Oil Slick Stuff

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We have a local Senator that is trying to get 2 bills passed in Washington to get the price of gasoline down. One is to take away the speculators and the other is to take away the tax breaks for the oil companies.
 
nasa1974 said:
We have a local Senator that is trying to get 2 bills passed in Washington to get the price of gasoline down. One is to take away the speculators and the other is to take away the tax breaks for the oil companies.
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Does he really think taking away the TAX Breaks away will lower the price of Gasoline? From my experience the Oil Companies won't lose a dime they will just raise prices and pass it on to the consumer.:suspicious:
 
nnuut said:
Does he really think taking away the TAX Breaks away will lower the price of Gasoline? From my experience the Oil Companies won't lose a dime they will just raise prices and pass it on to the consumer.:suspicious:
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No I think is part of balancing the budget. Back when oil was around $20.00 a barrel the oil companies said it was too expensive to find new deposits so the government gave them tax breaks. now with oil so expensive the oil companies are making billions and don't need the tax breaks.
 
nasa1974 said:
No I think is part of balancing the budget. Back when oil was around $20.00 a barrel the oil companies said it was too expensive to find new deposits so the government gave them tax breaks. now with oil so expensive the oil companies are making billions and don't need the tax breaks.
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Could be, we will see? And what will our government do with the money, I KNOW they will apply it to a reduction in the National Debt!!!!:D Watch closely while the money just gets absorbed into Green Energy Projects!:cool:
CUT SPENDING NOW!:nuts:
 
nnuut said:
CUT SPENDING NOW!:nuts:
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<moderator_mode>Take it to BeltwayTalk</moderator_mode>


:nuts: :blink: :embarrest: :sick:

OBTW, I AGREE

Interesting graph...
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FireWeatherMet said:
Well, I'm gonna try to walk the political tightrope on this, but wondering what you (Norm) think about this?

http://finance.yahoo.com/news/Democ...7.html?x=0&sec=topStories&pos=3&asset=&ccode=

Bottom line...do we still need corporate welfare for oil companies?

Or can we let them off the taxpayer teat and let them sink or swim on the "Free Market"?
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The current Administration surely doesn't want to encourage Oil exploration in the USA!
Actually I believe they would be just fine, but it may result in a spike in prices as the loss is absorbed by the consumer? Another thing that they need to add to the bill is this money cannot just be put back in the Gov't coffers and used for another purpose, just write it off as a cut in SPENDING.:cool:
 
Oil higher in volatile trading

Oil markets still reverberating following massive drop last week; gas pump prices lower




Chris Kahn, AP Energy Writer, On Tuesday May 10, 2011, 11:43 am EDT

NEW YORK (AP) -- Oil rose on Tuesday after some early losses as investors tried to gauge where the market is headed.
Energy trader Stephen Schork said nobody's confident about their positions after prices tumbled last week by the largest percentage in two and a half years. The CME Group, which owns the New York Mercantile Exchange, also raised margin requirements this week, making it more expensive to speculate in energy commodities.
"Everyone's just tightening the reins here" on oil trades, Schork said.
Benchmark crude rose 56 cents at $103.11 per barrel on the Nymex. The June contract plummeted by 15 percent last week before rebounding by more than 5 percent on Monday.
Analysts expect the government will report Wednesday that oil supplies grew for the third straight week, though analyst Phil Flynn says the Mississippi River flood could knock out some refineries and tighten supplies of high-quality crude. http://finance.yahoo.com/news/Oil-f...81.html?x=0&sec=topStories&pos=1&asset=&ccode=
 
More Expensive Gasoline :mad:

Gasoline futures advanced yesterday amid concern that the flooding will disrupt fuel production and distribution. Futures rose 3.1 percent to $3.3797 a gallon on the New York Mercantile Exchange, adding to a 6.1 percent gain on May 9, the biggest since July 2009. The contract dropped 1.4 percent to $3.3316 as of 6:15 a.m. London time today. Crude prices slid 0.4 percent to $103.49 a barrel.
The premium of June gasoline over crude on Nymex surged as much as $4.97 to $40.11 a barrel yesterday, the largest since at least 1990. It was at $36.63 a barrel today.
Valero Energy Corp. (VLO) was forced to reduce operations at its refinery in Memphis to between 80 percent and 85 percent of capacity because of the flooding, according to people familiar with refinery operations.
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http://www.bloomberg.com/news/2011-...-flood-300-million-acres-halt-refineries.html
 
Crude Oil Falls for First Day in Three on Projected Gain in U.S. Supplies
By Mark Shenk - May 11, 2011 9:36 AM ET

Crude oil declined for the first time in three days on speculation that a report may show U.S. inventories climbed for the 15th time in 17 weeks.
Oil fell as much as 2 percent before an Energy Department report that will show stockpiles rose 1.5 million barrels last week, according to a Bloomberg News survey. A gain of that size would leave supplies within 1 percent of a two-year high. Gasoline advanced 9.4 percent the prior two days on concern flooding on the Mississippi River will disrupt output.
“Expectations of another inventory gain are weighing on the market,” said Jason Schenker, president of Prestige Economics, an energy advisory firm in Austin, Texas. “Gasoline advanced the last two days, pulling crude higher, on concern about the Mississippi floods. There’s a growing realization that any refinery shutdown will be temporary and cut crude demand.” http://www.bloomberg.com/news/2011-...-three-on-projected-gain-in-u-s-supplies.html
 
Energy in America: House to Vote on Lifting Offshore Oil Moratorium

By William Lajeunesse
Published May 11, 2011
| FoxNews.com


AP
FILE: A deepwater drilling rig operates near the site of the Deepwater Horizon disaster in the Gulf of on June 8, 2010.

With almost 98 percent of America's offshore oil off-limits to drilling, and sustained gas prices nearing $4 a gallon, congressional Republicans say only one thing is keeping America from tapping into its offshore resources -- President Obama.


Read more: http://www.foxnews.com/politics/201...s-lift-offshore-oil-moratorium/#ixzz1M412l94Q
 
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