Democrats' plan: End Big Oil's tax breaks to ease deficit

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  • Pagan Salt Lake City, UT
    May 9, 2011 3:42 p.m.

    'You have to live in a cave without any modern appliances and any of the above mentioned, all made by "evil" corporations!' - Mountanman | 2:04 p.m.

    Wow. Making up an entire scenerio instead of presenting facts.

    That's a cry for help.

    The article was about Big Oil.

    Medication, clothing, all of these you injected into the story.

    So, let's take a LOOK at how 'bad' Big Oil has been hit recently:

    *'91,000 Gulf oil spill claims, just 1 final payment' - By Brian Skoloff - AP - 01/31/11
    'OCEAN SPRINGS, Miss. BP's compensation fund for Gulf oil spill victims has issued a final settlement payment to just one of the thousands of people and businesses waiting for checks....'

    *'Shell makes $8.78 billion profit in Q1' - By Toby Sterling - AP - Published by DSNews - 04/28/11

    $8.7 billion.

    And we need to give Big Oil Tax Breaks?

    What, if any, logic supports that?


  • xscribe Colorado Springs, CO
    May 9, 2011 3:37 p.m.

    @The Rock: How in the heck did people survive before oil came around?

  • Mountanman Hayden, ID
    May 9, 2011 2:04 p.m.

    Pagan: If you hate corporations so much, why not teach them a lesson! Don't buy anything a corporation produces! That means you can't drive or even ride in a car, use any medication, buy any clothes, buy any food or use any electricity or energy, unless you manufactor it yourself out of raw materials you obtain on your own! You have to live in a cave without any modern appliances and any of the above mentioned, all made by "evil" corporations!

  • Pagan Salt Lake City, UT
    May 9, 2011 11:40 a.m.

    End the tax breaks for mega-corporations.

    They do nothing to help you.

  • unaffiliated_person Saratoga Springs, UT
    May 9, 2011 9:15 a.m.

    My knee jerk reaction says end subsidies for most products. However, what are the tax breaks for "Big Oil" for? Is it Exploration and R&D? If so, please don't end them. If not, I say remove them.

  • Mountanman Hayden, ID
    May 9, 2011 7:29 a.m.

    Oil companies are heroes in my book! If you don't believe it, try producing your own gasoline! Drill your own oil wells, build your own refinery and produce your own gasoline and hundreds of other products the world relys on. And do all that with government regulations handcuffing you and making it every more impossible to do so! Produce a gallon of gasoline under $5.00, if you can!

  • Rifleman Salt Lake City, Utah
    May 9, 2011 6:22 a.m.

    Re: Mark B | 10:32 p.m. May 8, 2011

    There are four basic laws of 'Supply and Demand'. Those laws dictate that oil companies cannot gain complete control of gas prices ..... unless government meddles with those laws.

    If we want lower gas prices it could be accomplished by developing the vast oil reserves that are available here at home. Currently we are dependent upon foreign oil.

  • Hubble65 Sandy, UT
    May 8, 2011 11:09 p.m.

    Subsides to the oil companies is nothing but corporate socialism. Cutting the subsidies means that is money not being spent and thus reduces the Federal deficit. Oil companies after taxes make around 8% or more profit. Gas stations make two to five cents profit per gallon. Profit will vary by company with some making more. It's funny that though we talk of oil companies profits, both state and Federal taxes are right around the profit margin of the oil companies. In the end, capitalism should win out, the subsidies should end and if the price goes up, the opportunity exists for an innovator to find an alternative source of fuel to power our cars and other sources and make a killing. I say let capitalism drive the market and innovation. Perhaps then we can become less dependent on foreign sources of oil, not have to spend so much assisting these governments and thus lower our deficit yet again. To continue to supplement the oil companies is a form of socialism and must be stopped. If it raises cost perhaps consumers will want cheaper alternatives, and new or existing companies will make a huge profit by meeting the demand.

  • The Rock Federal Way, WA
    May 8, 2011 10:56 p.m.

    One left leaning company, GE made $5 Billion last year and paid no taxes. Why don't the Democrats complain about that?

    We don't have a shortage of energy in this country, we have a shortage of brains. Our society depends upon energy to produce and distribute food. Without it people will die.

    What man living on fertile land with hungry children would insist that vast fields go uncultivated and demand that they buy food at extreme prices from people that wanted to kill them?

    America has more oil than the middle east but the Democrats will not allow us to tap into it. Instead they insist that we pay $4 a gallon to people who may want us dead.

    How about a transition plan?
    1. Require that all cars sold in the USA be dual fuel ready (gasoline and CNG) so all we have to do to convert is bolt on a CHG fuel system.
    2. Offer incentives to gas stations to add CNG.

    People would then be able to transition away from oil.

    They are essentially cutting off food and offering nothing to replace it.

  • Mark B Eureka, CA
    May 8, 2011 10:32 p.m.

    If oil companies had complete control of gas prices, the price would NEVER go down, would it? It's not unfair for very profitable companies in any industry to have to pay their own expenses AND pay taxes on what they make in profits, instead of the current system, which allows them to

  • Rifleman Salt Lake City, Utah
    May 8, 2011 9:26 p.m.

    The Democrats are going to "divert the savings to offset the deficit"? Don't they first need to reduce the deficit spending? You just can't reduce the national debt by talking about it.

    When the oil companies lose their tax breaks who are they going to look at to offset that loss? That's right .... they will increase the cost of gas at the pumps.

  • Mountanman Hayden, ID
    May 8, 2011 8:55 p.m.

    More hypocrisy from the Democrats! Oil companies have a profit margin of about 2 cents/gallon of refined gasoline while the government (feds and state) taxes a gallon of gasoline anywhere from $.30 to $.60/gallon depending on the state. Taxing "big oil" will do almost nothing to ease the deficit but cutting govenment spending absolutely will! America doesn't have a taxing problem, we have a out of control government spending problem! The proof is our $14 trillion (and rising) national debt! Washington has to find a scapegoat for our deficit and "big oil" is their target to keep the heat off the real problem- big government!