We are getting SCREWED on gasoline!

We are getting SCREWED on gasoline!

PostBy: SMITTY On: Thu Dec 06, 2012 11:35 am

This will make your blood boil! :mad: Have a look at this chart:

http://www.theblaze.com/stories/2012/12 ... ce-of-gas/
SMITTY
 
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Re: We are getting SCREWED on gasoline!

PostBy: samhill On: Thu Dec 06, 2012 11:44 am

I've had arg er ah discussions about this before Smitty, maybe we should give big oil more of a subsidy & not even say there is a tax on them even if they don't have to pay.
samhill
 
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Re: We are getting SCREWED on gasoline!

PostBy: Flyer5 On: Thu Dec 06, 2012 11:45 am

SMITTY wrote:This will make your blood boil! :mad: Have a look at this chart:

http://www.theblaze.com/stories/2012/12 ... ce-of-gas/



Don't worry Obama will fix it. He said so the first time he ran. Remember it was because of Bush and his friends.
Flyer5
 
Stoker Coal Boiler: Leisure Line WL110
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Re: We are getting SCREWED on gasoline!

PostBy: I'm On Fire On: Thu Dec 06, 2012 11:49 am

I'm not surprised by this. We've been getting *censored* for a long time.
Last edited by I'm On Fire on Thu Dec 06, 2012 11:50 am, edited 1 time in total.
I'm On Fire
 
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Re: We are getting SCREWED on gasoline!

PostBy: SMITTY On: Thu Dec 06, 2012 11:50 am

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.

Yeah funny how Bush was EXCORIATED for high prices ...... and now that there's actual market trickery going on - in other words, WE REALLY ARE GETTING PORKED - but there's a democrat in charge, everyone is silent. Funny how that works. :roll:
SMITTY
 
Stoker Coal Boiler: Patriot Coal - custom built by Jim Dorsey
Hand Fed Coal Stove: Harman Mark III (not currently in use)
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Other Heating: Oil fired Burnham boiler

Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 11:51 am

SMITTY wrote:This will make your blood boil! :mad: Have a look at this chart:

http://www.theblaze.com/stories/2012/12 ... ce-of-gas/


Specualtion in the market on Wall street should not be allowed, but is very much alive and well and has consistantly driven prices up...the down ward trend in crude oil never seems to reah the consumers pocket and that is "gouging" being done by middle man...not the pump owner...the pump owner is lucky to be making 2 or 3 cents per gallon.
Northern Maine
 
Stove/Furnace Make: CENTRAL Boiler CL-5648
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Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 11:51 am

SMITTY wrote:This will make your blood boil! :mad: Have a look at this chart:

http://www.theblaze.com/stories/2012/12 ... ce-of-gas/


Specualtion in the market on Wall street should not be allowed, but is very much alive and well and has consistantly driven prices up...the down ward trend in crude oil never seems to reah the consumers pocket and that is "gouging" being done by middle man...not the pump owner...the pump owner is lucky to be making 2 or 3 cents per gallon.
Northern Maine
 
Stove/Furnace Make: CENTRAL Boiler CL-5648
Stove/Furnace Model: CL-5648

Re: We are getting SCREWED on gasoline!

PostBy: SMITTY On: Thu Dec 06, 2012 11:54 am

Here's an oil subsidy for you Sam. Should we eliminate it as well? It is an oil subsidy, right?

Low Income Home Energy Assistance Program ( LIHEAP ).

Why can't we eliminate that one? Why must we pick and choose?
SMITTY
 
Stoker Coal Boiler: Patriot Coal - custom built by Jim Dorsey
Hand Fed Coal Stove: Harman Mark III (not currently in use)
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Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 11:58 am

SMITTY wrote:Here's an oil subsidy for you Sam. Should we eliminate it as well? It is an oil subsidy, right?

Low Income Home Energy Assistance Program ( LIHEAP ).

Why can't we eliminate that one? Why must we pick and choose?


I say elimnate all subsidies...child tax credit, tax write offs, grants, etc.!
Northern Maine
 
Stove/Furnace Make: CENTRAL Boiler CL-5648
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Re: We are getting SCREWED on gasoline!

PostBy: samhill On: Thu Dec 06, 2012 12:42 pm

Smitty, as NM said we should get rid of all the subsidies which are nothing more than tax breaks. The biggest most profitable most often end up with the most, so big oil & GE & such get the most attention. It's nothing more than that, if it makes you happy to keep making up the difference when others don't pay then don't complain when we are paying than what you feel we should for gas & other products. It isn't as easy as a left or right thing it's who is running the country & I'll give you a hint the middle class hasn't gotten a break for many decades, just look up how the amount of wealth is distributed & don't be fooled by who pays the most tax. If your getting the majority of wealth you will pay more but the % of income is where it gets way out of hand.
samhill
 
Hot Air Coal Stoker Furnace: keystoker 160
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Re: We are getting SCREWED on gasoline!

PostBy: lsayre On: Thu Dec 06, 2012 1:28 pm

There are two ways to read this chart. it is very possible that the divergence between crude oil and gasoline means that crude oil is being manipulated and thereby held at an artificially low price right now. We have been working hard (OK, forcing) Saudi Arabia to keep crude oil low in price in return for protection.
lsayre
 
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Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 1:48 pm

lsayre wrote:There are two ways to read this chart. it is very possible that the divergence between crude oil and gasoline means that crude oil is being manipulated and thereby held at an artificially low price right now. We have been working hard (OK, forcing) Saudi Arabia to keep crude oil low in price in return for protection.


I agree with your summation.
Northern Maine
 
Stove/Furnace Make: CENTRAL Boiler CL-5648
Stove/Furnace Model: CL-5648

Re: We are getting SCREWED on gasoline!

PostBy: rockwood On: Thu Dec 06, 2012 1:56 pm

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.
rockwood
 
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Re: We are getting SCREWED on gasoline!

PostBy: Northern Maine On: Thu Dec 06, 2012 2:01 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.


What taxes and regulations should be "axed"?
Northern Maine
 
Stove/Furnace Make: CENTRAL Boiler CL-5648
Stove/Furnace Model: CL-5648

Re: We are getting SCREWED on gasoline!

PostBy: jpete On: Thu Dec 06, 2012 2:23 pm

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.
jpete
 
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