Speaker Boehner was recently quoted as saying oil companies need to "pay their fair share" when he was questioned about tax breaks oil companies receive despite record profits. His peeps are now saying that he didn't really mean it if it mean raising their taxes.

 

One of the reasons given is that if the tax breaks are reduced or completely abolished that we will end up paying more at the pump.

 

Interesting situation. We are essentially saying that the oil companies not only have us "over a barrel" at the pump but they also have us over a big barrel in regards to taxes. We're afraid to say "You are EXTREMELY profitable so it doesn't seem right to give you tax breaks."

 

Is the only ROI we're getting on the tax breaks a less painful experience at the pump than we're already having?

The phrase "Catch-22" comes to mind.

Speaker Boehner was recently quoted as saying oil companies need to "pay their fair share" when he was questioned about tax breaks oil companies receive despite record profits. His peeps are now saying that he didn't really mean it if it mean raising their taxes.

 

One of the reasons given is that if the tax breaks are reduced or completely abolished that we will end up paying more at the pump.

 

Interesting situation. We are essentially saying that the oil companies not only have us "over a barrel" at the pump but they also have us over a big barrel in regards to taxes. We're afraid to say "You are EXTREMELY profitable so it doesn't seem right to give you tax breaks."

 

Is the only ROI we're getting on the tax breaks a less painful experience at the pump than we're already having?

 

What would be our ROI if the tax breaks are reduced or abolished? Do you believe it will be more? Do you think the oil companies will simply absorb the loss?

What would be our ROI if the tax breaks are reduced or abolished? Do you believe it will be more? Do you think the oil companies will simply absorb the loss?

 

Don't know. It wasn't a rhetorical question.

 

I do think this shows that we are COMPLETELY at the mercy of the oil companies due to our own short-sightedness.

Tax breaks are another way of saying you get to keep the money that you have earned.

How would the breaks they get differ from the breaks or subsidies that the so-called renewable energy sources receive?

Tax breaks are another way of saying you get to keep the money that you have earned.

How would the breaks they get differ from the breaks or subsidies that the so-called renewable energy sources receive?

 

Do we give these tax breaks to all industry?

Don't know. It wasn't a rhetorical question.

 

I do think this shows that we are COMPLETELY at the mercy of the oil companies due to our own short-sightedness.

Our current situation is exactly due to our short sightedness.

 

I don't blame the oil companies. They took advantage of the situation. Their job is to keep their stock holders happy, not me. I'd do the same.

 

I don't feel at the mercy of the oil companies at all. I feel at the mercy of our elected officials who put us in this situation. I blame myself and all of us for electing them.

Our current situation is exactly due to our short sightedness.

 

I don't blame the oil companies. They took advantage of the situation. Their job is to keep their stock holders happy, not me. I'd do the same.

 

I don't feel at the mercy of the oil companies at all. I feel at the mercy of our elected officials who put us in this situation. I blame myself and all of us for electing them.

 

There is no short-term solution so it's going to take many, many elections before we see any positive change in this area.

Our current situation is exactly due to our short sightedness.

 

I don't blame the oil companies. They took advantage of the situation. Their job is to keep their stock holders happy, not me. I'd do the same.

 

I don't feel at the mercy of the oil companies at all. I feel at the mercy of our elected officials who put us in this situation. I blame myself and all of us for electing them.

 

I also agree with the rest of your post.

I think the US should start using their strategic reserve supply to impact the market. There are over 700 million barrels in reserve, enough to supply the US for one month. I say start selling some of the reserve at $20 a barrel or more below market price and blow the bottom out of this market. Maybe that could even generate some revenue to pay down our deficit.

I'm in for a couple of barrels (as one of 300+ million U.S. residents, I figure that's my share).

I think the US should start using their strategic reserve supply to impact the market. There are over 700 million barrels in reserve, enough to supply the US for one month. I say start selling some of the reserve at $20 a barrel or more below market price and blow the bottom out of this market. Maybe that could even generate some revenue to pay down our deficit.

 

I'm not sure how such a minor intervention in the market would reduce the price, let alone for very long.

 

I imagine quite a lot of people are able to connect the price of oil to the unrest in the Middle East. Then again, BP's tax credit for the losses during their oil spill has probably not curried the industry much sympathy.

I think the US should start using their strategic reserve supply to impact the market. There are over 700 million barrels in reserve, enough to supply the US for one month. I say start selling some of the reserve at $20 a barrel or more below market price and blow the bottom out of this market. Maybe that could even generate some revenue to pay down our deficit.

 

There is no shortage of oil, where would they put the barrels? The traders are jacking up the price on future prices and what if's. We have plenty of oil right now, will we in 20 years who knows, so were paying for speculation. OPEC will also cut back production if we open our reserve so it will be completely off set. Well timed topic in Washington big oil will be releasing their earnings this week... chaaaa ching....

Good post JA. Lots os folks like to blame oil companies but they aren't setting the price.

Do we give these tax breaks to all industry?

 

Not sure about all but there sure is a boat load of them.