Should US oil cpompanies who sell their oil outside of the US lose their subsidies?

[Dayton3]

US oil companies receive hundreds of billion of dollars every year in subsidies.

Please provide evidence from unbiased sources.

 

[dblack]

We always hear from the right that US oil can lower gas prices, but the truth is that the vast majority of US oil is sold to other countries, because the oil companies can make more money exporting it than selling it domestically.

I think we should stop subsidizing any oil company that does not sell at least 51% of the oil they drill in the US. The American taxpayers shouldn't be forced to subsidize companies that only care about profit and don't care about helping their country.

We shouldn't be subsidizing oil companies. But government shouldn't be allowed to use such subsidies for arm-twisting, in any case.

 

[BlindBoo]

Please provide evidence from unbiased sources.

Fact Sheet | Fossil Fuel Subsidies: A Closer Look at Tax Breaks and Societal Costs (2019) | White Papers | EESI

www.eesi.org

Not sure the publication is unbias but the list of subsidies seems accurate.

 

[there4eyeM]

.

At the average of 377 gallons of Motor Fuel a day at $4.00 a gallon ($1.51 billion)
And 166 million gallons of Aviation Fuel a day at $4.80 a gallon ($796.8 million)

The Oil Companies sell us $2.31 billion a day in fuel alone.
Not to mention they get it from the ground, through the refinery and in a gas station in your neighborhood.

That's just fuel and the numbers you see will look huge because we use a lot of damn oil ...

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So, you are aware that, by their own statements, Exxon made over $23 billion net last year.

 

[BlackSand]

So, you are aware that, by their own statements, Exxon made over $23 billion net last year.

.

Yes ... As I expected they would, profited myself, as did a lot of other Americans.
A lot of Americans don't have a clue how much they have invested in oil companies, and it cracks me up ...

.​

 

[excalibur]

Oil company profits are chump change. $1,700 BILLION the amount Dems have vampire sucked from students trying to get a college degree.

And now want taxpayers to foot the bill while still urging student loans on people.

 

[excalibur]

The Keystone pipeline still does operate under those rules. For some reason morons have been sold the nonsense the XL is the only pipeline out there ...

Who has claimed the Keystone XL is the only pipeline out there? We'll wait.

Or, maybe that is the voices in your head saying that?

 

[BluesLegend]

Biden vowed to END FOSSIL FUELS so subsidies no longer matter.

 

[Tampa_Bay]

I repeat (without the typos):

Problems with oil cause the entire economy to go haywire and prices of EVERYTHING to skyrocket. Hurting oil companies would starve poor people in the long run.

The BEST thing to do with oil and gas companies is to let them do their thing, drill and produce, and all will be fine. The result will be jobs, energy exports, a booming economy because of cheap gas and energy prices.

And THEN we can entertain some of your ideas of letting one of them fail as long as we are allowing the others to take up the slack.

 

[DudleySmith]

I acknowledge you're a self-righteous Cretin who knows about 1/100 of what he thinks he knows.

Says a poster who thinks basic common sense is some sort of 'exotic intellectual exercise' or something.

 

[BluesLegend]

So, you are aware that, by their own statements, Exxon made over $23 billion net last year.

$23 billion you say. Dems have raked in $1,700 billion scamming students on student loans, plus interest.

 

[Ray From Cleveland]

I have yet to see anything like the massive production cuts in 2020 under Trump happen during Biden.

Yeah, that damn Trump!

 

[Ray From Cleveland]

If you he oil is drilled HERE and we need more oil, then exports should be decreased dramatically. After all it's OUR oil, not the oil companies oil.

Actually it's property owners oil. Most of our oil comes from private land. The landowner sells his or her oil to oil companies. The only oil that's actually "ours" is oil drilled on public land.

 

[Ray From Cleveland]

Who said anything about them sourcing it from oversees. I am talking about oil drilled in the US. Almost all of it is exported. If more of it was sold in the US, it could help lower gas prices. But the companies choose to export because they can make more money selling it oversees than domestically. And if they make that choice, they shouldn't receive tax subsidies.

It depends on what you consider subsidies. I consider subsidies when government gives money away like in electric cars and solar panels. Apparently you think subsidies is taking less tax money from them. I disagree.

Oil is a global market, not a domestic one. Prices are set in the commodities market. When oil producers flood the world market, prices drop and oil companies make less money. When the market is not flooded with oil, the price increases and oil companies make a greater profit. It all balances out for oil companies. The truth of the matter is even when we became energy independent, we were selling and buying oil with other countries.

The commodities market was created to stabilize prices. Sometimes it's more expensive and sometimes less expensive. Without the market dictating prices, oil producers could charge whatever they want, and we'd be paying twice as much or more for gasoline than we are today,

 

[there4eyeM]

$23 billion you say. Dems have raked in $1,700 billion scamming students on student loans, plus interest.

Exxon says, not I. What the "Dems" say or do is something else and has nothing to do with me. Companies having so much economic and, by consequence, political power is obviously dangerous to any nation.

 

[Moonglow]

Actually it's property owners oil. Most of our oil comes from private land. The landowner sells his or her oil to oil companies. The only oil that's actually "ours" is oil drilled on public land.

25 percent of our oil is from govt lands.

 

[DudleySmith]

Actually it's property owners oil. Most of our oil comes from private land. The landowner sells his or her oil to oil companies. The only oil that's actually "ours" is oil drilled on public land.

So

Yeah, that damn Trump!

View attachment 634422

So you think a drop of less than a million bls raised prices nearly 100%? lol that's ridiculous.

 

[DudleySmith]

Actually it's property owners oil. Most of our oil comes from private land. The landowner sells his or her oil to oil companies. The only oil that's actually "ours" is oil drilled on public land.

So that contradicts what the Town Hall parrots say, that Biden's not selling new leases on govt. land caused all the problems.

This is why GOP shills have a hard time beating left wing loons; they can't get their own propaganda straight or even consistent.

Just because the prices bid for Brent Sea crude go up is no reason to let global pirates plunder the American public, especially when these companies openly admit they're deliberately not re-investing in new drilling in order to pay out large dividends, even the three largest frackers have said it. The last thing oil companies want is lower prices.

 

[surada]

The quantity of profit. Are you trying to confuse things?

Do you think if they produce more oil they should learn less?

 

[surada]

We shouldn't be subsidizing oil companies. But government shouldn't be allowed to use such subsidies for arm-twisting, in any case.

His opinion is based on an error. The US doesn't export much oil.