The Daily Szep: The Inconvenience of Big Oil's $18 Billion Tax Break

Show your support.
Buzz this article up.

• Share
• Print View
• Comments

Comments

[mamacat]

In 1911, Southern California had the largest interurban electric railcar line in the world. It stretched from Santa Ana in Orange Country to San Fernando in northern LA county, and from San Pedro and Santa Monica on the coast to San Benardino in the Inland Empire.

It is true that the Pacific Electric often needed subsidies, but then just about all of the major forms of transportation used in the U.S. are subsidised in one form or another. For example, the government builds freeways, and funds and runs the FAA and ICC at taxpayer expense. The subway recently built under Wilshire Blvd. was subsidised to the tune of $1 billion per mile.

In the 1940s, "National City Lines" (NCL) was formed by a conglomerate including a majority holding by Standard Oil (today's Exxon and Chevron). NCL proceeded to buy up about 50 light rail mass transit systems across the United States, wherever they could talk the owners into selling. There is no evidence that NCL tried to maintain and/or improve these light rail systems. Within a few years, they were shut down. In Chicago and New York, where they refused to sell, they are still in operation.

NCL was sued, but it was found that its actions were consistent with what some call the "free market" economy.

So, did Standard Oil buy up "failing" rail lines across the US because of altruism? Or did it have something to do with manipulating markets and governments, because it can?

[GeoNorth]

$18B tax break for an industry that made $108B in profits...Can I get into this program? I want my subsidy!!!!

[WorkingClass]

The United States will nationalize the oil companies within the next ten years.

[PhantomAviator]

Hey man!!! Take it EASY.

They NEED that 18B.

And if they don't get it, they'll just stop increasing their production of gasoline.

Oh, wait...Exxon already said they've DONE that.

Lucky us.

Just remember, they oil companies aren't REALLY making alot of money. It just SEEMS that way.

I mean, 100 MILLION dollars in alt energy is ALOT. Just ask BP.

Welcome to the monkey-house.

Truth is a lie, and lies are the Truth.

Repeat a lie enough and it BECOMES the Truth.

I learned that from Karl Rove. Or was that Goebbels? I can NEVER tell those two apart. Must be the uniform.

I love a man who can uniformly LIE.


.

[Oldbuck]

Great cartoon and oh so true.

[dadw5boys]

WHAT ? BANKS OF AMERICAN?

I DOUBT IT. MAYBE A SWISS BANK OR CAYMAN ISLAND BANK.

[larry278]

Where can a billionaire find a bank that hasn't been driven to bankruptcy by the subprime bubble? There appears to be no shelter for ill gotten gains.

[ErnestineBass]

A picture truly is worth a thousand words.