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A magic way to make billions

Cassapolis

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By DONALD L. BARLETT, JAMES B. STEELE


Monday, February 27, 2006; Posted: 12:17 p.m. EST (17:17 GMT)


The wording is so bland and buried so deep within a 324-page budget document that almost no one would notice that a multibillion-dollar scam is going on. Not the members of Congress voting for it and certainly not the taxpayers who will get fleeced by it. And that is exactly the idea.

With Washington reeling from the Abramoff lobbying scandal and Republicans and Democrats alike pledging to crack down on influence peddling, with one lawmaker already gone from Capitol Hill because he traded favors for cash, you're probably guessing this isn't the best time for members of Congress to dispense a fortune in favors to their friends.

Guess again.

Buried in the huge budget-reconciliation bill, on which House and Senate conferees are putting the final touches right now, are a few paragraphs that accomplish an extraordinary feat. They roll back the price of a barrel of crude oil to what it sold for two years ago. They create this pretend price for the benefit of a small group of the politically well connected. You still won't be able to buy gasoline for $1.73 per gal. as you did then, instead of today's $2.28. You still won't be able to buy home heating oil for $1.60 per gal., in place of today's $2.39. But a select group of investors and companies will walk away with billions of dollars in tax subsidies, not from oil but from the marketing of a dubious concoction of synthetic fuel produced from coal and dependent on government tax credits tied to the price of oil.

From 2003 through 2005, TIME estimates, the synfuel industry raked in $9 billion in tax credits. That means the lucky few collectively cut their tax bills by that amount, which would be enough to cover a year's worth of federal taxes for 20 million Americans who make less than $20,000 a year and pay income taxes. How important is the tax credit to synfuel producers? In its latest annual report, Headwaters Inc., a Utah-based purveyor of synfuel processes and substances, says flatly, "Headwaters does not believe that production of synthetic fuel will be profitable absent the tax credits."

http://www.cnn.com/2006/POLITICS/02/27/synfuel.tm/index.html
 

aps

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aquapub said:
Yet another Earth-shattering conspiracy known only to you and Michael Moore. How DO you do it? :roll:

Do you have anything substantive to say? Yeah, I didn't think so. :roll:
 

Stinger

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So do you oppose government support of synfuel developement and rather have the free market develope it when it becomes a feasable product without subsidy? Without the ability to purchase the base gasoline at a lower price thier end product, blended with ethenol, would not be marketable. How about wind and solar which are heavily subsidised too, stop those and just let the free market determine when we should switch to them?
 
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