Oil barons to ask Congress to continue subsidies and tax breaks

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Rex Tillerson, the chief executive of Exxon Mobil one of the five companies to appear before the Senate panel, will say at Thursday's hearing that the tax breaks are not special incentives for oil companies, but standard deductions applied across many businesses, including corn farmers, movie producers and coffee roasters.

"Frankly, to then deny a select few companies within the oil and gas industry this standard deduction is tantamount to job discrimination," Tillerson will say, according to a copy of his oral testimony obtained by Reuters.

ConocoPhillips, one of the five oil companies that will testify called the tax proposals "un-American" in a release, angering the bill's main sponsor, Senator Robert Menendez, who demanded the company apologize at Thursday's hearing.

Conoco said the proposal unfairly singles out the five biggest oil companies for additional taxes and would cost jobs and shrink government revenue.

Oil companies, on the defensive after raking in huge profits in their first quarter, also said consumers would pay more if they lose their drilling incentives.

"At a time when everyone is concerned over the cost of gasoline, Congress shouldn't do anything that could actually worsen the situation," said Jim Mulva, the ConocoPhillips chief executive.

http://www.reuters.com/article/2011/05/11/us-usa-bigoil-taxbreaks-idUSTRE74A80920110511



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[SIZE=-1]Based upon a $3.00 gallon of gasoline, the average break-down is as follows. [/SIZE]
[SIZE=-1]Gasoline Retailer $.01 cents per gallon
Oil Company $.08 cents per gallon
Refining $.29 cents per gallon
Marketing/Distribution $.32 cents per gallon
Taxes $.59 cents per gallon
Cost of crude $1.71 per gallon (delivered)[/SIZE]
[SIZE=-1]
[/SIZE]
[SIZE=-1]Who is gouging who? [/SIZE]
 
bravo said:
[SIZE=-1]Based upon a $3.00 gallon of gasoline, the average break-down is as follows. [/SIZE]
[SIZE=-1]Gasoline Retailer $.01 cents per gallon
Oil Company $.08 cents per gallon
Refining $.29 cents per gallon
Marketing/Distribution $.32 cents per gallon
Taxes $.59 cents per gallon
Cost of crude $1.71 per gallon (delivered)[/SIZE]
[SIZE=-1]
[/SIZE]
[SIZE=-1]Who is gouging who? [/SIZE]
Click to expand...

Yeah, that explains the big losses all the oil companies are suffering.
 
Yurt said:
why do they need subsidies and tax breaks when they are making billions?
Click to expand...


the tax breaks are not special incentives for oil companies, but standard deductions applied across many businesses, including corn farmers, movie producers and coffee roasters.

to then deny a select few companies within the oil and gas industry this standard deduction is tantamount to job discrimination

You miss the point.
How about we pass a law denying medicare and Soc. Sec. to lawyers....?
or maybe we deny those benefits to African Americans...?
or a select few others......?'''''''''''''''''''


You want to deny tax breaks for companys....include ALL companys....
 
Despite the deficit, we must continue those taxpayer subsidies to Exxon/Mobil, who only made a net profit of 10.9 billion last quarter. ​
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A whopping 40-60 cents per gallon typically is comprised of various taxes siphoned off by bloated government bureacracies that probably employ union workers. That's at least an outrageous 10% at current gas prices! ​
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How can you expect lobbyists to continue funding election campaigns on those margins?​
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It's because of the stubborn refusal of those pantywaist "environmentalist" sympathizers in Congress that prices are so high!​


In order to free ourselves from dependency of foreign oil, we must allow unlimited drill, baby drill and get rid of burdensome government regulations.​
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The industry can police itself, after all.​
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Because of the oppresive and tyrannical policies of Obama, none of the taxes paid by Exxon/Mobil go to the IRS, but have to be funnled to offshore subsidiaries located in the Bahamas, Bermuda and the Cayman Islands. ​
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Exxon/Mobil means jobs for people on the Gulf who can't fish or work in tourism anymore! They generate around 3.1 billion in payroll taxes and sales taxes. ​


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What's a spill or two, and some "wildlife" compared to these kinds of benefits?​
 
bravo said:
the tax breaks are not special incentives for oil companies, but standard deductions applied across many businesses, including corn farmers, movie producers and coffee roasters.

to then deny a select few companies within the oil and gas industry this standard deduction is tantamount to job discrimination

You miss the point.
How about we pass a law denying medicare and Soc. Sec. to lawyers....?
or maybe we deny those benefits to African Americans...?
or a select few others......?'''''''''''''''''''


You want to deny tax breaks for companys....include ALL companys....
Click to expand...

my mistake then...i thought these breaks and subsidies were solely for the oil companies...i did not realize they applied across the board. that said....end the subsidies then because they are no longer needed. most farming is by big ag corps and certainly oil companies do not need any subsidies.
 
Oilmen object to a proposal to scale back the industry's tax breaks.

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Chevron Chief Executive John Watson, sharing the hot seat with executives from Exxon Mobil, Shell, ConocoPhillips andBP America, told senators, "Don't punish our industry for doing its job well."​
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Previous efforts to scale back industry subsidies have been defeated in the face of heavy lobbying by the oil and gas industries, which spent more than $145 million and employed 798 lobbyists to influence lawmakers last year, according to the Center for Responsive Politics.​
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