First off, oil companies aren't deducting the cost of assets. They're deducting the cost of doing business, i.e. a loss. Second, every other business deducts 75%+ of their gross income.
Oil companies don't get government money and they don't receive any special tax breaks, no matter how many times you want to post it, it still won't be true.
"Here's a look at the history of subsidies for oil exploration in the United States.
Origins
The Congressional Research Service states the fledgling oil industry in the United States first received government assistance in 1916. That was when intangible drilling costs were able to be fully deducted from a company's expenses for tax purposes. In 1926, a write-off for cost depletion was introduced. That provision allowed oil companies to deduct costs based upon overall gross receipts and not just the actual value of the oil.
Both of those subsidies still exist. The Obama administration claims the average subsidy for huge oil companies is $4 billion per year. The bill in the Senate would have saved $24 billion in 10 years. The White House claims when gas goes up one cent per gallon, oil companies make $200 million more per month.
Statistics
The American Chemical Society cites a report by Double Bottom Line Venture Capital that explains how the oil industry has reaped benefits from subsidies. From 1918 to 2009, the average annual subsidy was $4.86 billion. By comparison, the nuclear energy industry gets around $3.5 billion per year.
When the study adjusted for inflation to 2009 dollars, the oil and gas industry received subsidies amounting to $1.8 billion per year in the first 15 years of the fledgling industry. The American Coalition for Ethanol estimates that when combined with state and local government aid to large oil companies, subsidies amount to anywhere from $133.8 billion to $280.8 billion annually from all sources of taxpayer aid that goes to the oil and gas industry.
Current Status
The Obama administration contends the oil industry no longer needs help. The three largest oil companies made $80 billion in profits combined in 2011, which amounts to $200 million per day. The White House also asserts America uses 20 percent of the world's oil but only has two percent of the world's oil reserves. Oil drilling continues in all areas of the United States and oil rigs are plentiful in the Gulf of Mexico, the White House blog states.
The New York Times had an article dated July 3, 2010, in the middle of the Gulf oil spill. Deepwater Horizon rented the sunken rig to BP. The company used an oil industry subsidy to write off 70 percent of the cost of the rent for the rig which amounted to a deduction of $225,000 per day. "
History of U.S. Oil Subsidies Go Back Nearly a Century
The New York Times had an article dated July 3, 2010, in the middle of the Gulf oil spill. Deepwater Horizon rented the sunken rig to BP. The company used an oil industry subsidy to write off 70 percent of the cost of the rent for the rig which amounted to a deduction of $225,000 per day. "
Its in the goals of the Constitution, the Preamble:
“We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.”
Like it or not, the Constitution is not the end-all, be-all of everything I wish people would stop pretending that it is.
Its the rules by which the federal govt operates. Thus its the end all for them. If you dont like it, change it.
In theory. In practice, not so much. We don't live in a dream world, sorry.
Dude: you want to check out the fuel bill when Air Force One takes the whole circus sideshow on the road. OR when the Comander-in-chief gets his jollies by invading and occupying a sovereign state for 10 years or so.I don't see why Obama isn't leading by example if he's so convinced of the viability of electric and hybrid vehicles. Why doesn't he issue an executive order mandating all federal government vehicles purchased must be electric or hybrids, thus making them more viable for the automakers. As well, why doesn't he trade in all those big, flashy, multi-ton SUVs and get a fleet of armored Prius's to tool around town in.
Obama is great at preaching, telling others what they should or shouldn't do, but the fool never leads by example.
What do you suggest then? Just do whatever you want?
I don't see why Obama isn't leading by example if he's so convinced of the viability of electric and hybrid vehicles. Why doesn't he issue an executive order mandating all federal government vehicles purchased must be electric or hybrids, thus making them more viable for the automakers. As well, why doesn't he trade in all those big, flashy, multi-ton SUVs and get a fleet of armored Prius's to tool around town in.
Obama is great at preaching, telling others what they should or shouldn't do, but the fool never leads by example.
I'm saying that in theory, that's how it's supposed to work, but in practice, it's just not. There are inherent problems when you have a document written nearly 250 years ago and the ideal that it's supposed to direct how the government works. It just doesn't work that way.
... a little research to check your facts before you post is never a bad idea. It minimizes the prospect of looking foolish.
President Obama Orders Federal Agencies to Buy Green Vehicles by 2015 | Geekosystem
AFP: Obama orders US agencies to buy green vehicles
Hyundai Sonata Hybrid Is The Government’s Green Car Of Choice | The Truth About Cars
U S Government Cuts Fuel Expenses Using Green Vehicles
The last article stating that the US government is the world's largest buyer of green vehicles.
Now, it might be fair game to challenge the effectiveness and wisdom of the move, but its ignorance to suggest no such move was made.
finite resources are finite. the time to prepare is now.
"Here's a look at the history of subsidies for
oil exploration in the United States.
Origins
The Congressional Research Service states the fledgling oil industry in the United States first received government assistance in 1916. That was when intangible drilling costs were able to be fully deducted from a company's expenses for tax purposes. In 1926, a write-off for cost depletion was introduced. That provision allowed oil companies to deduct costs based upon overall gross receipts and not just the actual value of the oil.
Both of those subsidies still exist. The Obama administration claims the average subsidy for huge oil companies is $4 billion per year. The bill in the Senate would have saved $24 billion in 10 years. The White House claims when gas goes up one cent per gallon, oil companies make $200 million more per month.
Statistics
The American Chemical Society cites a report by Double Bottom Line Venture Capital that explains how the oil industry has reaped benefits from subsidies. From 1918 to 2009, the average annual subsidy was $4.86 billion. By comparison, the nuclear energy industry gets around $3.5 billion per year.
When the study adjusted for inflation to 2009 dollars, the oil and gas industry received subsidies amounting to $1.8 billion per year in the first 15 years of the fledgling industry. The American Coalition for Ethanol estimates that when combined with state and local government aid to large oil companies, subsidies amount to anywhere from $133.8 billion to $280.8 billion annually from all sources of taxpayer aid that goes to the oil and gas industry.
Current Status
The Obama administration contends the oil industry no longer needs help. The three largest oil companies made $80 billion in profits combined in 2011, which amounts to $200 million per day. The White House also asserts America uses 20 percent of the world's oil but only has two percent of the world's oil reserves. Oil drilling continues in all areas of the United States and oil rigs are plentiful in the Gulf of Mexico, the White House blog states.
The New York Times had an article dated July 3, 2010, in the middle of the Gulf oil spill. Deepwater Horizon rented the sunken rig to BP. The company used an oil industry subsidy to write off 70 percent of the cost of the rent for the rig which amounted to a deduction of $225,000 per day. "
History of U.S. Oil Subsidies Go Back Nearly a Century
Thats some sales pitch.
Sry Helix, when ever I hear a Liberal Democrat politician tell me something like that I expect to get ripped off.
Like I said if the Democrat Party hadn't hijacked renewable enrgy and had left it up to the private sector we would have a legitimate shot at creating something clean and renewable.
Photo volataic isn't clean or renewable, and wind is just dumb.
Answer the question. How are we supposed to then live in a system based on laws, if everyone ignores the laws? What should I do when the govt tries to do something the law says its cant?
No one is claiming it is. ???
That is contrary to the reality of the cost of solar and wind technology going down as the price of oil goes up.
I agree onsite systems are the most efficient, its why so many of us now have onsite systems to reduce our need for grid power.
What "woe" are you talking about? The majority of commuters do not use buses and trains, they use cars, the majority of which could be electric cars that do not use an oil product for energy. 49% of oil use in the US is gasoline.
i'm fairly interested in thorium nuclear, and
there is a ton of energy in the ocean
going completely untapped. i also like wind energy. they just built a massive wind farm outside my town, and it's pretty stunning.
with the right planning and policies, though, i think we'll see some new tech that's barely on the radar right now.
Do you even know what a subsidy is?
Look, welcome to the real world...OIL COMPANIES AND DRILLING CONTRACTORS GET THE SAME TAX DEDUCTIONS THAT ANY OTHER BUSINESS IN THE UNITED STATES GETS!
Just like any other business can write off the cost of rented equipment. What part of this don't you understand? And, as far as I know, any other company can write off 100% of the cost of rented equipment, which means the oil companies are getting screwed out of 30%.
If I'm a hotdog vendor and I rent my hotdog cart, can you guess what I'm going to do? That's right, I'm going to deduct the cost of renting the hotdog cart.
Stop with the propaganda, because no matter how many times you say it, it still won't be true.
And you think that the preamble is legal permission for the govt to fund energy research?
What I've documented shows it is not the same as every business gets.
There are NO subsidies, unless you can show me the line item in the budget that shows all of the checks getting cut to BIG OIL.
Otherwise, thry get the same "subsidies" as Apple gets.
I don't think Apple needs help anymore, do you ?
I support it. we should have done this and more in the mid 1970s. better late than never.
What I've documented shows it is not the same as every business gets.
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