up in price then yes the big oil companies profit because of their holdings in exploration and production, therefore they benifit Exxon, Chevron, Shell and BP. My point, that you will not accept is that it is easy to have a catch phrase that says for every penney at the pump they make $200 million dollars in profit. Not true! Look at the data that says who sells gas at the pump in this country. It is not Exxon, Chevron, Shell and BP. It is their dealers who buy gas from the oil companies and then add their markup at the pump. Wholesale prices drop all the time but you do not see that price drop on the street and at the pump because the dealers who price completely independently of the big oil companies keep those penneys for themselves. Secondly Tesoro (big refiner, big marketer) Valero (big refiner, big marketer) Flint Hills (the same) own no production. They buy all the oil into their refineries from others so they are merely recouping their costs or making profit when pump prices go up. Many price increases on the street go in their pockets, not big oils. Big oil does not set pump prices. Collectively in the US they own and therefore control less than 1,000 individual sites. They have been exiting the retail level business for the last ten years.

Subsidies exsist, no doubt, but read my link some are oil specific, while many and the most dollars come from subsidies available to all manufacturing companies in the US. You can try to disallow them specifically for big oil but even in the article you linked to the ex President of Shell Oil US (he was not the CEO of Shell) said that allowing subsidies for some companies but not for others would face legal challenges.

Tax rates that the oil companies pay to the US government are some of the highest they pay in any country they do business in in the world. Yes their effective rate seems low, but when you look at the number it is billions of dollars. The rate of return on employed capital in the oil business from a profit standpoint for them is 8 to 9%. Microsoft's is 28 to 29% but no one is screaming about taxing them more. Apple because of loopholes in the tax codes pay virtually no US taxes. They avoid them by incorporating in tax havens around the world of their choice. Oil companies on the other hand are subject to the tax laws of the country they produce in.

As far as the argument about sitting on federal oil leases you are silent to that. Your numbers don't agree with mine, well I will tell you freely mine are from the Heritage Foundation report. Where are yours from?

The Heritage report also goes on to say that Obama's proposed legislation will continue to grant subsidies to all other forms of alternate energy while doing away with all oil subsidies. Well that's okay by me, but whether you or anyone else wants to admit it we are still a nation that is very dependent of gasoline. Any additional costs put upon big oil, medium oil, small oil or the independent dealers will simply translate to higher cost at the pump. We are making strides towards alternative fuels but studies show that the most important factor is price. If the alternatives become cheaper, and I mean including delivery, distribution and the cost of vehicles to burn the fuel then people will switch. Till then it will be status quo.
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krzysiek_ck
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Message Posted: Feb 11, 2013 11:18:12 AM

brerrabbitTX, There is nothing complicated about these numbers:

"Last year (2011), the five biggest private sector oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell Group — made a record $137 billion, and every additional penny they charge at the pump increases their profits by $200 million dollars per quarter. Yet each year Big Oil receives billions of dollars in taxpayer subsidies. The Repeal Big Oil Tax Subsidies Act eliminates these unnecessary subsidies."

or these numbers

"Moreover, contrary to claims by Big Oil lobbyists, the big three publicly owned U.S. oil companies—ExxonMobil, Chevron, and ConocoPhillips—paid relatively low federal effective tax rates in 2011. Reuters reports that their tax payments were “a far cry from the 35 percent top corporate tax rate.” Their effective federal tax rates in 2011 were: ExxonMobil, 13 percent; Chevron, 19 percent; and ConocoPhillips, 18 percent."

or these numbers

"Where does all of this money go? Into the pockets of Big Oil, of course. While higher gasoline prices caused families pain at the pump, they were a boon to the world’s five largest oil companies. BP, Chevron, ConocoPhillips, ExxonMobil, and Shell made a combined $118 billion in profits in 2012, or an average of almost $500 in profit for every one of the nearly 250 million passenger vehicles on the road in the United States. This huge 2012 haul follows the big five oil companies’ record profit of $137 billion in 2011."

You question these numbers yet you fail to provide the numbers on your own. Why is that?

[Edited by: krzysiek_ck at 2/11/2013 11:18:35 AM EST]
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krzysiek_ck
Champion Author Illinois

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Message Posted: Feb 11, 2013 10:54:03 AM

brerrabbitTX, once more. You claim the numbers shown below are not true. Show us the true numbers.
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krzysiek_ck
Champion Author Illinois

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Message Posted: Feb 11, 2013 10:51:33 AM

brerrabbitTX wrote: "Secondly you make no mention of the fact that oil companies pay higher taxes than any of the businesses in the Standard and Poors top 500 companies."

Actually I had, read below. Strangely enough, the number I'm quoting do not agree with yours. What a surprise.

[Edited by: krzysiek_ck at 2/11/2013 10:55:25 AM EST]
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GrumpyCat
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Message Posted: Feb 11, 2013 10:48:22 AM

Billions of profit on tens of trillions of dollars is nothing to brag about.

If you think it is all that excessive then in a free country you are more than welcome to purchase stock in oil companies to take a piece of the action for yourself.
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brerrabbitTX
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Message Posted: Feb 11, 2013 10:47:45 AM

From your link

"To that end, Markey’s legislation, which is co-sponsored by other House Democrats including Rep. Earl Blumenauer, D-Ore., excludes small, independent companies. Yet Hofmeister said that proposal would be illegal since it targets specific companies over others.

“I think that’s discriminatory,” he said. “It’s a much more complicated subject. Any bill that is discriminatory against specific companies would be found to be illegal.”

This was said in reference to the fact that small oil companies need subsidies but the big ones don't. However the same arguement has been made by other legislators who say that elimination of many of the subsidies that big oil takes today are the same that manufacturers in other industries enjoy. They say that legally you cannot apply them selectively and to attempt to do so would not be legal.

In your other link an arguement is made to say that many federal oil leases are not being explored and sitting idyl. What the article completely ignores is that the EPA and the federal government refuses to issue the necessary permits in order for those areas to be drilled. Shell spent several billion dollars to get the rights to drill in the Alaskan Gulf back in 2005. That money was paid to the federal government and Shell only received the necessary permits to begin exploritory drilling in the fall of 2012. Eight years and billions of dollars and they still have not been able to sink the first discovery well. That is the federal government talking out of both sides of the face at once. Charge billions and collect, and then turn around and critize big oil for sitting on leases because you won't give them permission to drill.

Again the issues behind all of this are much more complicated than the surface view and it's not as simple as take the subsidies away from the big bad oil companies.

[Edited by: brerrabbitTX at 2/11/2013 10:49:00 AM EST]
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brerrabbitTX
Champion Author Houston

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Message Posted: Feb 11, 2013 10:32:53 AM

The other interesting admission you make with your data is that the reason gas is high is because the price of crude is high and you show that in your links. The interesting part of that equation is that yes there are big oil companies that have both E&P and refinig arms, but there are many refiners/marketers that have no production arms so they are forced to pay the going price for crude. Tesoro, Valero, and Flint Hills are all refiners/marketers that have none of their own production. A penny increase in prices does not translate into millions in earnings for them simply because when crude goes up, their cost goes up. They do not benifit from producing oil and enjoying increaased earnings from the oil side of the equation. Even Conoco has seperated their assets into two companies. Conoco is now the production company and Phillips 66 is the downstream company. They have issue stock for each of the companies and so increased oil prices may help Conoco but is detrimental to Phillips 66.

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brerrabbitTX
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Message Posted: Feb 11, 2013 10:17:57 AM

See here you go again. You don't read what is written and jump to conclusions as most people do on these boards. The very first line in the link I provide says "Though the President’s anti-subsidy rhetoric is on track, there are several fundamental problems with the Administration’s crusade." I give you a quote that says fundementally that there needs to be a review of the tax breaks and subsidies for oil companies and you immediately fire off all the typical rhetoric of earnings and how evil oil companies are. However if you read the link you understand that the subsidies given today are in large part available to all manufacturing concerns in the US and essentially there is and would be opposition to selective legislation that allows the subsidy for one industry and not for the oil industry. Secondly you make no mention of the fact that oil companies pay higher taxes than any of the businesses in the Standard and Poors top 500 companies. Take apart some 10 K's and 10 Q's for oil companies and see what their return on invest capital is. It ranks very low in comparison to other industries.

As far as the statement that every penney at the pump nets oil companies and additional $200 million is not something I pointed out as right or wrong from a number standpoint but rather a actual practice standpoint. If an oil company sets it's rack price and holds it for several days then the movement of street prices, or as you say pump prices has absolutely no effect on the oil companies bottom line. The independent dealers will gain the additional revenue if they increase their price with none of it going to the oil companies. Most major oil companies don't own gas stations anymore, they merely franchise the brand to operators who profit when they raise their prices absent of any moves by the oil companies. In many instances the price charged by the oil company to the dealer is falling and the operators delay price decreases at the pump to make more money on their end.

As you like to do so often the whole issue is much more complex than it seems. A true understanding of all the issues is needed to understand the problem and the potential solutions. Merely say cut oil company subsidies does not address all the issues, you have to understand them all first.
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krzysiek_ck
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Message Posted: Feb 10, 2013 5:00:25 PM

"Moreover, contrary to claims by Big Oil lobbyists, the big three publicly owned U.S. oil companies—ExxonMobil, Chevron, and ConocoPhillips—paid relatively low federal effective tax rates in 2011. Reuters reports that their tax payments were “a far cry from the 35 percent top corporate tax rate.” Their effective federal tax rates in 2011 were: ExxonMobil, 13 percent; Chevron, 19 percent; and ConocoPhillips, 18 percent."

And more

"Time magazine reported in December that “2012 will go down as most expensive year ever for gas.” The Energy Information Administration determined that gasoline averaged $3.63 per gallon—a dime per gallon more than the previous record set in 2011. The Energy Information Administration reported that high gasoline prices were due to high crude oil prices—“with crude oil accounting for 66% of the retail cost of gasoline.”"

"Where does all of this money go? Into the pockets of Big Oil, of course. While higher gasoline prices caused families pain at the pump, they were a boon to the world’s five largest oil companies. BP, Chevron, ConocoPhillips, ExxonMobil, and Shell made a combined $118 billion in profits in 2012, or an average of almost $500 in profit for every one of the nearly 250 million passenger vehicles on the road in the United States. This huge 2012 haul follows the big five oil companies’ record profit of $137 billion in 2011."

Speed Trap: Big Oil Profits from High Gasoline Prices

[Edited by: krzysiek_ck at 2/10/2013 5:01:50 PM EST]
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krzysiek_ck
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Message Posted: Feb 10, 2013 10:07:56 AM

"Large oil companies don’t need tax subsidies when oil prices are high, a former CEO of Shell Oil said Thursday.

“In the face of sustained high oil prices it was not an issue—for large companies—of needing the subsidies to entice us into looking for and producing more oil,” John Hofmeister told National Journal Daily."

Ex-Shell CEO Says Big Oil Can Live Without Subsidies
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