Democrats failed to get the 60 votes needed to pass a bill to tax profits on oil companies.
What's wrong with bringing oil companies to their knees? It will only serve to bring *us* to our knees! Think the oil companies aren't going to pass the cost of the taxes on to the consumer?
Also shot down in the bill was a measure to limit speculation in oil and gasoline. This probably had some merit to it, but unfortunately the Democrats bundled it with the tax bill.
And now the big question: where do you suppose the money gained in tax revenue would have gone? Think it would have been returned to the people that would have been ultimately paying for it in a decrease in the pumps? Please, don't bet your life on that...
As an aside to this Hach, the evening news says that China (second to us in oil consumption) will need 5 1/2% more oil to repair the quake damage, beside their normal growth. I wonder if the Dems/Obamama are going to blame this on Bush also?
Big Yahoo headline how the Republicans blocked the windfalll profit tax-increase on "big oil" I wonder how the minority party can block something - didn't the Dems invent the filibuster? I just can't wait til we get 4 years of Ubamama - might even be cleansing for both parties.
As to who would get the revenue, Pelosi and Ubamama both have stated that there must be full health care and funds to raise the standard of living of the 50 million poor (including illegals) here and world wide poor must also get help.... Ron in Ca
The Dims have made "taxing somebody else" an art form, to provide the money they need to buy the votes of the uninformed. They have been doing it for over 70 years. If you pass a law that taxes the "rich" corporations.
all you do it tax the consumer who ultimately must pay the tax that is passed on in higher prices and the tax is passed on includes their normal profit markup. Not only do YOU pay the tax you pay a profit on the tax
While the new capitalists in Russia are lowering taxes on their oil companies to provide them with more funds to find and obtain more crude the idiot Dims are trying to lower the ability of our oil companies to find and obtain more crude.
Do a search and you will discover the American oil companies are pikers when it comes to profits among the worlds oil companies. If the Dims have their way look for them to set up their corporations outside of the US. The UAE or Dubai comes to mind. Japan would also be a viable option. They would not have to pay federal corporate taxes on the profits earned in the US like Toyota etal
In the meanwhile the uninformed in the US are clamoring to put more of the Socialistic Dims in office, it's nuts.
During the Vietnam War when the government removed the college exemption for the draft the elitist went nuts and fled to Canada. Where do you think the same elitists, who are now the "rich" in this country, will flee? Look out Mexico the Americans are coming. It is happening already and in Europe as well today, the rich are not staying put to pay for all of the Socialism in Europe and they will not stay in the US
If the Dims had not stopped the Presidents energy bill seven years ago we would not have some of the problems we have with oil and gasoline prices we have today
I inherited som eXOM stock that originally was from an Humble lease my grad-dad had in the 20's in No. Texas - It wasn't much and I got pissed I was only getting 1.6% return. (CD's ain't much better now)
An Uncle from this side of the family (mom's) had a lot of options on oil shale land in Colorado & Wyoming in the 50-60-'s it was a bit expensive then to develop but not a word about it for years yet there is oil sand recovery big time in Canada. He finally gave up in the 70's I believe as there was much money invested then development stopped - wonder why?
I have heard it said for years than when a field is "pumped out" that more than 50% is still there. Surely this could be economically extracted now at
140 bbl?
I heard Bush was not getting sympathy from Europe where they pay 8 or 9 bucks a gallon... Ron
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