The Oil Companies Should Pick Up the Tab, Not the Public

by Texas Nate, Mon Apr 28, 2008 at 06:04:09 PM EST

Markos rips into Clinton today for supporting McCain's idea of a "Summer Gas Tax Holiday":
Honestly, why take the 18 cents out of the federal budget? Why not take it out of the oil company profits? The $10 billion in revenue the federal government would lose, at a time when our roads are crumbling and bridges literally collapsing, is only a quarter of Exxon Mobil's annual profits...

And that's just Exxon Mobile, excluding every other Big Oil company. Add them all up, and $10 billion would be but a blip in their balance sheet. So why do McCain and Clinton want to penalize the federal government at a time of record oil profits?

One thing that Markos and almost every commenter is missing, is that the oil companies already owe the U.S. taxpayers more than $10 billion in uncollected royalties for petroleum removed from public lands.

And when you realize that some estimates put the figure at $31 billion it really makes you wonder, why don't we have a $0.36/gallon gas tax break and let the oil companies pay for it out of the money they already owe the taxpayers?




Tags: oil accountability project (all tags)

Display:
Permalink :: 12 Comments :: Post a Comment


the idea should be attacked (none / 0)

Because it makes no economic sense, and does absolutely nothing in the long term to lower our dependence on oil - the real culprit in ever rising gas prices.

At some point, politicians are going to have to step up to the plate and be honest with the public. We can't act as though oil will be available in perpetuity, and waste it, then complain about the high prices.

Do I believe there is manipulation going on? Of course. But quite honestly, it's only a problem because we as a society have allowed the oil companies to have so much power over our country. I hate to say this, but I honestly believe on some level that we'll be better in the long run if we go through the pain of $4.00 gasoline.  


by highgrade on Mon Apr 28, 2008 at 06:14:10 PM EST

Re: the idea should be attacked (none / 0)

I'm not endorsing the tax holiday -- which is manifestly bad policy -- I'm just pointing out that the oil companies already owe the tax payers more than 3x the amount of money in question.
by Texas Nate on Mon Apr 28, 2008 at 06:45:57 PM EST
[ Parent ]

Re: The Oil Companies Should Pick Up the Tab (none / 0)

It's easy to criticize the policies of the candidates you don't like.  Where is Obama on this?


by slynch on Mon Apr 28, 2008 at 06:14:36 PM EST

Re: The Oil Companies Should Pick Up the Tab (none / 0)

Obama hasn't commented on the money the oil companies owe us.
by Texas Nate on Mon Apr 28, 2008 at 06:45:12 PM EST
[ Parent ]

Yeah, it's not like we need that moeny to repair (none / 0)

... infrastructure like roads, bridges and sewers all around the country...


by Bob Johnson on Mon Apr 28, 2008 at 06:15:29 PM EST

Re: Yeah, it's not like we need that moeny to repa (none / 0)

Honestly, I'd rather we not have a gas tax holiday at all. The point I'm trying to make is that the oil companies already owe us more than 3x the amount in question. Whether that money is invested wisely or squandered on quick fix rebates to the tax payer are both preferable to letting the oil companies get away with never paying what they owe.
by Texas Nate on Mon Apr 28, 2008 at 06:44:07 PM EST
[ Parent ]

Re: The Oil Companies (none / 0)

While I agree with your suggestion, I'd be really interested on how you could legally do it, because I'm nearly 100% sure that if you enforeced that 10 Billion the oil companies would just pass it on to us.


by Socraticsilence on Mon Apr 28, 2008 at 06:20:19 PM EST

Re: The Oil Companies Should Pick Up the Tab, Not (none / 0)

clinton is very clear on this she wants the money to come out of oil company profits.


by rocky on Mon Apr 28, 2008 at 07:00:35 PM EST

She wants both. (none / 0)

They could release oil from the reserve into the market and stop buying it but the gop are blocking all attempts as usual.

Markos is unhinged and not credible.


by gotalife on Mon Apr 28, 2008 at 07:28:01 PM EST

Re: The Oil Companies Should Pick Up the Tab (2.00 / 2)

Screw "the tab," what about global warming? What about decreasing dependence on foreign oil? I understand why we can't raise the gas tax when people are hurting, but a gas tax "holiday" for the summer is encouraging a very unhealthy habit. It's like helping the homeless by passing out free bottles of gin.


by Alice in Florida on Mon Apr 28, 2008 at 08:41:43 PM EST

Damn I wish there were more of you, Alice (none / 0)

That's exactly right.  If anything, we need higher gas taxes.  Why not raise the gas tax by $1.00 per gallon and then just use that revenue to send everyone in America an equal sized check?  Poor people would be better off, rich people worse, and everyone would be encouraged to conserve gas.

Anywho, a break of $.18 per gallon (some of which will be taken by the gas companies) will do nothing to help out average Americans.  Really, is $3.50 that much better than $3.58?


by umcpgreg on Mon Apr 28, 2008 at 10:13:30 PM EST
[ Parent ]

Re: The Oil Companies Should Pick Up the Tab, Not (none / 0)

Pandering to the public is the act of a coward. Beyond that however, can McCain or Clinton tell us just how they plan to accomplish this tax holiday. I'd suggest it would take an act of congress and anyone who thinks that's about to happen is living in a land where pigs fly.


by tharr on Mon Apr 28, 2008 at 10:35:27 PM EST


You are not logged in.

In order to post a comment, you must be logged in. If you have a member account, please log in to comment.

If not, you can make an account right here. It's quick and free.

Login
Username:

Password: