REAL WORLD EVENT DISCUSSIONS

Obama supported tax breaks for oil companys in 2005

POSTED BY: WHOZIT
UPDATED: Friday, March 30, 2012 08:53
SHORT URL:
VIEWED: 1149
PAGE 1 of 1

Thursday, March 29, 2012 11:44 AM

WHOZIT

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Thursday, March 29, 2012 12:36 PM

NEWOLDBROWNCOAT


How 'bout it's 7 years later, the situation has changed, and he's changed his mind?

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Thursday, March 29, 2012 12:40 PM

WHOZIT


Quote:

Originally posted by NewOldBrownCoat:
How 'bout it's 7 years later, the situation has changed, and he's changed his mind?



Or he needs a villian and doesn't want to be blamed for high gas prices for Bush was....and he's a douche?

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Friday, March 30, 2012 2:57 AM

GEEZER

Keep the Shiny side up


Quote:

Originally posted by NewOldBrownCoat:
How 'bout it's 7 years later, the situation has changed, and he's changed his mind?



Looks like oil company profits were about the same in 2005 as at present, so that part of the situation hasn't changed much in 7 years.


NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Friday, March 30, 2012 3:01 AM

M52NICKERSON

DALEK!


Quote:

Originally posted by Geezer:
Quote:

Originally posted by NewOldBrownCoat:
How 'bout it's 7 years later, the situation has changed, and he's changed his mind?



Looks like oil company profits were about the same in 2005 as at present, so that part of the situation hasn't changed much in 7 years.




The profits may not have changed, the the overall situation has. No one should want a President that is so locked into ideas they are incabable of change.

I do not fear God, I fear the ignorance of man.

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Friday, March 30, 2012 3:24 AM

AURAPTOR

America loves a winner!


Quote:

Originally posted by NewOldBrownCoat:
How 'bout it's 7 years later, the situation has changed, and he's changed his mind?



So, this concept only works for Obama ? And if Dick Cheney, some 10 years ago, said "deficits don't matter ", in reference to the general economic landscape of the time, then that's the mind set we should carry forward, for all eternity? But when it comes to tax policy for big oil, well, we have to assess the situation, and not worry about what we said before being elected into office, huh?

Do you not see a disconnect ?

" AU, that was great, LOL!! " - Chrisisall

"The world is a dangerous place. Not because of the people who are evil; but because of the people who don't do anything about it." - Albert Einstein


NOTIFY: N   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Friday, March 30, 2012 3:31 AM

M52NICKERSON

DALEK!


Quote:

Originally posted by AURaptor:
So, this concept only works for Obama ? And if Dick Cheney, some 10 years ago, said "deficits don't matter ", in reference to the general economic landscape of the time, then that's the mind set we should carry forward, for all eternity? But when it comes to tax policy for big oil, well, we have to assess the situation, and not worry about what we said before being elected into office, huh? it.



No disconnect. Cheney did change his mind, but of course that problem is that Cheney said deficits don't matter at a time when economy was strong and cutting back funding would not have hurt. Also that comment is brought up when the Right starts throwing around comments such as "tax and spend Liberals" to show that the deficit problem was not just caused by the left.

I do not fear God, I fear the ignorance of man.

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Friday, March 30, 2012 6:15 AM

JONGSSTRAW


Not a great week for the Prez. His oil bill failed, Obamaconcare gone soon, and ....








NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Friday, March 30, 2012 7:19 AM

NEWOLDBROWNCOAT


Quote:

Originally posted by Geezer:
Quote:

Originally posted by NewOldBrownCoat:
How 'bout it's 7 years later, the situation has changed, and he's changed his mind?



Looks like oil company profits were about the same in 2005 as at present, so that part of the situation hasn't changed much in 7 years.




How 'bout that the graph doesn't show that, since it cuts off in 2011, not 2012?

How 'bout that oil company profits isn't the ONLY part of the situation, that other factors might influence someone to decide that the OVERALL situation has changed?

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Friday, March 30, 2012 8:00 AM

STORYMARK


Quote:

Originally posted by NewOldBrownCoat:
How 'bout it's 7 years later, the situation has changed, and he's changed his mind?



You're expecting Zitboy to process thoughts that complex? Good luck.

Spoon!

NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

Friday, March 30, 2012 8:53 AM

NIKI2

Gettin' old, but still a hippie at heart...


Let's put some facts together with that graph:
Quote:

General economic theory holds that companies will produce more of a good if its price is higher, or if it receives subsidies. Funny that these rules didn’t seem to apply to Big Oil in 2011, when the highest oil price since 1864 and $2 billion in subsidies to the five largest oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell—yielded lower oil production than in 2010. But these five oil companies combined made a record-high $137 billion in profits in 2011—up 75 percent from 2010—and have made more than $1 trillion in profits from 2001 through 2011. This exceeds the previous record of $136 billion in profits in 2008.

Here are some more highlights from the big five’s activities in 2011:

• They produced 4 percent less oil and “oil equivalent” in 2011 compared to 2010.
• They spent a total of $38 billion, or 28 percent, of their profits to repurchase their own stock.
• They are sitting on more than $58 billion in cash reserves as of the end of 2011.
• They spent $1.6 million on campaign contributions and $65.7 million on lobbying efforts.

For every $1 spent on lobbying in Washington, the big five received $30 worth of tax breaks. http://thinkprogress.org/romm/2012/02/08/421061/big-oil-higher-prices-
record-profits-less-oil
/

And how about another little graph?
Quote:

In fact, a CAP analysis of company Security and Exchange Commission filings determined that the three largest American oil companies—Chevron, ConocoPhillips, and ExxonMobil—had $27 billion in cash or equivalent assets as of midyear 2011.

BP and Shell, the two largest foreign oil companies that operate in the United States, had combined cash reserves of nearly $32 billion at the end of last year (the latest data available). Added together, these five companies are sitting on cash resources of $59 billion, which is 30 times more than the estimated $2 billion in annual tax breaks that these companies receive.

A CAP assessment determined that these companies made more than $900 billion in profit from 2001 to 2010. High oil prices this year earned them a whopping $67 billion in six months. These funds come from the pockets of American drivers forced to pay up to $4 per gallon for gasoline.

At this rate, Big Oil could easily exceed $100 billion in profits for 2011. Why can’t these companies afford to forgo $2 billion annually in taxpayers’ money? http://www.americanprogress.org/issues/2011/09/big_oil_cash.html anyone who can drag their mind out from behind partisan blinders, it's pretty obvious they're swimming in dough; the subsidies have achieved their goal; and it's time for them to loosen their death grip on every penny they can grasp!

For those who can't, of course, it's just Obama looking for "a villain"...




NOTIFY: Y   |  REPLY  |  REPLY WITH QUOTE  |  TOP  |  HOME  

YOUR OPTIONS

NEW POSTS TODAY

USERPOST DATE

OTHER TOPICS

DISCUSSIONS
The Honeymoon is Over
Wed, November 6, 2024 10:06 - 328 posts
Bill Gates puts own sperm in vaccine to turn world into his devil spawn
Wed, November 6, 2024 09:54 - 12 posts
FLEE CALIFORNIA!
Wed, November 6, 2024 09:47 - 151 posts
From the Desk of Donald J Trump
Wed, November 6, 2024 08:43 - 218 posts
Mar-A-Lago in Palm Beach, Florida, Safe Busted, the Trump home is currently under siege, raided.
Wed, November 6, 2024 08:38 - 17 posts
A thread for Democrats Only
Wed, November 6, 2024 08:33 - 6921 posts
Elections; 2024
Wed, November 6, 2024 08:04 - 4604 posts
The Olive Branch (Or... a proposed Reboot)
Wed, November 6, 2024 07:43 - 2 posts
The predictions thread
Wed, November 6, 2024 06:29 - 1185 posts
Russia Invades Ukraine. Again
Wed, November 6, 2024 05:32 - 7426 posts
Petition: Take the Keys of the White House away from Allan Lichtman
Wed, November 6, 2024 05:31 - 4 posts
Top Celebrity Meltdowns...and does the Media have some Leftwing Neo-Liberal Bias?
Wed, November 6, 2024 04:42 - 3 posts

FFF.NET SOCIAL