Subsidies for oil: another lib lie exposed

[Sallow]

First off, referring to an url that goes by warisacrime.org is an instant hit on your credibility, if you had any.
Second, that doesn't answer Dave's question: If the wars were subsidies to the oil companies then where is the extra oil? How come oil costs more now than it did before we started all of this?
I wont hold my breath for a coherent response.

Iraq War was not for cheap oil for Americans it was for big profits for transnational oil companies,

So the war was fought to increase oil supply, which lowers the price of oil, so that oil companies could reap huge obscene profits by selling their existing sources of oil for less money, right?

Geez, libs are bad at economics, math, and a bunch of other disciplines.

Why would you think any liberal would think that?

 

[Mr. H.]

No, I'm not lying.

But you are clearly a fool.

No one posting here, including you, believes I'm an idiot.

But thanks for making yourself look like one with tedious technical bogusness.

After 37 years producing hydrocarbons and employing depletion allowance as an ordinary and necessary method of depreciation, I'd hardly call my experience "bogus".

Fuck off.

The industry made it w/o the allowance before 1984. So, doing a little math we find that unlike me you might not know they did just fine before that. Or, maybe you're just another nutball cocksucker like yer pal rabbid.

Depletion as part of the tax code has been around since the early 1900's in one form or another...

http://web.mst.edu/~tien/270/270-depl.pdf

Here is the current IRS publication regarding depletion...

Publication 535 (2012), Business Expenses

You're spiraling down the stupid hole. Better bail and cut your losses.

Fuckwad, our company spans four generations in this industry. You are so blatantly screwed up it's comical.

 

[Mr. H.]

Furthermore, I was in the SHIT when oil went through numerous boom/bust cycles, before and after your perplexing 1984 date. Where the fuck were you?

Where were you in 1999 when oil was $10/barrel and gasoline retailed for $1.00/gallon. (before taxes, that's more like 60 cents) That's the time when industry was "making it" alright. Thousands of oil and gas companies went bankrupt, tens of thousands of industry workers lost their jobs, domestic production plummeted and imports rose.

You know absolute jack shit.

 

[The Rabbi]

Iraq War was not for cheap oil for Americans it was for big profits for transnational oil companies,

So the war was fought to increase oil supply, which lowers the price of oil, so that oil companies could reap huge obscene profits by selling their existing sources of oil for less money, right?

Geez, libs are bad at economics, math, and a bunch of other disciplines.

Why would you think any liberal would think that?

Because a liberal posted it here. Just a guess.

 

[The Rabbi]

Furthermore, I was in the SHIT when oil went through numerous boom/bust cycles, before and after your perplexing 1984 date. Where the fuck were you?

Where were you in 1999 when oil was $10/barrel and gasoline retailed for $1.00/gallon. (before taxes, that's more like 60 cents) That's the time when industry was "making it" alright. Thousands of oil and gas companies went bankrupt, tens of thousands of industry workers lost their jobs, domestic production plummeted and imports rose.

You know absolute jack shit.

And that's the last of DugdaleJokes. When confronted with facts libs go running for the exits.

 

[boilermaker55]

Hey, here is a novel thought. Maybe the idiots that were running the oil industry during that time period fucked it up. They could not or would not be insightful enough to change so the company might make a profit.
Jeez, just imagine. Holding those people accountable for the demise of their company.
But of course, it is always has and always will be the fault of someone else.
Typical money hungry responses.

Furthermore, I was in the SHIT when oil went through numerous boom/bust cycles, before and after your perplexing 1984 date. Where the fuck were you?

Where were you in 1999 when oil was $10/barrel and gasoline retailed for $1.00/gallon. (before taxes, that's more like 60 cents) That's the time when industry was "making it" alright. Thousands of oil and gas companies went bankrupt, tens of thousands of industry workers lost their jobs, domestic production plummeted and imports rose.

You know absolute jack shit.

 

[BillyV]

Oil depletion allowance?

Do fishermen get a fish-depletion allowance?

Do gold miners get a gold-ore depletion allowance?

The oil depletion allowance is the longest running WELFARE SYSTEM in us history.

Actually, yes, gold miners (and I believe all extractive industries) get a depletion allowance.

I'm not a depletion expert, but as I understand it, the allowance is based on amounts invested in the extraction enterprise that were not deductible at the time the funds were spent. In simple terms, if you buy a piece of land that otherwise would be worthless for $1,000,000 because you believe there is something valuable underneath, you should be able to take a percentage of that investment as a deduction while you are extracting the value that you paid for. If you were a retailer and bought a hundred items and sold ten, wouldn't you expect to be able to deduct the cost of those ten items against the amount you sold them for? In that same vein, if you bought the aforementioned land based upon estimates of 1 million barrels of oil and in the first year you pumped out and sold 100 thousand, shouldn't you be able to take as an expense 10% of your investment ($100,000) for the reduction of value that you have pulled out of your land? In any case, when you are finished extracting all the oil out of the land and sell it for next to nothing (which will be the value after you pump out all the oil), you will get a loss of $1 million which will then be deductible. So the depletion allowance just matches the income with the expenses; why make it out to be some evil plot?

 

[The Rabbi]

Oil depletion allowance?

Do fishermen get a fish-depletion allowance?

Do gold miners get a gold-ore depletion allowance?

The oil depletion allowance is the longest running WELFARE SYSTEM in us history.

Actually, yes, gold miners (and I believe all extractive industries) get a depletion allowance.

I'm not a depletion expert, but as I understand it, the allowance is based on amounts invested in the extraction enterprise that were not deductible at the time the funds were spent. In simple terms, if you buy a piece of land that otherwise would be worthless for $1,000,000 because you believe there is something valuable underneath, you should be able to take a percentage of that investment as a deduction while you are extracting the value that you paid for. If you were a retailer and bought a hundred items and sold ten, wouldn't you expect to be able to deduct the cost of those ten items against the amount you sold them for? In that same vein, if you bought the aforementioned land based upon estimates of 1 million barrels of oil and in the first year you pumped out and sold 100 thousand, shouldn't you be able to take as an expense 10% of your investment ($100,000) for the reduction of value that you have pulled out of your land? In any case, when you are finished extracting all the oil out of the land and sell it for next to nothing (which will be the value after you pump out all the oil), you will get a loss of $1 million which will then be deductible. So the depletion allowance just matches the income with the expenses; why make it out to be some evil plot?

How dare you inject facts, logic and sense. You'll make their heads explode.

 

[Mr. H.]

Hey, here is a novel thought. Maybe the idiots that were running the oil industry during that time period fucked it up. They could not or would not be insightful enough to change so the company might make a profit.
Jeez, just imagine. Holding those people accountable for the demise of their company.
But of course, it is always has and always will be the fault of someone else.
Typical money hungry responses.

Furthermore, I was in the SHIT when oil went through numerous boom/bust cycles, before and after your perplexing 1984 date. Where the fuck were you?

Where were you in 1999 when oil was $10/barrel and gasoline retailed for $1.00/gallon. (before taxes, that's more like 60 cents) That's the time when industry was "making it" alright. Thousands of oil and gas companies went bankrupt, tens of thousands of industry workers lost their jobs, domestic production plummeted and imports rose.

You know absolute jack shit.

As soon as I think I've seen the dumbfuckest post around here, here comes this.
You guys just keep on piling up the nonsensical bullshit.
God help us all.

 

[Mr. H.]

Hey, here is a novel thought. Maybe the idiots that were running the oil industry during that time period fucked it up. They could not or would not be insightful enough to change so the company might make a profit.
Jeez, just imagine. Holding those people accountable for the demise of their company.
But of course, it is always has and always will be the fault of someone else.
Typical money hungry responses.

Furthermore, I was in the SHIT when oil went through numerous boom/bust cycles, before and after your perplexing 1984 date. Where the fuck were you?

Where were you in 1999 when oil was $10/barrel and gasoline retailed for $1.00/gallon. (before taxes, that's more like 60 cents) That's the time when industry was "making it" alright. Thousands of oil and gas companies went bankrupt, tens of thousands of industry workers lost their jobs, domestic production plummeted and imports rose.

You know absolute jack shit.

I got to thinking about this post of yours, and my reply. I later thought "for sure this is sarcasm". So I checked out some of your other posts. You are a certified loony toon.

 

[Truthseeker420]

Yes they were producing oil. They were under embargo prior to the Iraq war so that presumably kept some or most of their oil off the market. Additionally they were not maintaining and improving their oil drilling and pumping so they were not producing up to capacity. With Saddam gone the way was cleared for Iraq to produce more oil and market it worldwide without restrictions. This of course increases supply of oil, generally driving down prices, other things being equal.
So you have failed even to provide some coherent account of whatever the fuck point you think you are making.

The point was Iraq war is an oil subsidy.

That's what every moron believes.

That's what every rational thinker believes...

 

[Truthseeker420]

Yes they were producing oil. They were under embargo prior to the Iraq war so that presumably kept some or most of their oil off the market. Additionally they were not maintaining and improving their oil drilling and pumping so they were not producing up to capacity. With Saddam gone the way was cleared for Iraq to produce more oil and market it worldwide without restrictions. This of course increases supply of oil, generally driving down prices, other things being equal.
So you have failed even to provide some coherent account of whatever the fuck point you think you are making.

The point was Iraq war is an oil subsidy.

Actually it was a subsidy to the consumer in keeping prices low. Pres Bush would appreciate a hand written thank you note from you.

low? it was almost $5 a gallon until the Busch economic crash.

 

[depotoo]

The biggest subsidies for the oil companies? The Iraq and Afghan wars.

Where's all the extra oil?? Should be easy for you to point out then.... I am sure you have all the correlating and corroborating facts to support your assumption

Exxon Group Wins Iraq Oil Contract
Exxon Group Wins Iraq Oil Contract | War Is A Crime .org

might check your sources, the first contracts as a free Iraq shut out US firms-
U.S. Companies Shut Out as Iraq Auctions Its Oil Fields - TIME

 

[depotoo]

The point was Iraq war is an oil subsidy.

Actually it was a subsidy to the consumer in keeping prices low. Pres Bush would appreciate a hand written thank you note from you.

low? it was almost $5 a gallon until the Busch economic crash.

once again you must be corrected -
Historical Gas Price Charts - GasBuddy.com Average&city2=&city3=&crude=n&tme=132&units=us

 

[Truthseeker420]

Actually it was a subsidy to the consumer in keeping prices low. Pres Bush would appreciate a hand written thank you note from you.

low? it was almost $5 a gallon until the Busch economic crash.

once again you must be corrected -
Historical Gas Price Charts - GasBuddy.com Average&city2=&city3=&crude=n&tme=132&units=us

once again you are wrong.
Historical Gas Price Charts - GasBuddy.com

 

[Truthseeker420]

Where's all the extra oil?? Should be easy for you to point out then.... I am sure you have all the correlating and corroborating facts to support your assumption

Exxon Group Wins Iraq Oil Contract
Exxon Group Wins Iraq Oil Contract | War Is A Crime .org

might check your sources, the first contracts as a free Iraq shut out US firms-
U.S. Companies Shut Out as Iraq Auctions Its Oil Fields - TIME

he auction’s outcome helped defuse criticism in the Arab world that the United States had invaded Iraq for its oil. “No one, even the United States, can steal the oil,” the Iraqi government spokesman, Ali al-Dabbagh, said at the time.

But American companies can, apparently, drill for the oil.

In fact, American drilling companies stand to make tens of billions of dollars from the new petroleum activity in Iraq long before any of the oil producers start seeing any returns on their investments.

Lukoil and many of the other international oil companies that won fields in the auction are now subcontracting mostly with the four largely American oil services companies that are global leaders in their field: Halliburton, Baker Hughes, Weatherford International and Schlumberger. Those four have won the largest portion of the subcontracts to drill for oil, build wells and refurbish old equipment.

“Iraq is a huge opportunity for contractors,” Alex Munton, a Middle East analyst for Wood Mackenzie, a research and consulting firm based in Edinburgh, said by telephone.

Mr. Munton estimated that about half of the $150 billion the international majors are expected to invest at Iraqi oil fields over the next decade would go to drilling subcontractors — most of it to the big four operators, which all have ties to the Texas oil industry.

http://www.nytimes.com/2011/06/17/business/energy-environment/17oil.html?pagewanted=all&_r=0

Not to mention Bush cronies are heavily invested in foreign oil.

 

[The Rabbi]

low? it was almost $5 a gallon until the Busch economic crash.

once again you must be corrected -
Historical Gas Price Charts - GasBuddy.com Average&city2=&city3=&crude=n&tme=132&units=us

once again you are wrong.
Historical Gas Price Charts - GasBuddy.com

Again, you are wrong. You can't read a chart any more than you can reason.

And Pres Bush is still waiting for his thank you note from you.

 

[depotoo]

low? it was almost $5 a gallon until the Busch economic crash.

once again you must be corrected -
Historical Gas Price Charts - GasBuddy.com Average&city2=&city3=&crude=n&tme=132&units=us

once again you are wrong.
Historical Gas Price Charts - GasBuddy.com

you need to learn to read a chart there, Truth...

 

[depotoo]

Exxon Group Wins Iraq Oil Contract
Exxon Group Wins Iraq Oil Contract | War Is A Crime .org

might check your sources, the first contracts as a free Iraq shut out US firms-
U.S. Companies Shut Out as Iraq Auctions Its Oil Fields - TIME

he auction’s outcome helped defuse criticism in the Arab world that the United States had invaded Iraq for its oil. “No one, even the United States, can steal the oil,” the Iraqi government spokesman, Ali al-Dabbagh, said at the time.

But American companies can, apparently, drill for the oil.

In fact, American drilling companies stand to make tens of billions of dollars from the new petroleum activity in Iraq long before any of the oil producers start seeing any returns on their investments.

Lukoil and many of the other international oil companies that won fields in the auction are now subcontracting mostly with the four largely American oil services companies that are global leaders in their field: Halliburton, Baker Hughes, Weatherford International and Schlumberger. Those four have won the largest portion of the subcontracts to drill for oil, build wells and refurbish old equipment.

“Iraq is a huge opportunity for contractors,” Alex Munton, a Middle East analyst for Wood Mackenzie, a research and consulting firm based in Edinburgh, said by telephone.

Mr. Munton estimated that about half of the $150 billion the international majors are expected to invest at Iraqi oil fields over the next decade would go to drilling subcontractors — most of it to the big four operators, which all have ties to the Texas oil industry.

http://www.nytimes.com/2011/06/17/business/energy-environment/17oil.html?pagewanted=all&_r=0

Not to mention Bush cronies are heavily invested in foreign oil.

moving the goal post are ya? Pretty good at that, you are.

 

[bripat9643]

The point was Iraq war is an oil subsidy.

That's what every moron believes.

That's what every rational thinker believes...

Dead wrong. If you believe the Iraq war was a subsidy to oil companies, you're a fucking moron. The oil companies would have been better off if we never invaded Iraq.