More Thoughts On Oil

The article that was posted on the Chronicle has been deleted. I don't know if that means this wasn't added to the bill or they got tired of the thousands of comments from articulate posters saying, "raise taxes on oil mean raising taxes on the pumps!"

Really, I assume it went through and will post my comments below.

"The oil companies may not be able to duck a final punch from Capitol Hill.

Before approving a massive financial bailout package Wednesday, the Senate attached language that would hit the oil and gas companies up for higher taxes to help fund tax credits for renewable energy and other tax breaks.

The House is expected to take up the measure Friday.

The legislation would freeze the tax deduction oil and gas companies receive for their domestic manufacturing operations at 6 percent, while other American manufacturers will see that deduction rise to 9 percent in 2010.

That provision will raise $4.9 billion over 10 years.

The legislation would raise another $2.2 billion by tightening the rules applying to oil and gas companies' taxes on income earned overseas.

And the new measure would raise $1.7 billion by increasing what producers must pay to the Oil Spill Liability Trust Fund from 5 cents per barrel to 8 cents per barrel starting in 2009 and then 9 cents a barrel in 2017."

Ok, why when we are complaining about gas prices the govt answer is to decrease the tax breaks of the corporations that drill here? They'll just stop drilling, they really are only drilling as a courtesy since North America is basically a mature land. The tar sands in Canada and shale in the midwest is just a hope, not a guarantee. If it costs more to drill, and the profit goes away, don't you think the companies will go away?

If you are reading this and really think the oil companies are responsible for the price at the pump, than get the hell off my blog now. You are too ignorant for me to respond to. (Ok, I'll give you this even though you won't believe me, most oil companies are divesting from gas stations because they are unprofitable. They are mostly independently owned).

Why is Microsoft and Harley Davidson and Ford and GM getting government money? The consumer is uneducated and stupid if they don't know what is going on. OINK OINK OINK.