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Title: Big Oil execs hit back on tax proposal
Source:
CNN Money
URL Source: http://money.cnn.com/2011/05/11/new ... l_tax_hearing/index.htm?hpt=T1
Published: May 12, 2011
Author: CNN Money
Post Date: 2011-05-12 12:15:29 by go65
Keywords: None
Views: 1669
Comments: 14
NEW YORK (CNNMoney) -- Dragged before Congress as gas prices explode at the pump, oil executives mounted a vigorous defense of their business practices on Thursday -- pushing back against plans to eliminate tax breaks for the "big five" oil and gas companies. All five executives acknowledged rising prices at the pump, but much of their testimony focused on the impact of a plan floated by Senate Democrats that would eliminate a raft of tax breaks for just the top five oil companies.
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#1. To: All (#0)
Money quote: Do these execs not realize the country is broke and can't afford these subsidies anymore?
"Thats because your basically and idiot."
Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
How is raising taxes on oil companies supposed to lower the cost of gasoline?
Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
There are no subsidies for the oil industry, dumbass.
Proxy IP's are amusing.....lmao
Lefties view any kind of tax incentive as a subsidy. Hell, they think that any profits that companies are allowed to keep are subsidies, too.
Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
Didn't theae execs get Boofer's memo that there are no subsidies for them?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." I was not aware of just how bad the flooding was; thanks for posting.
badeye didn't get the news from Fox/Limbaugh that domestic energy production is increasing under Obama. Halliburton did though: http://ir.halliburton.com/phoenix.zhtml?c=67605&p=irol-newsArticle&ID=1551221 ------------------ "Thats because your basically and idiot." Actually EVERYBODY watched Owe-bama LIE this week, Dumbass. 'Domestic oil production is at all time highs!' Thats flat out LYING. Why is he LYING, Dumbass? Why does he feel the need to lie about THIS? Last time I respond, btw, when you ping me and dwarf. The things he's doing off this site disgust me to the point I'm just not going to play any more games with that fucking idiot.
Proxy IP's are amusing.....lmao
I would have thought that making up quotes and attributing them to others is beneath you. Apparently I am wrong.
"Thats because your basically and idiot." Yep. I'd quit reading Newsmax. Dumbass.
Proxy IP's are amusing.....lmao
I did, thanks! So no reaction to the fact that domestic oil production has risen since Obama became President?
"Thats because your basically and idiot." Yea...he'll do double Crowns and Coke tonight....
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." I was not aware of just how bad the flooding was; thanks for posting.
Hah.' Nah, divert, insult.
"Thats because your basically and idiot." Apparently not.
Proxy IP's are amusing.....lmao
Questioned about whether the tax breaks are essential to promote exploration, each executive admitted they are not but said the subsidies are similar to those enjoyed by other industries.
Badeye posted on 2011-04-29 10:30:22 ET
#2. To: go65 (#0)
#3. To: go65 (#0)
#4. To: go65 (#1)
#5. To: Badeye (#4)
There are no subsidies for the oil industry
#6. To: go65 (#0)
--GW Bush
#7. To: war, badeye (#6)
Didn't theae execs get Boofer's memo that there are no subsidies for them?
Halliburton's consolidated revenue in the first quarter of 2011 was $5.3 billion, compared to $3.8 billion in the first quarter of 2010. Consolidated operating income was $814 million in the first quarter of 2011, compared to $449 million in the first quarter of 2010. These increases were attributable to increased activity in United States land, as the unabated shift to unconventional oil and liquids-rich basins more than offset geopolitical issues in North Africa and the ongoing effects of the suspension of deepwater activity in the Gulf of Mexico.
In North America, rig activity increased 2% from the prior quarter, while revenue and operating income grew 13% and 16%, respectively. This is a result of our continued strategic investment in oil and liquids-rich growth areas where service intensity continues to grow.
"Service intensity in oil and liquids-rich basins is increasing due to the demand for tailored solutions that require more complex fluid chemistry, longer laterals, higher proppant volumes, and strategic placement of frac stages. Going forward, we believe this structural shift will continue through 2011, further increasing demand for our services.
"We have been confident about the robust outlook in North America, and the prospect of higher activity in the coming quarters has made us more bullish in the strength of our business in 2011 and beyond. We believe our unique technologies and operational footprint will allow us to enhance our leadership position and provide opportunities for margin expansion.
Badeye posted on 2011-04-29 10:30:22 ET
#8. To: go65 (#7)
badeye didn't get the news from Fox/Limbaugh that domestic energy production is increasing under Obama.
#9. To: Badeye (#8)
'Domestic oil production is at all time highs!'
Badeye posted on 2011-04-29 10:30:22 ET
#10. To: go65 (#9)
Apparently I am wrong.
#11. To: Badeye (#10)
I'd quit reading Newsmax.
Badeye posted on 2011-04-29 10:30:22 ET
#12. To: go65 (#11)
So no reaction to the fact that domestic oil production has risen since Obama became President?
--GW Bush
#13. To: war (#12)
Yea...he'll do double Crowns and Coke tonight....
Badeye posted on 2011-04-29 10:30:22 ET
#14. To: go65 (#11)
I did, thanks!
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