[Rhodes22-list] Fuel Question

[Brad Haslett]

John,

We keep hearing about those "subsidies" to Big Oil but no one seems to be
able to find them in the tax code. As I sit here, I'm staring at a whole
shelf of books on oil & gas accounting and I sure as hell can't find them,
unless 'they' are referring to the immediate write-offs associated with
bringing a well on line (don't ask how I know the tax rules for "dry
holes").  The idea of subsidies for Big Oil is a myth.  In fact, the whole
idea of Big Oil is a myth.  Exxon/Mobil, the largest of the American oil
companies, is number 14 on the list worldwide, and the top five American oil
companies control only 6% of the worlds reserves.  As for their "excess
profits", their net return is less than 10% versus some software companies
with returns of around 25%.  If some dumbass in Congress (let me restate
that) if any single dumbass among the majority in Congress wants to go
hunting for an "excess profits" target, it wouldn't be an oil company.  As
to your numbers regarding donations, I don't have time to check them but
they sound about right.  The Dems have voted about 80% of the time against
drilling on US land and sea so who do you think the oil companies would
support.  What we are suffering from right now with gas prices is Economics
101, which explains why the majority in Congress don't "get it".  They
either didn't study economics, they don't understand economics, or deep down
they really don't like capitalism.

Brad

On Mon, Jun 16, 2008 at 7:56 AM, John Shulick <jsbudda at verizon.net> wrote:

>
>
>
> Insert the word "subsidy" after 51 cent per gallon.
>
> "Subsidy" as it is used here can be defined as "cheap trick used by
> politicians in farm states to attract votes".
>
> Hi Brad,
>
>       Does this definition also apply to the most profitable companies
> currently in the USA namely the petroleum industry? It is my understanding
> the petroleum institute donated 94 mil (80% GOP 20% DEMS) to the current
> group of comrades who are running the country into the ground. In return
> they receive billions in "subsidies".
>
> John Shulick
>        "Politics is derived from the words Poly meaning many and Ticks
> meaning small bloodsucking parasites" Kinky Freedman.
>
>
>
>
> --
> View this message in context:
> http://www.nabble.com/Fuel-Question-tp17858444p17863935.html
> Sent from the Rhodes 22 mailing list archive at Nabble.com.
>
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