Dumb idea, Taxing big oil.

I previously said I don't support windfall profit taxes on oil companies but I said tax breaks are despicable and need to go.

Now why don't you tell us how buying back stock increases oil production and exploration.

 

Ok, so would you agree that higher taxes for oil companies, would mean higher taxes for anyone who drive essentially?

It seems like they are just going to pass it on to the consumer anyway, so why increase taxes on them period?

 

Higher taxes on refiners would mean higher gax prices.

Higher taxes on oil companies would NOT result in higher gas pries, BECAUSE oil companes themselves said they don't determine price of oil.

 

:eek:

Taking a shit should be taxed....

 

So if you raised taxes to a 90% rate on oil companies, would it not raise the cost of gas to consumers?

It seems if you raise taxes on the oil producers, they will pass on the higher taxes to the refiners, who in turn would pass on the added cost to the consumer.

 

If this is the case, then the oil companies lied in those senate hearings, and they do determine price of oil right?

 

From Kudlow's Money Politic$


McCain Is Exactly Wrong on Energy

Sen. John McCain delivered a nearly pluperfect supply-side tax-cut plan yesterday, one that is worthy of conservative support, and frankly a real eye-opener showing just how good he can be. I wrote about it in my latest column.

But then he goes on NBC’s Today Show this morning and gets the whole energy story wrong. Oh my gosh.

When asked about gas prices at the pump, and whether they could go any lower, Sen. McCain said he didn’t think so because “You’ve got a finite supply, basically, and a cartel controlling it.”

This is exactly wrong. There is no finite supply, or if there is we are 100 years away from it. I don’t know who has put this thought into the senator’s mind, but it is a bad thought in terms of energy and a bad thought in terms of the politics of this campaign.

Look, we have the Bakken fields, the outer continental shelf and all the offshore drilling opportunities, ANWR, and so forth. There’s probably over a trillion barrels worth of reserves out there. And Republicans in the Senate are trying to move a deregulated drilling bill through the process. McCain should be backing this and talking about it.

Democrats are out there pushing cap-and-trade, which would jack up gasoline and oil energy prices, damage the economy, and create a massive central-planning exercise. The Democratic Congress has done nothing to alleviate the oil shortage. They’re captured by the greenies. They should be blamed.

This is a real turnaround issue for the Republicans and Mr. McCain. But McCain’s not going there.

Incidentally, in the Today Show interview, the senator takes a whack at oil-company profits, suggesting they should return some of these profits to consumers. And he would consider voting for a windfall profits tax. And then he used the phrase “obscene profits.” Make that two oh my goshes.

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Wow, how exactly would the oil companies return those "obscene" profits to consumers? Republicans really picked a doozy with this guy.

 

its only a dumb idea to an oil man,

this is a much more complicated discussion than its presented in such simplified terms....

one thing is certain, more people are feeling there's something rigged and foul in the oil pits (companies) and really don't care, they just want to pass on the pain at the pump....

wonder how long the Texas delegation can hold out against the entire country?

 

You can't subsidize someone with their own money.

 

Touché.