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Obama to Congress: Kill oil industry’s tax breaks

Posted: March 17, 2012 - 8:25am

WASHINGTON (AP) — Pump prices on his mind, President Barack Obama says Congress should kill tax breaks for the oil and gas industry and help develop alternative sources of energy.

Obama said Saturday in his weekly radio and Internet address that he expected Congress to consider in the next few weeks ending $4 billion in tax subsidies, a move he has failed to persuade lawmakers to make during his term. He said the vote would put them on record on whether they “stand up for oil companies” or “stand up for the American people.”

“They can either place their bets on a fossil fuel from the last century or they can place their bets on America’s future,” Obama said.

Industry officials and many Republicans in Congress contend that cutting the tax breaks would lead to higher fuel prices, raising costs on oil companies and affecting their investments in exploration and production. The measure is considered a long shot, given that Obama couldn’t end the subsidies when Democrats controlled Congress earlier in his term.

Republican presidential candidates have accused Obama of delaying drilling for oil in the Gulf of Mexico and in a national wildlife refuge in Alaska and faulted him for not advancing the Keystone XL oil pipeline from Canada to Texas Gulf Coast refineries. They have also criticized policies pursued by the Environmental Protection Agency as inhibiting energy development.

Obama said there is no quick fix to high gas prices, which climbed to $3.83 on Friday according to AAA, but he pushed back against critics who say he is opposed to more drilling. He said the U.S. is producing more oil than at any time in the past eight years and has quadrupled the number of operating oil rigs.

“If we’re truly going to make sure we’re not at the mercy of spikes in gas prices every year, the answer isn’t just to drill more — because we’re already drilling more,” Obama said. He said his administration was trying to develop wind and solar power, biofuels and usher in more fuel-efficient vehicles to make the nation less dependent on oil.

In the weekly Republican address, Rep. Cory Gardner, R-Colo., said his constituents have been hard hit by an increase in gasoline prices and were “fed up with the way the president is handling this issue, and rightfully so. The most forceful thing the president has done about high gas prices is try to explain that he’s against them.”

Gardner said the $800 billion stimulus spending sought by Obama promoted energy companies that went bankrupt, wasting taxpayer money.

“After spending money we don’t have on what won’t work — and overregulating what would — is it any wonder gas prices have more than doubled on the president’s watch? Make no mistake, high gas prices are a symptom of his failed ‘stimulus’ policies,” Gardner said.

Obama is expected to keep up a drumbeat on energy this week, traveling to four states over two days to push his administration’s “all of the above” energy strategy. The trip includes stops in Nevada, New Mexico, Oklahoma and Ohio.

 

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radiokenai
562
Points
radiokenai 03/17/12 - 01:59 pm
0
0
Excellent Move Barracky!
Unpublished

Perfect decision! That way you will triple gas prices with your hallucinogenic pipe dream that Greenpeace will fix our dependence on foreign oil.

By the time you are on the ballot this November, may your minimum waged or unemployed constituents be forced to crack out over $5.00 a gallon for gasoline; and will hopefully remember that sting when they pass over your name for re-election!

It is obvious the obama-mama administration is anti-American and wants to cripple our economy, our jobs and our livelihood. Go ahead and bow to your Saudi King!

May you and your evil regime be forever written into our history books as the worst President our nation has ever had, right beside Carter!

Norseman
3200
Points
Norseman 03/17/12 - 04:27 pm
6
2
Giving tax subsidies to the

Giving tax subsidies to the richest corporations in the world is beyond ridiculous.

Nothing sadder than to see the outgoing CEO of Exxon receive a $400,000,000 bonus and they have the balls to tell Alaskans they cannot afford to do business here because of out tax structure. Makes me wanna puke.

Lets take that 4 BILLION in oil subsidies and put it to work subsidizing Solar, Wind, Tidal, Geothermal, and other forms of RENEWABLE energy for American companies who do their business here with all Americans in their workforce.

KMarx
177
Points
KMarx 03/17/12 - 05:10 pm
3
7
I have a better idea

How about our President try and divide the American people through inciting class warfare in an attempt to divert attention from his failed economic, foreign, and energy policies?

Nah, that would be too obvious.

bob99507
361
Points
bob99507 03/17/12 - 06:40 pm
2
4
GE

Norseman it was Jack Welch the CEO of Obama's favorite company General Electric,who's severance pay was $417,000,000.We do need to work on renewable energy but it is years off, so by Obama wanting take tax write-offs away from a single industry how is that going to help? If you think that will drop the price of gas at the pump I have a bridge for sale. Oh yeah lets give GE some tax breaks so they can develope Solar,wind etc. Oh wait they don't pay any taxes

Mariner
148
Points
Mariner 03/17/12 - 09:36 pm
7
0
Tax Subsidies...

Bob99507....Seems like your facts are a bit off....Jack Welch retired from GE in 2001....George W. Bush's administration NOT the OBAMA administration.

Would you like to recognize the U.S. is currently exporting more refined gasoline than ever before yet you call for more exploration to bring the price of our fuel down?

How about enforcing the Dodd-Frank portion of the Commodity Exchange division that would significantly limit the speculators driving up the price of crude? They have no intention of taking on any crude. The commodity futures market is not designed for speculators and all investors who have NO intention of using products....wheat, pork bellies, gold, light sweet crude etc, should be denied the ability to invest. Leave commodity traders for those who are planting and harvesting....as it was intended in its inception.

oldwolf49
2
Points
oldwolf49 03/18/12 - 12:25 am
4
3
Accuracy

Marx and bob, you guys just pander to the GOP by repeating what they tell you on faux news, learn to read and pull your head up once in a while and you might see what is actually going on.Or you can attack me personally and not change at all and ensure the corporational demise of the US.

KMarx
177
Points
KMarx 03/18/12 - 06:25 am
1
2
Gee Old Wolf

I only see one person whose post contains a personal attack

Jerry
0
Points
Jerry 03/18/12 - 08:08 am
1
7
welcome KMarx to Adhominem

Welcome KMarx, i see you have been given the thumbs down vote by some one.
You will realize that a few resort to Adhominem when confronted with respectful dialoge & try to share our opinions, as thats all they can come up with most of the time.

Lets see now the OBAMANATION OF DESOLATION wants to cut tax breaks to Big Oil, where have i read that Big oil wants more tax breaks?
Oh, thats right, i read it here & it was BP and Exxon that say Alaska is going out of business if Alaska does not give Big Oil more tax breaks, and OUR Prez. is saying stop giving Big Oil tax breaks. Whats up with this stuff?

So just how is the OBAMANATIONS plan to restrict tax breaks to Big Oil gonna be a good thing & help reduce prices at the pump, when Big Oil is saying they want more tax breaks OR ELSE it's an OUT OF BUSINESS SALE?

Let me ask this. Just suppose that a President was Hearlded as the Messiah that would lead ALL the World into a New World Order.
Suppose this Messiah set about to accomplish this feat, what would he do to force people into accepting such a OWO & complete control of everything by this Govt?

Make no mistake folks it's a CONTROL THING and it's not ment for the good of all if placed under this total dependance on the Govt. that the ground work is being layed for, the OWO.

Could he possibly make laws & rules that would cause Big Oil to stop producing due to their greed & desire for more money be one way?
Could this reduction of Big Oil producing gas & diesel cause the cost of every commodities rise beyound peoples ability to purchase basic things to survive daily life?

So here is my question for you about the Future of America in regard to the OBAMANATION OF DESOLATIONS plan, will OUR Future look bright or will it look bleak?

Just so a few of you know, everything on earth is a renewable resource, even oil, because it was a planned thingy, not some big bang that just happened & wallah, here we are. Even a simple minded person like me can see this is true by every thing around us through out all the earth.

It's been said that when searching for the truth one must some times use common sense to determine plain truth, other wise one resorts to nonsense, all of which makes no sense about the truth.
I'm not the sharpest knife in the drawer, but i do have a fraction of common sense which helps me to wade through all the BS spouted by many smart folks and inables me to see exactly what they hope you can't see concerning TRUTH.

Have a GR8 Day.
Stock up on rice & beans while you can afford them.

Mariner
148
Points
Mariner 03/18/12 - 08:08 am
6
0
Oil being renewable energy....

Jerry,
Oil is renewable if you want to wait millions of years for more to be developed. It requires much pressure and decay, capped and stored after much geologic changes have happened.

Big oil doesn't seem to reduce any prices with the tax breaks. Cutting the tax breaks would result in them paying more into the treasury in order to pay some of the unfunded bills like two wars we're having to pay for.

I still believe that eliminating most people from "betting" on the commodities, the prices for these commodities wouldn't be spiked by speculators.

Allowing people who have their retirement money in mutual funds and stocks to nominate people for seats as boards of directors. All investors then could help curtail excessive bonuses and be more responsive to the needs of our entire society rather than a very select few. Employees who have no corporate pensions like the old days but only have 401k's and such have no say in who serves as boards of directors if they only invest through mutual funds.

We've got to read and think beyond what our media tell us. There's more out there if we evaluate and think more for ourselves.

radiokenai
562
Points
radiokenai 03/18/12 - 09:34 am
0
0
Norseman
Unpublished

Haha...he has got you fooled too! Did you ever stop to think that exploration is like digging for gold "You have to move a lot of dirt in hopes of finding a little color".

When you see the seismic choppers fly over your brain-dead-head, try to remember it was Tom Wagners tax cuts that created those jobs.

When you read that the largest gas discovery in 25 years has been found in the KLU of the Inlet, try to remember it was tax cuts that caused the oil companies to explore.

Or, you can believe what crap you read from a Saudi-bowing, un-american alien who is driving our country into oblivion.

But Mr. Norseman, I will be the first to remind you of your ridiculous comments when you start bawling about the price of fuel this summer...

radiokenai
562
Points
radiokenai 03/18/12 - 09:38 am
0
0
To Mariner
Unpublished

Have you ever considered thinking of the word "JOBS"? I know , for Liberals such as yourself, that is a 4-letter word. But to get the economy going, you have to have "JOBS".

And here is a shocker...Oil Production creates a lot of JOBS!

Perhaps you should get one!

radiokenai
562
Points
radiokenai 03/18/12 - 09:43 am
0
0
To oldwolf49
Unpublished

If you are feeling attacked from liberal, socialist ideals then don't whine to us. Your liberal party is destroying this great Nation and you want me to feel guilty for your poor feelers?

We are not sorry, you should be sorry you ever voted for that nincompoop.

If you are feeling your ideals are being attacked...they are!

Get a Job!

scarter
18
Points
scarter 03/18/12 - 12:02 pm
0
0
oil

say people this is just another way to increase the cost of fuel for the people, have you forgotten 73 oil embargo-the scrooges of the oil companies just give a damn......

kenai_kid
222
Points
kenai_kid 03/18/12 - 03:33 pm
5
0
Cheap Gas?

The US has the 16th cheapest gas in the world (of 36 nations). Our national average price falls just below the world average in price.

kenai_kid
222
Points
kenai_kid 03/18/12 - 04:40 pm
1
1
Cut or remove the tax incentives

If e cut or remove the tax incentives from big oil, it will do nothing more than raise the pump price.
Gasoline prices are set to rise faster than the crude oil price as the cost of transporting crude and refining is making gasoline production unprofitable. So we add taxes to make it even less profitable? The gasoline prices that are lower than those in the US are subsidized by the government. Let's face it SPW, one won't collect a lot of taxes on .91 cent a gallon gas. The oil in Saudi is subsidized by the state as is the refining cost and they are actually losing domestic revenue as a result. In addition, the production tax on the oil refiners is minimized making it more appealing to do business there financially, but not geo-politically.

sources:
US refining capacity US Dept of Energy:
http://205.254.135.24/petroleum/refinerycapacity/

bob99507
361
Points
bob99507 03/18/12 - 08:07 pm
0
0
Marineer

I did not say when Welch recieved his severance only the amount and who it was from. Obama's job czar is the setting CEO of GE that doesn't sound to unfair to it's his favorite company. If you wonder why we import gas check out when the last new refinery was built in the US. As for more exploration if the Obama administration would get out of the way the private sector would find the oil.

Mariner
148
Points
Mariner 03/18/12 - 08:13 pm
3
0
We're not importing gasoline

We are exporting....sending gasoline OUT of the U.S. About 60 cents per gallon is attributed to speculation and not supply and demand. If we have a gasoline shortage why are we sending refined gasoline OUT of the U.S.? I don't believe you're getting all the facts.

KMarx
177
Points
KMarx 03/18/12 - 09:04 pm
0
2
We are not exporting crude oil

We are importing crude oil and because US industry has excess refining capacity. They are then exporting gasoline and other products. Don't be mislead by the canard "we're exporting gasoline" so somehow the economic damage of being unable to produce our own crude oil doesn't exist. We import in the neighborhood of 70% of the crude it takes to meet domestic demand for petroleum products. Because we import additional crude oil to refine and sell the products to the world provides jobs to Americans, but has no effect of the price of oil as dictated by OPEC.

JOAT
487
Points
JOAT 03/18/12 - 10:30 pm
1
3
How to destroy America

Your hope and change is coming soon. Cheap energy is the primary driving force of any industrial-based capitalist economy. To tear down the freedom of a capitalist society so that you can impose a social or Marxist system you must first destroy the wheels of industry. You do that by over regulating and driving up the costs of everything they do. Making it harder for oil companies to do business and driving up the costs while lowering the supply means that everything you do will cost more. Every single product requires energy to build and move to market. Raising the price for petroleum energy ensures a rapid increase in our costs at every level. The attack on oil is a well-planned method to finish off "America, Land of the Free", so it can be replaced with the United Socialist States of America. Hope you like the Change.

Jerry
0
Points
Jerry 03/18/12 - 11:20 pm
0
6
It's a New Religion thingy

JOAT By jove i think you have it and understand what the Fundamental Change & Hope to Believe in is all about.
The DESOLATION of America by the OBAMANATION and every move he makes is to that end.
Make no mistake folks i'm not trying to stop Obama, as God said this OWO was coming at the End of the Age, Era of Time, long before the Mayans or the 89 other societies did, and it's almost here.

Buy rice & beans while you can afford them, as everything is going to become unaffordable real soon all due to the cost of fuel and will only be sold to OWO Union Members.

I have warned you all as Ezekiel 33; says for me to do as a Watchman, now it's on your shoulders to act & prepare for Revelation 13; and the coming OWO.

kenai_kid
222
Points
kenai_kid 03/18/12 - 11:51 pm
1
0
KMarx

Although we do import a bunch of oil, it isn't near the 70% you claim. It's infact closer to 50% (http://www.eia.gov/energy_in_brief/foreign_oil_dependence.cfm). This was last updated in June of 2011, but I am assuming our imports have not increased significantly since that time. In 2010 the United States imported 11.8 million barrels per day (MMbd) of crude oil and refined petroleum products. We also exported 2.3 MMbd of crude oil and petroleum products during 2010, so our net imports (imports minus exports) equaled 9.4 MMbd.

And yes, we have ample refining capacity in the US and refiners are reluctant to build new refineries as the US turns more toward alternative energy sources. "From New York to Philadelphia, refineries that turn oil into gasoline have been idled or shut permanently because their owners are losing money on them. Sunoco Inc. is expected to close the region's largest refinery in July, taking another 335,000 barrels per day in production capacity off the market."

Sources
News Story:
http://www.foxnews.com/politics/2012/03/17/as-gas-prices-rise-no-relief-in-sight-at-pump/

http://www.eia.gov/pub/oil_gas/petroleum/analysis_publications/oil_market_basics/refining_text.htm#U.S. Refining Capacity

Jerry
0
Points
Jerry 03/19/12 - 09:50 am
1
4
So have any of you this

So have any of you this morning seen the Lone Ranger, OUR Prez. ride out on his White horse fighting against greedy Big Oil?
He was proclaiming that their is no "Silver Bullet," thats gonna help with this high gas prices.
Only if we start now, can we hope to curve this with alternate fuels.
Can ya believe this messiah?

This reminds me of scripture that says a coming world leader will ride forth on his white horse proclaiming peace & safety during World wide economic hardships, but DESTROY MANY by means of his supposed peace & safeties OWO Unions powers to make War with every one that disagrees.
Thats in Daniel and Revelation.

And God said, "I have apointed watchmen over you, saying,"Listen to the sound of the (warnings) Trumpets!"
But they(the people) said, "We will not listen."
Jeremiah 6:17, that was back in 685 B.C., but still applies today as well with warnings given & we will not listen replies.

Have a GR8 day, and remember who loves ya enough to give you warnings of coming troubles so you can prepare.
Will you listen or "Have It Your Way?"
Remember the Beginning is nearer now. Matthew 24;.

Jerry
0
Points
Jerry 03/20/12 - 09:32 pm
0
2
Did ya see where OUR choosen

Did ya see where OUR choosen one signed into law this past Friday the 16th a bill allowing him to have TOTAL control of all peace or war time money issues that may arise.
He also made it illegal to protest or bad mouth any of his govt. plans.

I really don't understand the silence about this desire to upset big oil with less tax breaks & isn't it funny it comes right after Big oil told Alaska to give them more tax breaks or go out of business selling oil.

What can be done, in either direction about this oil thingy?

kenai_kid
222
Points
kenai_kid 03/22/12 - 09:40 am
1
0
EO NDRP ACT of 1950 (ACT 50)

"Did ya see where OUR choosen one signed into law this past Friday the 16th...?" Yes I did, but did you? First of all it was not a bill. It was an Executive Order (EO) and it simply amended a years old Act which has been amended by three presidents before him.
The Executive order issued by Obama on 3/16 is largely a restatement of the 1994 Clinton order with a few functional changes. It moves the authority for implementing the provisions of the DPA from the Director of FEMA, to the Department of Homeland Security, which did not exist at the time of Clinton's presidency. There have been pedestrian additions of renewable energy sources such as solar and wind, to the purview of the Secretary of Energy, (as well as a curiously specific redefinition of bottled water as a "food resource," rather than a water resource) but nothing is particularly out of step with the order it supersedes.
I’m not ruling out the possibility that this is more than it seems, but unless and until someone demonstrates any expansion of powers in the order, I’ll consider this to be routine.
For further review here are some resource links so you can in fact see the "bill" (EO) and have an objective view point other than "the sky is falling!"

The orignal Act:
http://uscode.house.gov/download/pls/50C23.txt

The Executive Order signed by Obama:
http://www.whitehouse.gov/the-press-office/2012/03/16/executive-order-national-defense-resources-preparedness

http://www.examiner.com/conservative-in-omaha/beware-the-ides-of-march-the-national-resources-defense-preparedness-order

http://grumpyelder.com/?p=20158
The middle:

http://hotair.com/archives/2012/03/18/national-defense-resources-preparedness-executive-order-power-grab-or-update/

radiokenai
562
Points
radiokenai 03/23/12 - 07:34 am
0
0
Sounds like the winds of change are in the air!
Unpublished

That is what I am proud to see, people are waking up to the total idiot who was put into the worlds greatest position. He did it on the coin toss of racism, for if you the obama voter would have taken time to listen and read--you would never have elected such a [filtered word]. Lets VOTE the communist illegal alien bastard OUT this November!

To all of you commenter’s who stupidly still support obama, may you suffer from the sound of the cha-ching from the gas meter that is a reminder of your suckered-vote!

Watchman on the Wall
2893
Points
Watchman on the Wall 03/30/12 - 11:28 am
0
4
Did ya see where OUR chosen

Did ya see where OUR chosen One threatened EVERY NATION with economic sanctions that buys or deals with Iran for oil or other commodities this morning?
So i'll ask this of you folks, why can't you see that exactly what Revelation 13; says is coming with a OWO that controls everything and everyone not being the case here with the absolute sanctioning of everyone that does not go along with their plans for Global control?
Free commerce is going down the tubes as we type and it's almost, if not already by these actions a Global issue inforced by OUR Prez and his advocates.

Jerry Baty
Jeremiah 6:17

kenai_kid
222
Points
kenai_kid 03/30/12 - 12:42 pm
1
0
GW Bush

I guess it started with "W" then: "you're either with us, or you're against us!"

Watchman on the Wall
2893
Points
Watchman on the Wall 03/31/12 - 11:44 am
0
0
Actually it started in the

Actually it started in the Garden and was further promoted at the Tower of Babel, not with W Bush.
And yes it's "you're either with us, or you're against us" depending on which either one is alligned with, and this will become the life determining question for all real soon, as Re 13; says and the results of refusing to Join the Union will be what Re 20:4 show happens to ALL that that do reject the OWO, the removal of ones head for not Submitting PEACEFULLY.
Sounds like a certain governmental group that uses religion to force others to submit or it's death and sometimes it's off with their heads.

Have a GR8 day.
Jerry Baty
Jeremiah 6:17

Mariner
148
Points
Mariner 03/30/12 - 04:14 pm
1
0
You're in your own league

Jerry,
You're in a league of your own. Peace.

cheapersmokes
898
Points
cheapersmokes 03/30/12 - 05:47 pm
0
1
Taxes

Do you want to increase your income every month at no cost to you? Then go to the link below and check it out!

http://signup.wazzub.info/?lrRef=04932614 Send me an email with ant questions you may have to usadenderfund@gmail.com

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