Obama Renews Call To End Oil Tax Breaks

WASHINGTON -- President Barack Obama is renewing his call for Congress to end tax breaks to oil companies.

In a Rose Garden speech Thursday, Obama will urge Congress to vote to end what the White House calls "the billions in taxpayer dollars handed out to oil companies every year."

The address comes before a Senate procedural vote on a bill to repeal oil tax subsidies. Obama is also expected to suggest how the money could be spent on clean energy.

Comments

[rstriper]

02:40 AM on 03/31/2012

All I know is that every day I get up in a warm house (or cool in the summer). Get in my gas guzzling SUV and head off down the road, I thank my lucky stars for big oil. They find the oil buried deep under ground, drill for it, bring it to the surface, transport it to a refinery, refine it, ship it out to the gas stations, where I buy it. All this for less than a gallon of soda pop would cost. And the fed government makes about $70,000,000 a day off the sell of gas. But thats not enough for BIG GOV they want more. Who's the greedy ones here.

[whydothat]

04:58 PM on 04/06/2012

nice try. They are making record profits and yet you feel you need to protect them?

[rstriper]

08:02 PM on 04/06/2012

First of all corporation don't pay taxes they add them to their cost and pass it on to the consumer. So when Obama says big oil isn't paying enough he means they aren't collecting enough from us. Big oil has a great product, that provides us with a lot of freedom and comforts that I bet you even enjoy. You can always stop using gas and the other comforts provided by big oil. No one forces you to use products. If enough of the consumers stop using the products big oil will disappear.

[rstriper]

12:06 PM on 04/08/2012

Took your advice and looked up fillabuster. Takes 60 votes to break a fillabuster. There were only 40 repb. in the senate when Obama took office. The repbs could not stop anything the dems wanted to do including raise taxes on big oil. Why didn't they do it then? Looked up oil exports. We are not a net exporter of oil. We still import more than we export by a long shot. The oil that is exported is just for convenience. Sure world events cause the market to go up and down, but the more of our on oil we produce the less effect world events will have on us. Price are up on the fear of war in the middle east and a weak dollar. How will taking tax breaks from the oil companies improve your life?

[sunsetter]

11:12 AM on 03/30/2012

Which will raise the price of gas - sorry, but that is a fact.

All they are getting is accelerated depreciation which most companies in this country were given to accelerate businesses buying capital equipment - in other words, to invest to jump start their businesses.

If pressed in a Q&A, Obama would have no idea what accelerated depreciation is.

[Joe Dallas]

02:13 PM on 03/31/2012

'If pressed in a Q&A, Obama would have no idea what accelerated depreciation is.
Are you insinuating the smartest man in the world isnt as smart as he thinks he is.

[akutan]

07:53 AM on 03/30/2012

The news media appears to have forgotten Representative Martin Frost’s 2011 statement clarifying that the “tax breaks” Obama keeps mischaracterizing were actually repealed by Congress in 1975. Frost is a Democrat who represented Dallas as the Representative for the 24th Congressional District of Texas. Congressman Frost was quoted as saying,

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.

“President Obama is completely uninformed about the oil and gas industry. The industry is not made up of just major companies. It is made up of small independent firms like those in Oklahoma that produce a vast majority of our domestic production. For every CEO of a major company, there are literally thousands of blue collar jobs that are affected by his administration's energy policy.

[PlayTOE]

05:41 AM on 03/30/2012

It is insane to be handing out subsidies and tax breaks to Oil corporations who are reaping huge windfall profits while polluting the environment. It ia a shame NOT to be subsidizing green energy when the future viability of the biosphere depends on getting this technology up and active in a big hurry.

Time to vote a house and congress that will act progressively.

[cseely]

12:03 PM on 03/30/2012

totally ignorant and uninformed statement. Green technology is being subsidized because they can't make it on their own. Oil and gas producers have tax guidelines that encourage development of our resources for the benefit of our country's economy and national security.

[PlayTOE]

12:28 PM on 03/30/2012

So if big oil needs subsidies, is that an indication they can't make it on their own?
And what is wrong (ignorant) with helping out a new industry to be competitive during the transition to mass production?

(now go get your payment for supporting big oil in their big lie)

[rak6748]

02:38 AM on 03/30/2012

Anyone who doesn't think this action will raise the price of gas is simply NOT paying attention.

[ttigerlilyx2]

08:51 PM on 03/30/2012

Oh, dont be so hard on yourself!

[tntmgmt]

11:28 PM on 03/29/2012

I didn't get a chance to see this whole thing. Did he ever get a chance to bring out the dog and pony?

[Malcolm Hensley]

01:28 AM on 03/30/2012

Spoken like someone who understands the magic behind the curtain.

Let me show you behind the curtain.

http://www.forbes.com/2011/05/02/eliminate-oil-subsidies.html

Read paragraphs 3&7.

See Wall Street sees these inefficiencies are bad. There are over 3000 different oil&natural gas companies operating in the U.S. Wall street wants to make them more efficient - in Wall Street speak that means Mergers & Acquisitions which leads to LAY-OFFS!

See BIG OIL doesn't qualify for most of the subsidies because as paragraph 7 mentions the AMT (the ALTERNATIVE MINIMUM TAX)!

So the question becomes, Why would President Obama want to help BIG OIL by eliminating it's competition?

My friend that's a scary peek behind the curtain!

Because it reveals the truth - President Obama is a Clinton Democrat aka a Nelson Rockefeller Republican, the kinder gentler Republican, the Social Progresssive/Wal, Street friend Republican.

How much does that hurt knowing President Clinton gave us BANKS TO BIG TO FAIL and President Obama is about to give us BIG OIL TO BIG TO FAIL!

Are you wishing like me you did not peek behind the curtain?

[tntmgmt]

09:06 AM on 03/30/2012

The only time I can get the puzzle pieces to make any sense, is when I attach the dem one to the repub one, with the sinister and secrecy pieces nearby. Then I am able to, somewhat, understand why the actions don't match the words. Be well.

[ttigerlilyx2]

08:53 PM on 03/30/2012

Hahahaha! Thats great, ya'll are like the Three Stooges with your pretzel logic!
Thanks for the laugh!

[Bushido08]

09:14 PM on 03/29/2012

For the life of me I'll never under how oil companies that make record profits can get billions tax subsidies. Would someone with a different view then I please explain it? Because if the excuse is it keeps gas cheaper then why not subsides my cell phone? Because the bill is killing me for what I'm getting in return.

[tntmgmt]

11:30 PM on 03/29/2012

You're thinking too much. They know what is best for you. Goodnight moon. Goodnight stars.

[Malcolm Hensley]

01:35 AM on 03/30/2012

http://www.forbes.com/2011/05/02/eliminate-oil-subsidies.html

BIG OIL does not get the billions they don't qualify because of the AMT (Alternative Minimum Tax) paragraph 7.

But paragraph 3 talks about how inefficient the current set up is and how Mergers & Acquisitions - LAY-OFFS will make the industry more efficient.

So the question becomes why President Obama would want to make BIG OL TO BIG TO FAIL like President Clinton made BANKS TO BIG TO FAIL?

[OkieMon]

04:50 PM on 03/29/2012

the right wing republican fasc****ist oil corporations will do anything to make obama lose in november including their continued rigging of higher and higher oil and gasoline prices to increase inflation even further to guarantee the destruction of the economy so they can then blame obama....and the sheep continue to be led to the mutton factory with that republican/oil company no****ose around their necks...

[Earl King]

04:21 PM on 03/29/2012

Phony argument. I wrote the author.....at least he and I agree they are really not subsidies. They get the same deductions even company gets. they do get accelerated depreciation which lowers their bill but eventually they will pay the tax...but there is no taxpayer money going to oil companies...unlike solar companies which actually get cash from US taxpayers. These people can't even be honest...its all phony politics......nothing in this bill will lower gas prices...in fact it will probably raise them.

[5timesband]

04:29 PM on 03/29/2012

only in libland can you increase the costs for someone to produce a product or service and expect them to lower their market price in return.

[OkieMon]

04:51 PM on 03/29/2012

bs....the 5 top oil companies get a direct 10 billion dollar gift every year from the US treasury....

[Malcolm Hensley]

01:38 AM on 03/30/2012

as usual big on statements small of links and proof.

No offense.

You are better than this it only takes an extra few minutes.

[personal beliefs]

09:55 AM on 03/30/2012

ugh, there you go again.

[5timesband]

04:00 PM on 03/29/2012

Why does Obama want to hurt the middle and lower classes even more by increasing gas prices? What is he thinking?

[ttigerlilyx2]

08:55 PM on 03/30/2012

That corporate welfare is wrong?????

[madkoz]

03:04 PM on 03/29/2012

Hey righties why are you angry? Dontcha know subsidies are actually your tax dollars. One of the reasons you pay taxes is so Republicans can turn around and give them to their sugar daddy corporate masters. You all are so confused. Stick with the stuff your qualified to complain about like birth certificates.

[5timesband]

04:01 PM on 03/29/2012

No, tax deductions allow companies and individuals to keep more of THEIR money. It's not the government's money at all.

[madkoz]

04:08 PM on 03/29/2012

Tax deduction smart guy are tools politicians use to reward their corporate sponsors. That money is the goverments which means it is mine and yours, The reason this is true is because the government in America is the people. You make it sound like the government is a corporation that we all work for it is not. It is the way we fund our way of life. If you do not like paying taxes then move somewhere else thats as nice as America.

[Malcolm Hensley]

01:48 AM on 03/30/2012

read more post less.

http://www.forbes.com/2011/05/02/eliminate-oil-subsidies.html

Paragraphs 3&7

Paragraph 3 talks about inefficiencies of having over 3000 different Oil &natural Gas companies - Wall Street wants to reduce this number. Of course this means LAY-OFFS as companies merge and go through Acquisitions.

So the BIG QUESTION becomes why President Obama wants to make OIL TO BIG TO FAIL after President Clinton's fiscal of making BANKS TO BIG TO FAIL?

[bags0103]

02:52 PM on 03/29/2012

End the biggest subsidy of all, fire Obama in Nov 2012.

[5timesband]

04:02 PM on 03/29/2012

amen...and take a 18 or so dem senators with him.

[DANIELISTICALL]

02:37 PM on 03/29/2012

Gas Prices: Obama Strikes Back At GOP Critics On Fuel Costs By ANNE GEARAN 03/10/12
WASHINGTON -- President Barack Obama is hitting back at Republican criticism of his energy policies and his role in controlling gasoline prices. "I'm going to keep doing everything I can to help you save money on gas, both right now and in the future," Obama said. "I hope politicians from both sides of the aisle join me."
He accused Republicans of a "bumper sticker" approach to solving the nation's energy problems. "We can't just drill our way to lower gas prices – not when we consume 20 percent of the world's oil," Obama said in the address, recorded during a visit Friday to a Virginia jet engine component plant.

[smooth black]

02:17 PM on 03/29/2012

grayswindell SAID: i AGREE ONE HUNDRED PERCENT , One question though , how come General Electric doesnt pay a dime of income tax , oh thats right his buddy is the President

------------------

Why would you demean your credibility by saying something like this: " how come General Electric doesnt pay a dime of income tax , oh thats right his buddy is the President"

Hasn't the President been calling for a re-organization of the tax code to close all loop holes since he was elected? Hasn't the president proposed every year since he has been in office to end ALL tax cuts for ALL corporations and also close ALL the loop holes? Republicans have stood against and opposed it every time., how can you try to lay that at the feet of the President?

[smooth black]

02:19 PM on 03/29/2012

Addendum: I should have said all large corporations the President has been calling for small business to receive tax credits and incentives.

[DANIELISTICALL]

01:39 PM on 03/29/2012

Fact: More Oil Drilling Under Obama Than Under Bush On March 2, 2012, in Politics, by Ezra Grant
facts are here for all to see.
Under President Obama, there have been more Oil drilling permits issued and more Oil drilling than was done over the last decade.According to a report on Energy, ” President Obama has opened millions of new acres for oil and gas exploration and we now have more working oil and gas rigs than the rest of the world—combined.”

[personal beliefs]

02:00 PM on 03/29/2012

that is only because new oil plays have been discovered.

[DANIELISTICALL]

02:04 PM on 03/29/2012

REALY ,,,and just where did they find all this NEW OIL,,, the MIDWEST has been known for decades,,,, TELL US ALL ABOUT IT

[Malcolm Hensley]

01:52 AM on 03/30/2012

no the real reason is as the price of oil goes up marginal wells here in the U.S. become profitable.