Biden's war on oil continues
- Thread starter Matt Dillon
- Start date
Of the more than $45 billion in credits removed under Biden’s budget, the proposed repeal of the so-called “use of percentage depletion” with respect to oil and natural gas wells accounts for a whopping $13 billion, the largest slice. The credit enables independent producers to deduct 15% of their gross revenue from their oil and gas properties.
Two additional proposals — ending the practice of expensing intangible drilling costs and increasing the geological and geophysical amortization period for independent producers — will increase government revenue by more than $10 billion each over the next decade. The current tax code allows independent drillers to obtain deductions on costs related to exploration of a particular well over a 24-month period.
Two additional proposals — ending the practice of expensing intangible drilling costs and increasing the geological and geophysical amortization period for independent producers — will increase government revenue by more than $10 billion each over the next decade. The current tax code allows independent drillers to obtain deductions on costs related to exploration of a particular well over a 24-month period.
Are you aware of how much big oil has earned over the last 10 years?Now Biden is trying to remove gas & oil exploration subsidies at a time when the cost of gas is the highest it's ever been.
"President Joe Biden’s budget proposes to scrap more than $45 billion in fossil fuel subsidies, his administration’s latest attack on the beleaguered industry.
The White House budget will remove more than a dozen fossil fuel industry tax credits, increasing the federal government’s revenue by an estimated $45.2 billion between 2023-2032, according to the proposal published Monday. The administration explained that the proposal was written to prevent further fossil fuel investment."
https://www.shorenewsnetwork.com/20...iden-calls-for-raising-taxes-on-oil-drillers/
Looks to me like Biden wants people to suffer more.
Think about that: They don't want any further investment in oil. None. In essence they want to cut it off. I wonder if they realize where plastic comes from?
I’m all for subsidizing the little guys, but Shell and all the rest of the big guys can take a hike.
on paper I guess but getting it from here to there is another story.
Matt Dillon
Semolina comes from wheat
I agree, there should be more competition. These new proposals squeeze out smaller producers even more.
Matt Dillon
Semolina comes from wheat
That's a valid point.
Ive seriously tuned them out. You can't fix stupid. This is utterly boneheaded.
Progressives are children and Biden is the kindergarten teacher
I'm done trying to reason with ideologs who think oil and gas are bad. Just beat them badly in Nov.
And 2024 to keep fucked up judges out of the courts as well. Brown is incompetent
America is being destroyed at astonishing speed.
this IS about the little guys.. read the OP
Of the more than $45 billion in credits removed under Biden’s budget, the proposed repeal of the so-called “use of percentage depletion” with respect to oil and natural gas wells accounts for a whopping $13 billion, the largest slice.
The credit enables independent producers to deduct 15% of their gross revenue from their oil and gas properties.
Two additional proposals — ending the practice of expensing intangible drilling costs and increasing the geological and geophysical amortization period for independent producers — will increase government revenue by more than $10 billion each over the next decade. The current tax code allows independent drillers to obtain deductions on costs related to exploration of a particular well over a 24-month period.
im just trying to get out with some skin still left on my back
I dont have any kids. I hate to see it all go under China's rule -but we did it to ourselves
I am just hoping to be dead before the shit gets really bad, but I dont believe in suicide.
In the meanwhile I do mitigate the damage in my life as best I can, I refuse to suffer from my abusers to the best of my ability.
yeah, came up the last time we created a dust up in UKR.
ships can only carry so much and there are only so many ships AND only so many ports that can accept fuels.
Production has gone up since he was elected.https://slate.com/news-and-politics/2022/03/dont-blame-biden-for-gas-prices.html Don't you feel foolish when you get caught in lies?
Matt Dillon
Semolina comes from wheat
I did my best to warn my kids, their willingness to listen has varied but I did my part. At some point they will get to "OH, this is what Dad was talking about".
Althea
Althea told me...........
Matt Dillon
Semolina comes from wheat
Yeah, fuck that. Government messes up everything it touches.
Althea
Althea told me...........
No, actually, it doesn't. Profit motive does
Matt Dillon
Semolina comes from wheat
Government picking and choosing winners after bribery does.