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Federal Subsidies for Oil & Gas

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  • oldag

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    Try again. You pay gross taxes on all assets (hard or soft) and then get a 'rebate' for 'costs' - same thing. Any 'benefit' provided by the Gov. is a 'subsidy'! Gov. 'benefit' to keep you profitable (stay in business). Lower income families are given a 'subsidy' by allowance of deductibles on taxes. Grants are unearned 'gifts'.
    You can weasel word anything.
    Still not correct. The article is using false logic.
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    sidebite252

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    Try again. You pay gross taxes on all assets (hard or soft) and then get a 'rebate' for 'costs' - same thing. Any 'benefit' provided by the Gov. is a 'subsidy'! Gov. 'benefit' to keep you profitable (stay in business). Lower income families are given a 'subsidy' by allowance of deductibles on taxes. Grants are unearned 'gifts'.
    You can weasel word anything.

    That’s the best explanation I’ve ever read. It’s all about taxes. Good article
     

    popper

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    You can twist it anyway you want using semantics. Still a subsidy. Gov. is giving a particular industry a break.
     

    oldag

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    You can twist it anyway you want using semantics. Still a subsidy. Gov. is giving a particular industry a break.
    It is not semantics.

    Cash is not going from the government to the petroleum companies, despite what Green Deal idiots want to believe.
     

    popper

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    Business is about supply, demand, inventory and labor. Period. When FDR invented the Fed he 'borrowed' European money theory (cause they were already in fiat mode)to control the PRICE of FIAT money! Normal people use 'sinking' funds to account for depreciation. Then when taxes became the big part, they 'invented' depreciation to keep the 'books' on the positive side. Banks are required by law (now) to keep reserve fund NOT counted as profit, for 'depreciation' use. Used to teach real econ in HS back in the 40s & 50s, now just 'theory' for fiat $. Kinda like 401k, invented too pay bank VPs big $ not counted as taxable bonus.
    Sorry oldag, you are wrong. But keep on trying!
     

    oldag

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    Business is about supply, demand, inventory and labor. Period. When FDR invented the Fed he 'borrowed' European money theory (cause they were already in fiat mode)to control the PRICE of FIAT money! Normal people use 'sinking' funds to account for depreciation. Then when taxes became the big part, they 'invented' depreciation to keep the 'books' on the positive side. Banks are required by law (now) to keep reserve fund NOT counted as profit, for 'depreciation' use. Used to teach real econ in HS back in the 40s & 50s, now just 'theory' for fiat $. Kinda like 401k, invented too pay bank VPs big $ not counted as taxable bonus.
    Sorry oldag, you are wrong. But keep on trying!
    You still have failed to present a valid argument.

    We will just have to agree to disagree. And I will leave it at that.
     

    Oldfalguy

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    I ran across this- The US does have tax subsidies to oil in order to facilitate production and fossil fuel discovery in order to have stable low cost energy. Thee article notes that the industry leads to lets call it pollution et al. However it does show that China subsidizes its energy double the US and Russia. The European Union is 55 million euros.
    Check it out here https://www.eesi.org/papers/view/fa...-closer-look-at-tax-breaks-and-societal-costs
     

    oldag

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    I ran across this- The US does have tax subsidies to oil in order to facilitate production and fossil fuel discovery in order to have stable low cost energy. Thee article notes that the industry leads to lets call it pollution et al. However it does show that China subsidizes its energy double the US and Russia. The European Union is 55 million euros.
    Check it out here https://www.eesi.org/papers/view/fa...-closer-look-at-tax-breaks-and-societal-costs
    And this article is also inaccurate in what it terms "direct subsidies" related to the oil patch.

    And the indirect subsidies it shows are not subsidies. They are available to all companies, not just oil patch (e.g., LIFO, MLP's, etc.).

    The article is just a propaganda sheet for the socialists' Green Deal.
     

    popper

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    I never said it was good or bad, just what it is. Oil and gas is 17%/yr tax deduction of gross profit. Mining/timber (22%)/etc get the same kind of deal. BUT this is for the gross profit of oil that is not the companies in the first place. If a vendor buys a 100 gal of oil at the first of yr and sells some, gov does NOT pay (tax deduction) for what the vendor sold. In fact he is taxed on profit and what he has left. So the Gov. is subsidizing the oil industry. Period. Oil is inventory just like anything else. Note - it doesn't belong to the oil Co. until it is pumped!
     

    MacZC7

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    Well, you're replying...
    ;)
    Biden is now admitting he is NOT for banning fracking after he and Kamala both said they would. In the background he’s supporting it over seas...strange huh?

    8B239B27-6500-4993-8C58-3E05F0F07367.jpeg
     

    sidebite252

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    Based on the linked article one good example is they don’t tax the O&G industry for certain cargo weight as they do for other industries who ship via waterways. That’s a tax break.

    I’ve seen so many politicians in the past who’s narrative is “the billions of dollars the government gives the O&G industry” and it appears that is just not accurate (as usually.)

    Go ahead, take away the tax breaks. Just like any business in America, that extra cost will be passed down to the consumer.

    So who wins here?
     

    MacZC7

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    Old news. Biden and Harris have flip flopped so many times, that no one can even keep up anymore.
    You knew the Biden crime family had investments over seas and were pushing fracking there because Hunter is Cornpop’s bag man? Oh...
     
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