Ethanol Subsidy Repeal

[schoolsout]

Not sure how many of y'all are somewhat politically active, but if you are, here is a good place to send some effort.

Ethanol Subsidy Repeal: Let's Do It in [Market-Ticker]

Call your Congressman/woman. Let your voices be heard.

 

[Dogballs]

Ethanol is a scam... Food prices are through the roof.

 

[Kep]

Ethanol is a scam... Food prices are through the roof.

Like that has anything to do with it...

 

[jbooth]

If we stop the subsidy for ethanol we probably should stop the subsidy for the oil companies too. Fuel Costs will cause everything to be higher. This couldn't have happened at a worse time, just when I have become to old to walk very far.

 

[dmccarty]

If we stop the subsidy for ethanol we probably should stop the subsidy for the oil companies too. Fuel Costs will cause everything to be higher. This couldn't have happened at a worse time, just when I have become to old to walk very far.

I have investigated the so called oil company subsidy twice over the last 12 months. I cannot find the subsidy. The oil company get about $3 billion worth of tax money returned to them a year. They pay a heck of a lot more in taxes than the tax rebate/refunds they get.

A subsidy props up a company. Take away the subsidy and most companies are going broke. The $3 billion the oil companies get back from the Fed is a drop in the bucket.

I have no problem with stopping the tax breaks to the oil and Ethanol companies. After the subsidies are ended the Exxon will still be here. The Ethanol companies? Not so much.

Later,
Dan

 

[jbooth]

I have investigated the so called oil company subsidy twice over the last 12 months. I cannot find the subsidy. The oil company get about $3 billion worth of tax money returned to them a year. They pay a heck of a lot more in taxes than the tax rebate/refunds they get.

A subsidy props up a company. Take away the subsidy and most companies are going broke. The $3 billion the oil companies get back from the Fed is a drop in the bucket.

I have no problem with stopping the tax breaks to the oil and Ethanol companies. After the subsidies are ended the Exxon will still be here. The Ethanol companies? Not so much.

Later,
Dan

Where were you able to find the info on Exxon US taxes. I can only find where they paid 15.7 billion, but none to our IRS. Found 1 article where they claim they paid US taxes but would not disclose the amount. I also found an article where they got 47 million back in 2010. I don't think they pay the treasury any royalties for oil found in US waters. I have read where there is a bid on a lease and that is the last money our treasury recieves. I do know they pay other countrys royalties. It seems that Exxon is in a real good position to "fix" prices since they own the wells. the refinery, and the distributers. Yes, they have competition, but it is another large oil company. Exxon robs the bank and the other companies drive their get away car. We are not as bad as some areas, but the cost of fuel indicates to me Exxon is in a position to pass the costs (regardless of being real or imaginary) on to the consumer and do so. I am not opposed to high fuel prices as I think it is the only way we will ever conserve in this country, but I would love to see some other sources out there when our oil is depleted or shut off. I trust Exxon about the same as Saudia Arabia. BP less than Saudia Arabia.

 

[jonyyuma]

Saudia Arabia is forcing their oil up, by pumping sea water down...They were supposed to run out of crude, don't know if they have developed another source. We need to open up the Gulf fields, before we get totally _aped again..

 

[Milo]

Thanks for the link Schoolsout.

 

[dmccarty]

Where were you able to find the info on Exxon US taxes. I can only find where they paid 15.7 billion, but none to our IRS. Found 1 article where they claim they paid US taxes but would not disclose the amount. I also found an article where they got 47 million back in 2010. I don't think they pay the treasury any royalties for oil found in US waters. I have read where there is a bid on a lease and that is the last money our treasury recieves. I do know they pay other countrys royalties. It seems that Exxon is in a real good position to "fix" prices since they own the wells. the refinery, and the distributers. Yes, they have competition, but it is another large oil company. Exxon robs the bank and the other companies drive their get away car. We are not as bad as some areas, but the cost of fuel indicates to me Exxon is in a position to pass the costs (regardless of being real or imaginary) on to the consumer and do so. I am not opposed to high fuel prices as I think it is the only way we will ever conserve in this country, but I would love to see some other sources out there when our oil is depleted or shut off. I trust Exxon about the same as Saudia Arabia. BP less than Saudia Arabia.

I did find how much the oil companies paid and I want to say the Exxon was $10 billion or so. This was from last year and I do not remember what tax year was reported but I did see numbers going back into the 90's.

The so called oil subsidy numbers I found on very anti oil websites and worked out to $3 billion a year. Not a lot of money compared to what they paid in taxes. Certainly not enough to put them out of business if they did not get the tax break.

Oil is a commodity and the market is going to drive the price. The price is going to go up. Then the price is going down. For the next few years prices is going to go up. My two cents is that oil is going to climb higher as the economy improves and world wide oil requirements increase. China uses half of the oil we use in the US but their demand is growing 10% a year. Eventually India has to kick in demand if they have not already.

Oil is priced in dollars and the value of the dollar is falling due to Federal government policies. I would love to see someone study the effect this has on the price of fuel in the US. If you have a bunch of dollars what do you do with them? The value of the dollar is falling. If you hold onto it what will the value be next week? Should you trade the dollar for a euro? Not likely. Chinese or Japanese currency? I surely would not. It would be in a physical resource that is in demand like oil or gold. If enough people do this then the price will go up. The hard part is knowing when to get out near the high part of the price curve.

Which is what is driving up the price of both gold and oil. Not the big, bad, evil oil companies.

Later,
Dan

 

[Gator6x4]

I have investigated the so called oil company subsidy twice over the last 12 months. I cannot find the subsidy. The oil company get about $3 billion worth of tax money returned to them a year. They pay a heck of a lot more in taxes than the tax rebate/refunds they get.

A subsidy props up a company. Take away the subsidy and most companies are going broke. The $3 billion the oil companies get back from the Fed is a drop in the bucket.

I have no problem with stopping the tax breaks to the oil and Ethanol companies. After the subsidies are ended the Exxon will still be here. The Ethanol companies? Not so much.

Later,
Dan

Use Google and query Oil Subsidies you will find more than you have time to read. Here is just but one allegeding 51 billon.

oil subsidies | PolluterWatch