Posted by: arnegrim | May 12, 2011

Oil and taxes

“…President Barack Obama is increasing pressure on Congress to eliminate these tax breaks — including one that is nearly a century old — at a time of record budget deficits. The President and congressional Democrats say eliminating the tax breaks will also lower gas prices by making alternative energy sources more competitive.

Oil industry advocates, a group that includes most Republicans in Congress, argue just the opposite. They say oil companies reinvest tax breaks into exploration and production, which ultimately generates more tax dollars and increases the supply of oil. They say eliminating tax breaks will raise the cost of doing business and lead to higher gas prices

…The 41 U.S. oil and gas companies that break out their federal taxes said they paid Uncle Sam $5.7 billion in 2010, according to data compiled by Compustat. That’s more than any other industry.”

http://news.yahoo.com/s/ap/20110512/ap_on_bi_ge/us_oil_industry_tax_breaks

“The hearing was for verbally flogging oil company CEOs, and no senator bothered to pretend it was about making gasoline prices more affordable or helping the economy recover

…”All this hearing is about is providing a justification for tax increases,” said Hatch, framed by the dog-and-pony portrait behind him.”

http://news.yahoo.com/s/ap/20110512/ap_on_re_us/us_senate_oil_ceos

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