Mr. H.
Diamond Member
- Aug 19, 2009
- 44,179
- 9,873
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Oil Companies Reap Billions From Subsidies - NYTimes.com
When the Deepwater Horizon drilling platform set off the worst oil spill at sea in American history, it was flying the flag of the Marshall Islands. Registering there allowed the rig’s owner to significantly reduce its American taxes.
The owner, Transocean, moved its corporate headquarters from Houston to the Cayman Islands in 1999 and then to Switzerland in 2008, maneuvers that also helped it avoid taxes.
At the same time, BP was reaping sizable tax benefits from leasing the rig. According to a letter sent in June to the Senate Finance Committee, the company used a tax break for the oil industry to write off 70 percent of the rent for Deepwater Horizon — a deduction of more than $225,000 a day since the lease began.
The Washington Monthly
PUTTING OIL INDUSTRY SUBSIDIES ON THE TABLE.... Under the circumstances, it's tempting to think Congress wouldn't have too much trouble ending breaks for the oil industry -- energy giants have enjoyed remarkable generosity for quite a while.
[A]n examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process.
According to the most recent study by the Congressional Budget Office, released in 2005, capital investments like oil field leases and drilling equipment are taxed at an effective rate of 9 percent, significantly lower than the overall rate of 25 percent for businesses in general and lower than virtually any other industry.
And for many small and midsize oil companies, the tax on capital investments is so low that it is more than eliminated by various credits. These companies' returns on those investments are often higher after taxes than before.
"The flow of revenues to oil companies is like the gusher at the bottom of the Gulf of Mexico: heavy and constant," said Senator Robert Menendez, Democrat of New Jersey, who has worked alongside the Obama administration on a bill that would cut $20 billion in oil industry tax breaks over the next decade. "There is no reason for these corporations to shortchange the American taxpayer."
Jeff Merkley - United States Senator for Oregon: Home
Washington, D.C. U.S. Senator Jeff Merkley (D-OR) joined Senators Robert Menendez (D-NJ) and Bill Nelson (D-FL) today to announce legislation that will close a number of corporate tax loopholes that allow oil companies to avoid paying billions of dollars in taxes. The Close Big Oil Tax Loopholes Act targets a series of tax breaks related to drilling activities and revenues, as well as foreign tax schemes. Menendez estimates that closing these loopholes will amount to more than $20 billion over ten years for taxpayers.
More jobs lost!!!
Fucking brilliant game-plan, Barry O
$20 billion in subsidies for oil. Do the same for solar, and watch our economy expand.
Solar and wind, hunh?
Have they found a way to store the electricity generated for days it's not windy or sunny?
I got my wind generator up & running last Wednesday evening. Thursday July 8th it cranked out a bunch of power, charged up 12 big batteries & pumped power out to the grid. I was jumping for joy. That was the last time the wind blew. 5 days now & nothing. This is way to long between winds. I may get the solar power going in a few weeks to help balance out the power generation.
Wind mill farms are still recruiting for maintenance people.
At the same time, BP was reaping sizable tax benefits from leasing the rig. According to a letter sent in June to the Senate Finance Committee, the company used a tax break for the oil industry to write off 70 percent of the rent for Deepwater Horizon a deduction of more than $225,000 a day since the lease began.
Solar and wind, hunh?
Have they found a way to store the electricity generated for days it's not windy or sunny?
I got my wind generator up & running last Wednesday evening. Thursday July 8th it cranked out a bunch of power, charged up 12 big batteries & pumped power out to the grid. I was jumping for joy. That was the last time the wind blew. 5 days now & nothing. This is way to long between winds. I may get the solar power going in a few weeks to help balance out the power generation.
What is the out of pocket to set up the two redundant systems?
Based on your savings, what is the payback period?
What is the life of the two systems you are constructing?
What happens if the wind stops blowing at night?
Solar and wind, hunh?
Have they found a way to store the electricity generated for days it's not windy or sunny?
I got my wind generator up & running last Wednesday evening. Thursday July 8th it cranked out a bunch of power, charged up 12 big batteries & pumped power out to the grid. I was jumping for joy. That was the last time the wind blew. 5 days now & nothing. This is way to long between winds. I may get the solar power going in a few weeks to help balance out the power generation.