Big Oil Tax Averted

HMTKSteve

Senate Republicans blocked a proposal Tuesday to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America's anger over $4 a gallon gasoline.

source

News like this makes me happy! There were some good provisions in the bill but also some very scary ones:

Good
• Require traders to put up more collateral in the energy futures markets
  
• rescinded oil company tax breaks — worth $17 billion over the next 10 years
  
• The oil companies could have avoided the tax if they invested the money in alternative energy projects or refinery expansion.
  

Bad
• Authorize the Justice Department to bring charges of price fixing against countries that belong to the OPEC oil cartel.
  
• The windfall profits bill would have imposed a 25 percent tax on profits over what would be determined "reasonable" when compared to profits several years ago.
  

Publicly held Oil companies are such small potatoes on the oil scene. Their profits are nothing compared to nationalized oil companies.

Sue OPEC? Oil may be expensive but it is available. Suing the oil producers will only make things worse, as will price fixing.

I'm all for getting rid of there tax subsidies and wasn't there something about drilling in the gulf of Mexico? Something about some deals cut during Clinton's term that had some sort of loophole that stopped them from being cut (the tax subsidy) even though they have surpassed the trigger price?

Let's just go nuclear and cut over to electric cars.

...

America's anger over $4 a gallon gasoline.

American seeing the $4 a gallon: WTF!? That's outrageous! THIEVES!
European standing next to the American: Holy crap that's cheap, FILL 'ER UP!

Neito

America's anger over $4 a gallon gasoline.

American seeing the $4 a gallon: WTF!? That's outrageous! THIEVES!
European standing next to the American: Holy crap that's cheap, FILL 'ER UP!

People who don't need to drive anywhere: Huh. Gas is $4 a gallon.

HungryJoe

It's a good thing Obama supports a windfall profits tax. He'll be President soon, we'll have solid democratic majorities in Congress soon, and we'll most likely have that windfall profits tax.

. . . and if you speak out against it, I guess you'll just be unpatriotic for not supporting our President.

Kate Monster

. . . and if you speak out against it, I guess you'll just be unpatriotic for not supporting our President.

If you follow the "Bush-logic", I am sure that would be true.

HMTKSteve

It's a good thing Obama supports a windfall profits tax.He'll be President soon, we'll have solid democratic majorities in Congress soon, and we'll most likely have that windfall profits tax.

. . . and if you speak out against it, I guess you'll just be unpatriotic for not supporting our President.

Obama = Carter's second term.

Kate Monster

It's a good thing Obama supports a windfall profits tax.He'll be President soon, we'll have solid democratic majorities in Congress soon, and we'll most likely have that windfall profits tax.

. . . and if you speak out against it, I guess you'll just be unpatriotic for not supporting our President.

Obama = Carter's second term.

Obama = JFK's full term and second term
Obama = Obama
He is an individual and the times we live in are far too different than those of past Presidents (other than Bush) for him to be that much like previous presidents. Also, we will have to wait until after his second term to compare him with other Presidents with any accuracy.

Apreche

Obama = Carter's second term.

Carter was awesome! One of the few presidents to tell people like it is rather than telling people what they wanted to hear. That's why he was disliked by most, but liked by me. If Obama is the same way, awesomeness!

Andrew

Carter was awesome! One of the few presidents to tell people like it is rather than telling people what they wanted to hear. That's why he was disliked by most, but liked by me. If Obama is the same way, awesomeness!

Carter's presidency failed because he caused political gridlock. He didn't play "the game" of Washington so none of the politicians worked with him. Maybe it would be for the best if the next president caused gridlock and prevented bullshit from being past for a while and let the public take a close look at their government. Plus Carter was a Georgia Tech alumnus, so I gotta represent.

HMTKSteve

Dumbo's ideas on "renegotiating" NAFTA and going after "Big Oil" (including OPEC) remind me of a certain administration that also went against economists and passed the Smoot-Hawley Tariff Act.

@Andrew - Yes, Carter did go against some of the Democrats in Congress in regards to "pork" however, I don't see Obama doing this. I see him expanding government.

Carter also started US involvement with what became Al Quada. This lead to the overthrow of the Moscow-friendly Afghan government in 1978. This, in turn, lead to the Soviet Invasion of Afghanistan. Because many in the US government did not know about the covert operations that lead to all of this many feared the Soviets were making a power grab for the Middle East.

Let's not forget the "Carter Doctrine" that said the US would not let any other foreign power gain control of the Persian Gulf.

I just don't understand why so many people on here are happy that Dumbo intends to become Robin Hood by enacting wealth distribution. What else can you call his plans to steal from the rich and give to the poor?

rhinocero

To be fair to Carter, to some extent he was unfairly penalized for events beyond his control. But he was another in the series of excellent, admirable people who did not make good presidents.

Also, stop calling him Dumbo. It's just dumb.

Apreche

I see him expanding government.

You think McCain is going to shrink the government? Bush didn't. In fact, no president has in a very long time. Every viable fiscally conservative candidate is a nut, i.e: Ron Paul. If fiscal conservatism is what you want most, there does not exist a candidate you can vote for with a chance of winning.

HungryJoe

Also, stop calling him Dumbo. It's just dumb.

Yeah, "Chimpy" works because GWB looks and ACTS like a chimp and everyone but you hates him with the heat of a thousand white hot suns. "Dumbo" is kind of a stretch because Obama's ears are not that big, he is a god-damned GENIUS compared to every other politician alive today, and people love him more than they loved Elvis.

HungryJoe

Republicans also sabotaged a hearing on torture.

Republicans: We love Big Oil AND Torture!

GreatTeacherMacRoss

The republicans are so cute now. They're all freaking out because their evil empire is about to crumble around them. I love listening to the feeble attacks an excuses they typical talking heads are using to try and go after Obama now, since they're all bogus or so far fetched no one with any brain would believe them.

He neocons, see the writing on the wall yet?

HungryJoe

Obama = Carter's second term.

You just parrot back the talking points, don't you?

HMTKSteve

Obama = Carter's second term.

You just parrot back the talking points, don't you?

Uh Joe, I hardly ever watch any cable news. I also work nights which stops me from watching most of the Fox News shows you think I might watch.

Rym

Yes, Carter did go against some of the Democrats in Congress in regards to "pork" however, I don't see Obama doing this. I see him expanding government.

Pork and expanding government are hardly the same thing. One involves representatives seeking boons for their constituents for re-election purposes, while the other is broad governmental policy. They're pretty-much unrelated.

Let's not forget the "Carter Doctrine" that said the US would not let any other foreign power gain control of the Persian Gulf.

If anyone is sparking fears of a foreign power controlling the Persian Gulf, it's the US...

HungryJoe

Obama = Carter's second term.

You just parrot back the talking points, don't you?

Uh Joe, I hardly ever watch any cable news. I also work nights which stops me from watching most of the Fox News shows you think I might watch.

It's pretty odd then, that you wrote exactly the same thing he said within hours of him saying it. I say you're shit-talking. In fact, I say you're lying. AGAIN.

HMTKSteve

Obama = Carter's second term.

You just parrot back the talking points, don't you?

Uh Joe, I hardly ever watch any cable news. I also work nights which stops me from watching most of the Fox News shows you think I might watch.

It's pretty odd, then, that you wrote exactly the same thing he said within hours of him saying it. I say you're shit-talking. In fact, I sat you're lying. AGAIN.

Of course Joe, you must be right. Because two people would never ever have the same thought if one of them is on cable news.

lackofcheese

Well, independently coming up with the same thing as someone from cable news is a step above parrotting them...
Neither gets you any points, though.

HMTKSteve

Well, independently coming up with the same thing as someone from cable news is a step above parrotting them...
Neither gets you any points, though.

so, if anyone on here says something and then I find the same sentiment on a cable news channel I should just discount them as a parrot?

lackofcheese

I said it was a step above parrotting if it was of independent origin.

HMTKSteve

I said it was a step above parrotting if it was of independed origin.

How can you tell if it was independent?

Cremlian

American seeing the $4 a gallon: WTF!? That's outrageous! THIEVES!
European standing next to the American: Holy crap that's cheap, FILL 'ER UP!

European's mostly use diesel fuel, which has always been significantly cheaper then regular unleaded gas in Europe. However, recently the price of diesel has gone up significantly and many people in Europe are complaining.

HungryJoe

I said it was a step above parrotting if it was of independed origin.

How can you tell if it was independent?

I can tell because I know you and I know your character. I have no doubt whatsoever that you did not come up with this little talking point independently.