Senate Republicans block windfall profits tax on oil companies

Topspin said:
Mottley what would you legislate is our limit. Who's next big Pharma, then Walmart. How about google limit what they can charge for adds?
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yep the big pharma issue needs to be addressed.


Google, no it is not a lifes necessity kind of thing.

food, energy, medical care are essientials of life.
 
uscitizen said:
yep the big pharma issue needs to be addressed.


Google, no it is not a lifes necessity kind of thing.
wow that's a gem
food, energy, medical care are essientials of life.
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so tax them, regulate how much one can profit from them thereby reducing supply. BRILLIANT:pke:
 
Topspin said:
Mottley what would you legislate is our limit. Who's next big Pharma, then Walmart. How about google limit what they can charge for adds?
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What are you talking about Topper? I'm saying that the $0.0.8/gal profits for oil companies is bull shit.

The oil companies are making record profits. There just not making it at the quickie mart gas station.

first they either produce crude oil domestically or import and sell it to refineries for a profit. Then, the oil companies, who own the refineries, refine only about 45% of the crude into liquid products, i.e. gasoline, diesel, heating oil. They sell those at a profit to the gas stations. They also refine the light fractions into aliphatic solvents, such as heptane, propane, pet ether and aromitic sovents such as xylene, toluene, benzene, ethylbenzene, etc. These are sold to industry at significant mark ups. They then refine the heavy fractions into products used in the materials industries, resins, thermoplastics, polymers, etc, again at significant mark ups. All these commodities are then formulated into finished products and distributed to customers again at significant markups.

So gasoline, diesel and heating oil only represents about 45% of refineries gross production by volume. A substantial amount of money is made from the other 55% that are refined into more value added products with higher profit margins than gasoline.

So most of the oil companies profits come from the production and importation of crude oil, refining the crude oil into basic products, blending and reacting those products into finished value added prodcts and the distribution of both the basic products (gasoline) and finished products (resins, plastics, solvents, etc). These are substantially larger revenue and profit streams for oil companies then retail gasoline profits.

The profits they make at the gas pump, though significant, from the sales of gasoline are just one revenue stream of many. $0.08/gal profits....that's a laugh.
 
Topspin said:
so tax them, regulate how much one can profit from them thereby reducing supply. BRILLIANT:pke:
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they will settle for less profit or some other oil company around the world will.

That is another aspect of competition in a regulated industry.

they settled for far less profit for how many years there topper ?
 
uscitizen said:
Big oil will get more and more unpopular with the masses.
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They will as long as they are portrayed as some kind of criminal enterprise. If Obama wants to take away profits from Oil Companies, all they are going to do is to harm everyone else. A windfall profits tax will only be added at the pump. It will also harm anyone that has a 401K retirement plan that has invested in Oil Company.

Something that has not been mentioned is Oxidental Oil. How much is Al Gore making as a stock holder in "Big Oil"?
 
PorterM said:
They will as long as they are portrayed as some kind of criminal enterprise. If Obama wants to take away profits from Oil Companies, all they are going to do is to harm everyone else. A windfall profits tax will only be added at the pump. It will also harm anyone that has a 401K retirement plan that has invested in Oil Company.

Something that has not been mentioned is Oxidental Oil. How much is Al Gore making as a stock holder in "Big Oil"?
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Who cares what Al Gore is doing?
 
A time when they're getting record profits, we're also throwing money at them. It's the fucking twilight zone.
 
ib1yysguy said:
A time when they're getting record profits, we're also throwing money at them. It's the fucking twilight zone.
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What do you mean "we're also throwing money at them." Are you talking about tax cuts or anyone that uses gasoline, diesel, or jet fuel in their daily life?
 
PorterM said:
What do you mean "we're also throwing money at them." Are you talking about tax cuts or anyone that uses gasoline, diesel, or jet fuel in their daily life?
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The stork drops bundles of money off at their door, dispatched from the minority whip's office.
 
Darla said:
Yeah, I already posted all off the real figures on that, in another thread. They in fact do have a higher profit margin than the S & P 500 average, and for instance, BP's profits were up 63% so sell your story to the cuban girls, ok?
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Yeah and you sell your shit to every overly sensative woman that thinks anytime a man and a woman have sex the woman is somehow a victim when they are not economically equal. Lovely come back.
 
Mottleydude said:
In fact, I'd go so far as to say that anyone who thinks that the oil companies are only making $0.8/gal profits aren't doing their homework.
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Profits reflect the size of an industry, and the oil industry is HUGE! From 2003 to 2007, average earnings for the oil and natural gas industry were approximately 8.1 cents for every dollar of sales, which was only a penny above the average of all U.S. manufacturing industries.

In fact, in 2007, the oil and natural gas industry earned 8.3 cents for every dollar of sales compared to 7.3 cents for all U.S. manufacturing. When you take out the financially challenged auto industry, U.S. manufacturing came out slightly ahead of oil and gas, earning 8.9 cents for every dollar of sales.

http://www.wnd.com/index.php?pageId=63638

http://www.jewishworldreview.com/jeff/jacoby.php3

And this PDF file which not only shows profits per every dollar of sales for BIG OIL but also shows them for many other industries.

www.api.org/statistics/earnings/upload/earnings_perspective.pdf

A great deal of oils profits don't come from gasoline sales, which is where all of you that want to punish BIG OIL think the profits are coming from.
 
Little-Acorn said:
Looks like the Democrats will once again fail to cut our noses off to spite our faces.

Had the tax hike on oil companies passed, oil companies would have simply passed the costs on to their customers (you and me), thus raising the price of gasoline even higher. Oil companies don't have money trees. Where else did the Democrats expect them to get the extra money to pay for this new tax?

OTOH, if Democrats actually want oil prices to go DOWN as they claim, they could cut, say, the peresent Federal tax of $0.18/gallon on gasoline. Then the amount we pay for gas would go down.. along with the amount we pay for foodstuffs transported by truck or train, furniture made with power tools, anything containing vinyl plastic (made from petroleum), and lots of other things whose prices have been going up.

How about it, Dems? Do you actually want to HELP?

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http://www.newsmax.com/newsfront/Republicans_Tax_oil/2008/06/10/103266.html

Republicans Block Extra Taxes on Oil Companies

Tuesday, June 10, 2008 12:55 PM

WASHINGTON - 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.

The Democratic energy package would have imposed a tax on any "unreasonable" profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill's supporters argue has added to the crude oil price surge.

"Americans are furious about what's going on," declared Sen. Byron Dorgan, D-N.D., and want Congress to do something about oil company profits and "an orgy of speculation" on oil markets.

But Republicans argued the Democratic proposal focusing on new oil industry taxes is not the answer to the country's energy problems.

"The American people are clamoring for relief at the pump," said Sen. Pete Domenici, R-N.M., but if taxes are increased on the oil companies "they will get exactly what they don't want. The bill will raise taxes, increase imports."

The Democrats failed, 51-43, to get the 60 votes needed to overcome a GOP filibuster and bring the energy package up for consideration.
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Just what I was thinking.

Abolish the filibuster so that the Republicans can no longer forcibly and undemocratically obstruct and ruin America from the minority.
 
No way republicans rule on energy.
Look at Dhula, that tool doesn't know what a profit margin even is.
 
Darla said:
Yeah, I already posted all off the real figures on that, in another thread. They in fact do have a higher profit margin than the S & P 500 average, and for instance, BP's profits were up 63% so sell your story to the cuban girls, ok?
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So walk instead of giving them your money. It's not you get anything from using gas anyway.
 
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