Got a buddy of mine and Merrill Lynch who said oil will be $250 to $300 a barrell in 2009. At $135 we generate $1.4 billion a day in revenue for the oil producers. Yet today, the GOP voted to not extend the tax reduction on solar and wind turbines and voted down taxing excess profits of oil companies. Yeah the GOP, they want to try new directions and embrace new ideas.
red_dwarf
· 1 year ago
How about the tax rebates of billions given to the oil companies? How about the hundreds of millions in taxes not paid because GOP friendly corporations are war profiteering with their offices in the Caribbean? How about the GOP using the filibuster a record number of times yet when the Dems where in the minority they cowered and backed off at the threat of the "nuclear option."
Let's face it. The Dems in Congress are cowards. They lack courage. Either that are they are bought off - running scared, whatever. Americans are fools, and the rest of the world is well aware of it.
Welcome to fascism, where impeaching a criminal lying rat bastard pResident is a "laughable subject".
ZennButtKicker (tlhwraith)
· 1 year ago
Whoa there sporty. Not to get all technical but todays vote on oil taxes was pretty much party line. On this issue at least, the Dems aren't cowards, they just don't have the votes yet.
I think it is positive that Obama is at least stumping on this issue and is in favor of the tax.
red_dwarf
· 1 year ago
Oh, I see. So long as we have a dictator in the executive and a minority in the Senate that'll filibuster everything that comes up - the Dems are powerless. Ok. We'll just have to wait until January 2009 to get anything done.
So if McSame wins, and the GOP maintain 33 Senators, we'll be under another 4 years of minoritarian tyranny? To bad we don't have a solution for that. Guess the founding fathers didn't think about that.
KerrynowCampau
· 1 year ago
Wouldn't surprise me one bit
Even with Obama in the white house
ZennButtKicker (tlhwraith)
· 1 year ago
A lot of the oil costs now are not related to profits, but are purely market speculation. A lot of the speculators are scared about whats happening in the middle east, especially IRan. The one thing having Obama in office, if he follows through on his promise, is that as we pull out of Iraq and change the rhetoric on Iran, speculation on oil futures won't be as grim. Right now Bush and Israel are doing a lot of sabber rattling.
KerrynowCampau
· 1 year ago
That is a good point. I thought the falling value of our dollar has something to do with it as well.
Rob Mule
· 1 year ago
How about nationalizing some of the oil and airline companies and jacking up investment in rail???
Bostonian_Queer_in_Dallas
· 1 year ago
The GOP Senators today stopped an oil profit windfall tax while also not voting in favor of tax breaks for alternate energies like solar, wind, etc. Could it be any clearer as to what is going on? Here is the slogan for this year's election:
HATE $5 PER GALLON? THANK YOUR REPUBLICAN SENATOR.
And Kay Bailey Hutchison, former beauty queen before her face lifts, will just be all sweetness and light about it. John Cornhole has to go.
Guardian Feb 2003 -- Mr Murdoch said the price of oil would be the war's main benefit on the world economy. "The greatest thing to come out of this for the world economy, if you could put it that way, would be $20 a barrel for oil. That's bigger than any tax cut in the any country." ...Mr Murdoch's comments come just a week after he told Fortune magazine in the US that war could fuel an economic boom. http://www.guardian.co.uk/media/2003/feb/11/ira...
Dave of the Jungle
· 1 year ago
Obviously, we don't need Rupert Murdoch to control the thinking of the world now, do we?
What is a 'windfall profit'? The oil co's make around a 9% return on their investment....Microsoft makes almost 26%....the average for the S&P500 is around 11%.....at what level do these profits reach 'windfall' level? And, would there be a 'windfall' loss level, at which the gvt gives more money back to co's ?
Steve_in_CNJ
· 1 year ago
i think everybody knows what windfall profit is. and this stuff about return on investment is misleading. the oil and gas industry operates on very little equity. they just process natural resources. as a fraction of how much investors have spent for their shares, it has the highest profits of any industry.
Steve, you obviously know nothing about how profit is determined. The oil industry operates the same way all industrys operate. They make an investment and try to make a profit on that investment. The oil co's make a lot of dollars, but they must invest a lot of dollars to make those dollars. It's called return on investment. If you have ever bought stocks, it's the same exact thing.
Steve_in_CNJ
· 1 year ago
thanks for the insult. however, my comment is about shareholder equity. read the link (which also includes a discussion of profits and how they've increased dramatcially in the past 2 years). the money available for investment (equity), as opposed to the cash flow, is a big part of the strength of the industry. nobody would propose increasing taxes on GE or GM even though they average more profit as a fraction revenue. Oil and gas did very well during the most recent period of windfall profits taxation. Cash flow is never a problem in oil and gas the way it is in manufacturing. Check out the link.
CDS2
· 1 year ago
OK Steve...Sorry for the insult. However, percentage of profit (Roi) is how we all operate. When you go to the bank, you try to get the highest interest rate on your savings account. When you buy stock, you look at the percentage of return before you buy. It's simply how business's are evaluated.....Look at it this way. If you invested a Billion Dollars, and made 80,000,000 Dollars profit, your profit percentage would be marginal at best. You many even have trouble interesting people in purchasing your stock. Everthing is relative. The oil co's make 9%....that's not a high ROI !
Steve_in_CNJ
· 1 year ago
investors don't provide the cash flow -- that comes from recycling revenues from customers. investors provide capital for investment. there is relatively little capital in oil and gas. that is why investors make out better than in manufacturing or any other industry. i would love to invest in the corner grocery store if all i had to do was pay for the shelves and get 1 cent from every dollar of revenue -- provided there was a guaranteed glut of buyers as there is in oil and gas.
lark83
· 1 year ago
Gazprom may not be exagerating. We may have hit world "peak oil" 3 years ago. Saudi Arabia is thought to be the only exporter with the capability to increase production, but for good reason they don't want to. In a few years Mexico will not be exporting any oil at all. Meanwhile, world oil demand keeps going up.
I've got my solar panels on the house.
Hawk
· 1 year ago
Find the McCain Campaign staffer who is also their hired Lobbyist!
All Comments
Let's face it. The Dems in Congress are cowards. They lack courage. Either that are they are bought off - running scared, whatever. Americans are fools, and the rest of the world is well aware of it.
Welcome to fascism, where impeaching a criminal lying rat bastard pResident is a "laughable subject".
I think it is positive that Obama is at least stumping on this issue and is in favor of the tax.
So if McSame wins, and the GOP maintain 33 Senators, we'll be under another 4 years of minoritarian tyranny? To bad we don't have a solution for that. Guess the founding fathers didn't think about that.
Even with Obama in the white house
HATE $5 PER GALLON? THANK YOUR REPUBLICAN SENATOR.
And Kay Bailey Hutchison, former beauty queen before her face lifts, will just be all sweetness and light about it. John Cornhole has to go.
http://news.bbc.co.uk/2/hi/europe/7445370.stm
http://www.guardian.co.uk/media/2003/feb/11/ira...
http://news.bbc.co.uk/2/hi/middle_east/7444083.stm
http://news.aol.com/?feature=20080610123009990001
(GOP blocking windfall profits tax)
http://www.usnews.com/articles/business/economy...
The oil industry operates the same way all industrys operate. They
make an investment and try to make a profit on that investment.
The oil co's make a lot of dollars, but they must invest a lot of
dollars to make those dollars. It's called return on investment.
If you have ever bought stocks, it's the same exact thing.
When you go to the bank, you try to get the highest interest rate on your savings account.
When you buy stock, you look at the percentage of return before you buy. It's simply how
business's are evaluated.....Look at it this way. If you invested a Billion Dollars, and made
80,000,000 Dollars profit, your profit percentage would be marginal at best. You many
even have trouble interesting people in purchasing your stock. Everthing is relative. The
oil co's make 9%....that's not a high ROI !
I've got my solar panels on the house.
Dots are easy these days,