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House panel clears way for administration subpoenas on drilling, coal reg probes

Published March 28, 2012
| FoxNews.com

A House Committee voted Wednesday to clear the way to subpoena the Obama administration over two separate probes -- one concerning allegations dating back to the BP spill that it misrepresented a report on the temporary offshore drilling ban.
The 23-17 vote along party lines allows GOP Rep. Doc Hastings, chairman of the House Natural Resources Committee, to issue the subpoenas, which will go to such agencies as the Interior Department and the Environmental Protection Agency.


Read more: House Panel Clears Way For Administration Subpoenas On Drilling, Coal Reg Probes | Fox News
 
They need to leave the Airport in Madrid alone Monday!!! CRAZY!:suspicious:
March 29, 2012, 8:19 a.m. EDT
Dollar up vs. euro as Spain strikes

By William L. Watts and V. Phani Kumar, MarketWatch
FRANKFURT (MarketWatch)—The U.S. dollar gained against the euro Thursday as peripheral euro-zone bond yields rose and Spanish workers staged a nationwide strike in protest of austerity measures a day ahead of the government’s presentation of its latest budget plans.
Concerns about the prospects for an economic hard landing in China and the global growth outlook also continued to weigh on risk-oriented currencies.
The euro -0.2841% bought $1.3273, down from $1.3326 late Wednesday, sliding lower as Italian and Spanish 10-year bond yields pushed higher amid mounting nervousness over Spain’s budget plans.
Dollar up vs. euro as Spain strikes - Currencies - MarketWatch
 
Here is why the price of oil just tanked:
Senate defeats Dem measure to nix ‘Big Oil’ tax breaks, 51-47


By Ben Geman and Andrew Restuccia - 03/29/12


The Senate on Thursday thwarted Democratic plans to strip billions of dollars in tax breaks from the largest oil companies, just an hour or so after President Obama urged the chamber to kill off the deductions.

Lawmakers voted 51-47 to move forward with Sen. Robert Menendez’s (D-N.J.) bill. Sixty votes were needed to advance the measure.

Two Republicans — Sens. Susan Collins and Olympia Snowe, both from Maine — crossed party lines and voted to repeal the tax breaks. Four Democrats — Sens. Mark Begich (Alaska), Mary Landrieu (La.), Ben Nelson (Neb.) and Jim Webb (Va.) — voted against the bill.
Click to expand...

It needed 60 votes to cut the special tax breaks that Big Oil gets. It only got 51 votes.

Soooo...while a majority of the Senate voted to end the special tax breaks that were put in to help Oil when the price of Oil was $40 a barrel, and Oil said they needed special tax breaks....there is not enough testosterone to drop the special breaks now that oil has gone over $100 a barrel.


Sad.

More: Senate defeats Dem measure to nix
 
Here is what they were voting on:
Tax credits for alternative energy, and a repeal of the special tax breaks for oil
S.2204 -- Repeal Big Oil Tax Subsidies Act (Placed on Calendar Senate - PCS)
Beginning
March 19, 2012

  • SECTION 1. SHORT TITLE.
TITLE I--TAX EXTENSIONS RELATING TO ENERGY

  • SEC. 101. EXTENSION OF CREDIT FOR ENERGY-EFFICIENT EXISTING HOMES.

  • SEC. 102. EXTENSION OF CREDIT FOR CERTAIN PLUG-IN ELECTRIC VEHICLES.

  • SEC. 103. EXTENSION OF CREDIT FOR ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY.

  • SEC. 104. EXTENSION OF CELLULOSIC BIOFUEL PRODUCER CREDIT.

  • SEC. 105. ALGAE TREATED AS A QUALIFIED FEEDSTOCK FOR PURPOSES OF THE CELLULOSIC BIOFUEL PRODUCER CREDIT, ETC.

  • SEC. 106. EXTENSION OF INCENTIVES FOR BIODIESEL AND RENEWABLE DIESEL.

  • SEC. 107. EXTENSION OF PRODUCTION CREDIT FOR REFINED COAL.

  • SEC. 108. EXTENSION OF PRODUCTION CREDIT.

  • SEC. 109. EXTENSION OF CREDIT FOR ENERGY-EFFICIENT NEW HOMES.

  • SEC. 110. EXTENSION OF CREDIT FOR ENERGY-EFFICIENT APPLIANCES.

  • SEC. 111. EXTENSION OF ELECTION OF INVESTMENT TAX CREDIT IN LIEU OF PRODUCTION CREDIT.

  • SEC. 112. EXPANSION OF QUALIFYING ADVANCED ENERGY PROJECT CREDIT.

  • SEC. 113. EXTENSION OF SPECIAL ALLOWANCE FOR CELLULOSIC BIOFUEL PLANT PROPERTY.

  • SEC. 114. EXTENSION OF SUSPENSION OF LIMITATION ON PERCENTAGE DEPLETION FOR OIL AND GAS FROM MARGINAL WELLS.

  • SEC. 115. EXTENSION OF ALTERNATIVE FUELS EXCISE TAX CREDITS.

  • SEC. 116. EXTENSION OF GRANTS FOR SPECIFIED ENERGY PROPERTY IN LIEU OF TAX CREDITS.

  • SEC. 117. EXTENSION OF MINE RESCUE TEAM TRAINING CREDIT.

  • SEC. 118. EXTENSION OF ELECTION TO EXPENSE MINE SAFETY EQUIPMENT.
TITLE II--REPEAL OF OIL AND GAS SUBSIDIES
Subtitle A--Close Big Oil Tax Loopholes

  • SEC. 202. LIMITATION ON SECTION 199 DEDUCTION ATTRIBUTABLE TO OIL, NATURAL GAS, OR PRIMARY PRODUCTS THEREOF.

  • SEC. 203. LIMITATION ON DEDUCTION FOR INTANGIBLE DRILLING AND DEVELOPMENT COSTS.

  • SEC. 204. LIMITATION ON PERCENTAGE DEPLETION ALLOWANCE FOR OIL AND GAS WELLS.

  • SEC. 205. LIMITATION ON DEDUCTION FOR TERTIARY INJECTANTS.
Subtitle B--Outer Continental Shelf Oil and Natural Gas

  • SEC. 211. REPEAL OF OUTER CONTINENTAL SHELF DEEP WATER AND DEEP GAS ROYALTY RELIEF.
TITLE III--BUDGETARY EFFECTS

  • SEC. 301. DEFICIT REDUCTION.

  • SEC. 302. BUDGETARY EFFECTS.
March 20, 2012
Click to expand...
And here is who voted for and against the bill. It needed 60 votes, so the NO votes are who support keeping tax breaks for big oil:

[TABLE="class: contenttext"]
[TR]
[TD="colspan: 3"]YEAs ---51[/TD]
[/TR]
[TR]
[TD="width: 33%"]Akaka (D-HI)
Baucus (D-MT)
Bennet (D-CO)
Bingaman (D-NM)
Blumenthal (D-CT)
Boxer (D-CA)
Brown (D-OH)
Cantwell (D-WA)
Cardin (D-MD)
Carper (D-DE)
Casey (D-PA)
Collins (R-ME)
Conrad (D-ND)
Coons (D-DE)
Durbin (D-IL)
Feinstein (D-CA)
Franken (D-MN)
[/TD]
[TD="width: 33%"]Gillibrand (D-NY)
Hagan (D-NC)
Harkin (D-IA)
Inouye (D-HI)
Johnson (D-SD)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (ID-CT)
Manchin (D-WV)
McCaskill (D-MO)
Menendez (D-NJ)
Merkley (D-OR)
Mikulski (D-MD)
[/TD]
[TD="width: 33%"]Murray (D-WA)
Nelson (D-FL)
Pryor (D-AR)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Sanders (I-VT)
Schumer (D-NY)
Shaheen (D-NH)
Snowe (R-ME)
Stabenow (D-MI)
Tester (D-MT)
Udall (D-CO)
Udall (D-NM)
Warner (D-VA)
Whitehouse (D-RI)
Wyden (D-OR)
[/TD]
[/TR]
[/TABLE]
[TABLE="class: contenttext"]
[TR]
[TD="colspan: 3"]NAYs ---47[/TD]
[/TR]
[TR]
[TD="width: 33%"]Alexander (R-TN)
Ayotte (R-NH)
Barrasso (R-WY)
Begich (D-AK)
Blunt (R-MO)
Boozman (R-AR)
Brown (R-MA)
Burr (R-NC)
Chambliss (R-GA)
Coats (R-IN)
Coburn (R-OK)
Cochran (R-MS)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
[/TD]
[TD="width: 33%"]Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)
Heller (R-NV)
Hoeven (R-ND)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Johnson (R-WI)
Kyl (R-AZ)
Landrieu (D-LA)
Lee (R-UT)
Lugar (R-IN)
McCain (R-AZ)
McConnell (R-KY)
[/TD]
[TD="width: 33%"]Moran (R-KS)
Murkowski (R-AK)
Nelson (D-NE)
Paul (R-KY)
Portman (R-OH)
Risch (R-ID)
Roberts (R-KS)
Rubio (R-FL)
Sessions (R-AL)
Shelby (R-AL)
Thune (R-SD)
Toomey (R-PA)
Vitter (R-LA)
Webb (D-VA)
Wicker (R-MS)
[/TD]
[/TR]
[/TABLE]
[TABLE="class: contenttext"]
[TR]
[TD="colspan: 3"]Not Voting - 2[/TD]
[/TR]
[TR]
[TD="width: 33%"]Hatch (R-UT)
[/TD]
[TD="width: 33%"]Kirk (R-IL)
[/TD]
[/TR]
[/TABLE]
Click to expand...
 
$4 Gas: “There Is No Justification” for High Prices,
Says Fmr. Senator Dorgan

<snip>
"There is no justification for the current gas prices. This is all about speculation by the people who are speculating on the price of oil and gas," he says. "We could shutdown excess speculation in commodity markets. This government should do that."

<snip>
"There is no justification for the current gas prices. This is all about speculation by the people who are speculating on the price of oil and gas," he says. "We could shutdown excess speculation in commodity markets. This government should do that."
Senator Bernie Sanders (I-VT) said as much on The Daily Ticker earlier this month. Sanders, along with 70 members of Congress, wrote a letter to regulators at the Commodity Futures Trading Commission (CFTC), urging immediate action on oil speculation by enacting "strong position limits" and to "utilize all authorities available to…make sure that the price of oil and gasoline reflects the fundamentals of supply and demand."
Fadel Gheit, senior energy analyst at Oppenheimer, told us he blames speculators for adding "at a minimum" $20 per barrel to the price of oil. In a study of oil prices over the last five years, the St. Louis Federal Reserve determined speculation drove up oil prices by 15 percent. But those estimates are comparatively conservative. The CEO of ExxonMobil (XOM) believes speculation could be driving up oil prices by as much as 40 percent a barrel.
"These are people, by the way, who will never buy oil and never sell oil. They are actually buying and selling things they will never have from people who never had it," says Dorgan. "They are making money back driving up the price at the pump and the American people are the victims."
Click to expand...

Sure- just trade away.

More:
$4 Gas:
 
James48843 said:
Here is what they were voting on:
Tax credits for alternative energy, and a repeal of the special tax breaks for oil
And here is who voted for and against the bill. It needed 60 votes, so the NO votes are who support keeping tax breaks for big oil:
Click to expand...
Yes we all can see that Obama wants to take money away from the Oil and Coal energy companies and give it to Green failing technologies. That would raise the price of oil and gas and be a dud as far as providing energy to the country.
 
March 29, 2012, 3:40 p.m. EDT
[h=1]Oil at six-week low after Saudi comments, bearish tone[/h][h=2]Saudi Arabia reassures on supplies; natural gas at 10-year low[/h]



By Claudia Assis and V. Phani Kumar, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures ended at a six-week low Thursday, falling for a second straight day after Saudi Arabia’s oil minister said his country is able to increase supplies to counter higher oil prices and analysts described the market’s tone as overwhelmingly bearish.
Oil lower after Saudi comments, bearish tone - Futures Movers - MarketWatch
 
Regular Unleaded 10% Moonshine $3.85 a gallon in Boiled Peanut GA. Have to fill up today have a 200 mile trip Sunday. :mad:
 
James48843 said:
Why tax subsidies for oil companies persist-

the most profitable industry known to man -

msnbc.com Video Player
Click to expand...
Giving grants and government guaranteed loans to solar companies like Solyndra is a subsidy. Allowing "Big Oil" to keep more of their profits is not. If you think gas prices are high now, take away those tax deductions and see how high gas gets. European gas prices would seem cheap in comparison if they did that. It isn't Big Oil that's getting a break, it's the consumer who benefits from the tax breaks.
 
All I can say is open your eyes and don't be stupid, read between the lines and figure out for yourself what they are really trying to do.
 
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