We are getting SCREWED on gasoline!

Re: We are getting SCREWED on gasoline!

PostBy: jpete On: Thu Dec 06, 2012 2:24 pm

rockwood wrote:The biggest issue I think is simply that the worth of the dollar is lowering and since the "petrodollar" is used by countries to buy oil, the dollar doesn't go as far for oil as well as at the pump.
Want someone to blame, I would start with fed reserve ruining our currency as well as taxes/regulation etc. If you look at the recent history of the price of oil compared to the strength of the dollar, you will see the trend.


DING! DING! DING! WE HAVE A WINNER! :)
jpete
 
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Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 2:26 pm

jpete wrote:
SMITTY wrote:Where does this "oil subsidy" myth come from? The left loves to throw that one out there, but I have yet to see proof of it.



http://www.indepthexploration.com/investors.html
This link is broken, either the page no longer exists or there is some other issue like a typo.


There are more but these are the ones I'm aware of and could quickly find.

Intangible Drilling Cost Tax Deduction

The intangible expenditures of drilling (labor, chemicals, mud, grease, etc.) range from (65 to 88%) of the cost a well. These expenditures are considered "Intangible Drilling Cost (IDC)", which is 100% deductible during the first year. For example, a $100,000 investment would yield from $65,000 to $88,000 in tax deductions during the first year of the venture. These deductions are available in the year the money was invested, even if the well does not start drilling until March 31 of the year following the contribution of capital. (See Section 263 of the Tax Code.)

Tangible Drilling Cost Tax Deduction

The total amount of the investment allocated to the equipment "Tangible Drilling Costs (TDC)" is 100% tax deductible. In the example above, the remaining tangible costs ($35,000 to $12,000) may be deducted as depreciation over a five to seven-year period. (See Section 263 of the Tax Code.) Congressional Incentives Encourage Domestic Development: Congress has provided tax incentives to stimulate domestic natural gas and oil production financed by private sources. Drilling projects offer many tax advantages and these benefits greatly enhance the economics. These incentives are not "Loop Holes" -- they were placed in the Tax Code by Congress to make participation in oil and gas ventures one of the best tax advantaged investments.

Alternative Minimum Tax

Prior to the 1992 Tax Act, working interest participants in oil and gas ventures were subject to the normal Alternative Minimum Tax to the extent that this tax exceeded their regular tax. This Tax Act specifically exempted Intangible Drilling Cost as a Tax Preference Item. "Alternative Minimum Taxable Income" generally consists of adjusted gross income, minus allowable Alternative Minimum Tax itemized deduction, plus the sum of tax preference items and adjustments. "Tax preference items" are preferences existing in the Code to greatly reduce or eliminate regular income taxation. Included within this group are deductions for excess Intangible Drilling and Development Costs and the deduction for depletion allowable for a taxable year over the adjusted basis in the Drilling Acreage and the wells thereon.


Thanks for sharing Jpete...seriously! ;)
Northern Maine
 
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Re: We are getting SCREWED on gasoline!

PostBy: jpete On: Thu Dec 06, 2012 2:39 pm

Investment opportunity? :)
jpete
 
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Re: We are getting SCREWED on gasoline!

PostBy: rockwood On: Thu Dec 06, 2012 2:57 pm

Northern Maine wrote:
rockwood wrote:The biggest issue I think is simply that the worth of the dollar is lowering and since the "petrodollar" is used by countries to buy oil, the dollar doesn't go as far for oil as well as at the pump.
Want someone to blame, I would start with fed reserve ruining our currency as well as taxes/regulation etc. If you look at the recent history of the price of oil compared to the strength of the dollar, you will see the trend.


What taxes and regulations should be "axed"?


Well, I think the inflating of our currency is the core issue...higher gas prices mean everything else must go up to offset it, hence the need to raise taxes...when you inflate, it's a snowball affect.

Regulations banning oil exploration for instance....reduced regulations usually mean lower costs.
rockwood
 
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Re: We are getting SCREWED on gasoline!

PostBy: Berlin On: Thu Dec 06, 2012 3:16 pm

Northern Maine wrote:
Specualtion in the market on Wall street should not be allowed,


You can't be serious.
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Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 3:50 pm

jpete wrote:Investment opportunity? :)


VERY PLAUSIBLE! :D
Northern Maine
 
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Re: We are getting SCREWED on gasoline!

PostBy: jpete On: Thu Dec 06, 2012 3:54 pm

Northern Maine wrote:
jpete wrote:Investment opportunity? :)


VERY PLAUSIBLE! :D


So you can't beat those "evil" 1%'ers so you're going to join them? :D
jpete
 
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Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 4:02 pm

jpete wrote:
Northern Maine wrote:
jpete wrote:Investment opportunity? :)


VERY PLAUSIBLE! :D


So you can't beat those "evil" 1%'ers so you're going to join them? :D


Guess so (if I had the $$$)...just like taking advantage of any of the social programs out there if needed. :D
Northern Maine
 
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Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 4:41 pm

Berlin wrote:
Northern Maine wrote:
Specualtion in the market on Wall street should not be allowed,


You can't be serious.


Sarcasm maybe?
Northern Maine
 
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Re: We are getting SCREWED on gasoline!

PostBy: jpete On: Thu Dec 06, 2012 5:32 pm

Northern Maine wrote:


Guess so (if I had the $$$)...just like taking advantage of any of the social programs out there if needed. :D


Difference is, I don't rail against social programs. :D
jpete
 
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Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 5:38 pm

jpete wrote:
Northern Maine wrote:


Guess so (if I had the $$$)...just like taking advantage of any of the social programs out there if needed. :D


Difference is, I don't rail against social programs. :D


Well...that's a good thing I guess...I really don't rail much about the 1%ers either. :D
Northern Maine
 
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Re: We are getting SCREWED on gasoline!

PostBy: jpete On: Thu Dec 06, 2012 5:39 pm

Northern Maine wrote:Well...that's a good thing I guess...I really don't rail much about the 1%ers either. :D


Just as long as they pay "their fair share"?
jpete
 
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Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 5:42 pm

jpete wrote:
Northern Maine wrote:Well...that's a good thing I guess...I really don't rail much about the 1%ers either. :D


Just as long as they pay "their fair share"?


What you and I may think is fair may or may not be the same. What do you think is fair for them to pay?
Northern Maine
 
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Re: We are getting SCREWED on gasoline!

PostBy: jpete On: Thu Dec 06, 2012 5:47 pm

Northern Maine wrote:
jpete wrote:
Northern Maine wrote:Well...that's a good thing I guess...I really don't rail much about the 1%ers either. :D


Just as long as they pay "their fair share"?


What you and I may think is fair may or may not be the same. What do you think is fair for them to pay?


If we are talking income taxes, then I want them to pay what I want you to pay...ZERO.

Why anyone thinks government has a higher claim to my labor than I do I'll never know.

If you want to talk import/export tariffs and some other things, that might be a different story.

If we want to talk gas taxes as per the thread, then the "rich" already pay the same as the rest of us. If the government feels the need to tax it more per gallon, then they should do so. I'm close enough to everything I do to ride my bike. :)
jpete
 
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Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 5:58 pm

If we are talking income taxes, then I want them to pay what I want you to pay...ZERO.

Why anyone thinks government has a higher claim to my labor than I do I'll never know.

If you want to talk import/export tariffs and some other things, that might be a different story.

If we want to talk gas taxes as per the thread, then the "rich" already pay the same as the rest of us. If the government feels the need to tax it more per gallon, then they should do so. I'm close enough to everything I do to ride my bike. :)[/quote]
What do income taxes support? AND I say whack the tariffs on imports/exports....
Northern Maine
 
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