Joe Biden Threatens To Higher Taxes On Oil Companies If They Do Not Lower Gas Prices

[Polishprince]

Biden's idea to punish oil companies for selling gasoline is great for those who are nostalgic about the Carter Era gasoline lines.

Punish them with higher taxes, supply will go down.

Just like higher taxes on cigarette smoking has decimated that industry's production, higher taxes on oil and gasoline with decimate this industry.

Simple economics.

 

[CrusaderFrank]

I know that I'm just the woman with the special education here,.. but I must have missed something because how is this making any sense?

Biden threatens higher taxes on oil companies if they do not work to lower gas prices

www.cnbc.com

But we can send $100B to Ukraine by the snap of fingers. Interesting

 

[Polishprince]

What do you propose he do?

Reward the oil companies?

No , quit punishing the oil companies. Show some good will by the government to actually subsidize and encourage production. I doubt that the oil companies would invest their own money as long as the Bidenistas are in office and are in a position to pull the plug on them like they did with the pipeline and ANWR projects.

 

[rightwinger]

No , quit punishing the oil companies. Show some good will by the government to actually subsidize and encourage production. I doubt that the oil companies would invest their own money as long as the Bidenistas are in office and are in a position to pull the plug on them like they did with the pipeline and ANWR projects.

Production?
The oil companies have 9000 unused leases. Why should we subsidies companies that are recording record profits?

We should reward good behavior not profit gouging

 

[Polishprince]

Production?
The oil companies have 9000 unused leases. Why should we subsidies companies that are recording record profits?

We should reward good behavior not profit gouging

There is no "price gouging" here at all. Price gouging is excessive increases in the price of gasoline during a hurricane or other disaster. This is just an increase due to supply and demand.

As far as unused leases, the oil companies only see expense in using them at this time. Drilling costs a lot of money, and the Biden EPA is hell for cancelling projects after they are already started- like ANWR and Keystone.

No sense incurring expenses by starting projects that can't be seen through.

 

[Toddsterpatriot]

Oil companies are charging higher gas prices than the price of a barrel of oil warrants

Why should we continue to give them tax breaks?

Oil companies are charging higher gas prices than the price of a barrel of oil warrants

What is the "correct" price of gas? How do you know?

Why should we continue to give them tax breaks?

Which "tax breaks" should we take away?

 

[rightwinger]

What is the "correct" price of gas? How do you know?

We know from historical data what the price at the pump has been compared to the price of a barrel of oil.

There is no justification for the current price of gas

 

[Toddsterpatriot]

Production?
The oil companies have 9000 unused leases. Why should we subsidies companies that are recording record profits?

We should reward good behavior not profit gouging

The oil companies have 9000 unused leases.

That's awful! We should force them to drill.

Why should we subsidies companies that are recording record profits?

Which subsidy should we eliminate? Be specific.

 

[Toddsterpatriot]

We know from historical data what the price at the pump has been compared to the price of a barrel of oil.

There is no justification for the current price of gas

We know from historical data what the price at the pump has been compared to the price of a barrel of oil.

So it's a fixed ratio? Never changes? Neat. Can you show me?

 

[rightwinger]

Which "tax breaks" should we take away?

How Oil Companies Pay Such Low Taxes

Big oil corporations pay much lower taxes than other corporations; learn about tax exemptions and the option to defer.

www.investopedia.com

 

[Toddsterpatriot]

How Oil Companies Pay Such Low Taxes

Big oil corporations pay much lower taxes than other corporations; learn about tax exemptions and the option to defer.

www.investopedia.com

Thanks for the link.

Subsidies for Big Oil​

Large oil companies also receive subsidies in the form of tax credits and exemptions. One example is that oil companies can avoid paying taxes on expenditures associated with thhttps://www.crfb.org/blogs/tax-break-down-intangible-drilling-costse nebulous term “intangible drilling costs." This subsidy, which dates back to 1916, allows producers to deduct all expenses that are not directly linked to the final operation of an oil well.


Intangible drilling costs can encompass fruitless efforts to drill in new locations, as well as costs associated with new equipment or drilling infrastructure. Deducting all of these expenses lowers the amount of taxes to be paid.

How is deducting a business expense a subsidy?

 

[FA_Q2]

Biden is blowing smoke, he does not have the power to raise taxes.

Well, sure. But that really is not the point, is it. The point is that this 'blowing smoke' is monumentally moronic.

There is no sane way to take his comments as something that pertains to a logical thought.

 

[FA_Q2]

What do you propose he do?

Reward the oil companies?

Doing nothing would have a better impact on gas pricing than raising taxes.

Perhaps you can outline how increasing tax on fuel causes the price to decrease. We will wait.

 

[Moonglow]

I know that I'm just the woman with the special education here,.. but I must have missed something because how is this making any sense?

Biden threatens higher taxes on oil companies if they do not work to lower gas prices

www.cnbc.com

Good, fuck them like they fuck us.

 

[Auld Phart]

The government probably lol




Thanks it's just a really sad fact that I got more brains than our so called commander in chief.

you and

 

[Harpy Eagle]

Well, sure. But that really is not the point, is it. The point is that this 'blowing smoke' is monumentally moronic.

There is no sane way to take his comments as something that pertains to a logical thought.

Which puts him on par with every president this century.

 

[FA_Q2]

Good, fuck them like they fuck us.

Oh, tell us how that is going to fuck them and not fuck us.

It is always enlightening when the vitriolic hate shows up. For you, it is not about lowering prices, helping people or making things better. It is about 'fucking' the 'other,' in this case gas companies, so you feel like you get retribution for things that those people did not do to you.

They have an idiom this idiocy:

 

[FA_Q2]

Which puts him on par with every president this century.

Not really.

 

[rightwinger]

Doing nothing would have a better impact on gas pricing than raising taxes.

Perhaps you can outline how increasing tax on fuel causes the price to decrease. We will wait.

Easy

Those who are not gouging pay lower tax rate
Incentive

 

[Toddsterpatriot]

Easy

Those who are not gouging pay lower tax rate
Incentive

And when the "gougers" sell their product elsewhere, what happens to the price?