I don't remember the libs passing tax breaks for oil companies when oil was at $35 a barrel and they were cutting costs left and right.

Not morons, just politicians pandering to their moron base.

Define "excessive"

I think we have enough evidence now. Time to move countries. I hear Polands nice.

if they want gas prices to come down the govt needs to take THEIR hand out of pockets. they take 80 cents on a dollar. give me a break.

/libs

Idiots doing idiot things because they're idiots.

The level of ignorance and non-existent economic IQ of Democrats never ceases to amaze me. They really believe the cost of a new tax wouldn't ultimately be passed along and paid by the consumer.

It's all about grandstanding and fooling enough of their low IQ voters to win the next election. They couldn't care less about hurting the economy, a critical industry, their constituents, or solving problems.

The moron/idiot/low-IQ name calling is not constructive because it distracts from the fact that all of this is intentional. These people aren't doing this by accident. They are evil, and it's all calculated

Now do Tech industries and Medical industries (both of which have made more money in the past year than Exxon and Chevron).

*******s.

Fear InoculAg said:

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The moron/idiot/low-IQ name calling is not constructive because it distracts from the fact that all of this is intentional. These people aren't doing this by accident. They are evil, and it's all calculated

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Yes it is.

Their constituents, however, are complete imbeciles.

Keynes and his moronic, tard followers.

Ron Wyden is the dumbest m'fer in Congress when it comes to Economics and that is supremely hard to do.

Same guy that originally pushed the taxing of unrealized capital gains that Janet Yellen later pushed at her hearing.

Together, they are a marriage of dumbassery that are hell bent on destroying America.

The progressive left doesn't want to help the poor. They want to punish political enemies and harm the wealthy, which is of course only those they perceive to be more wealthy or powerful than they themselves are. It's about spite and hate, not concern and compassion, though the latter is the moral delusion they sell to themselves regarding intent even when their actions clearly do harm.

They are gonna collapse the global economy and a ton of people are gonna starve to death.

Theres no way to turn the ship fast enough.

The oil companies are already having to deal with this in the UK, who passed a "one-time" (errrrr actually 3 year) 25% windfall tax on energy companies a couple weeks ago.

Actually they changed it and the "one-time" tax is now indefinite. Also fun fact, before this extra 25% tax, O&G companies in the UK are singled out and must pay 40% tax on their profits as opposed to the normal 19% for most corporations

Tom Doniphon said:

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Define "excessive"

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i'm sure it'll be some arbitrary %...of which most tech and med/pharma companies will exceed but not be subject to.

They're idiots.

It's almost like they WANT high prices at the pump

Maroon Dawn said:

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It's almost like they WANT higher prices at the pump

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Fifya

YouBet said:

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Ron Wyden is the dumbest m'fer in Congress when it comes to Economics and that is supremely hard to do.

Same guy that originally pushed the taxing of unrealized capital gains that Janet Yellen later pushed at her hearing.

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What's the difference between taxing unrealized gains and property taxes?

Profit margins for big oil companies like ExxonMobil average under 10%.

At $5/gallon (current national average), let's round up and say that's $0.50/gallon.

Government takes more than twice that with an average of $1.20/gallon.

ExxonMobil's effective tax rate is about 25%, so there's another $1.20 going to the federal government ($5.00 x 25%).

$1.20 at the pump and $1.20 baked into the price already to cover taxes = $2.40.

$2.40/$5.00 = 48%

Thus, 48% (or basically half) of the price of gas at the pump is solely to cover taxes.

Basically, the price of gas is:

$2.40 - taxes
$0.50 - profit
$2.10 - operating expenses

So the taxes are more expensive than producing gasoline itself. $2.40/g vs $2.10/g.

That $2.10 of OPEX includes the cost of locating geological formations, drilling, transporting the raw materials, processing the crude oil, transporting the finished product to the market, and paying all the employees in that process.

All that $2.10 covers less than what government takes at $2.40.

I'm going to presume most people don't know that.

Corporations don't pay taxes. It's all passed on to the consumer.

techno-ag said:

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Corporations don't pay taxes. It's all passed on to the consumer.

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Winner, winner, chicken dinner....

Zarathustra said:

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YouBet said:

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Ron Wyden is the dumbest m'fer in Congress when it comes to Economics and that is supremely hard to do.

Same guy that originally pushed the taxing of unrealized capital gains that Janet Yellen later pushed at her hearing.

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What's the difference between taxing unrealized gains and property taxes?

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A massive crash on Wall Street that destroys national wealth.

rgag12 said:

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The oil companies are already having to deal with this in the UK, who passed a "one-time" (errrrr actually 3 year) 25% windfall tax on energy companies a couple weeks ago.

Actually they changed it and the "one-time" tax is now indefinite. Also fun fact, before this extra 25% tax, O&G companies in the UK are singled out and must pay 40% tax on their profits as opposed to the normal 19% for most corporations

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They are now paying 65% in taxes on profits?

Might as well go ahead and nationalize it.

That solution is all kinds of dumbass.

YouBet said:

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rgag12 said:

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The oil companies are already having to deal with this in the UK, who passed a "one-time" (errrrr actually 3 year) 25% windfall tax on energy companies a couple weeks ago.

Actually they changed it and the "one-time" tax is now indefinite. Also fun fact, before this extra 25% tax, O&G companies in the UK are singled out and must pay 40% tax on their profits as opposed to the normal 19% for most corporations

---

They are now paying 65% in taxes on profits?

Might as well go ahead and nationalize it.

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Yep, I feel bad for the firms that have a big footprint over there

This is about putting an anaconda type squeeze on the O&G Sector to choke out and kill as many company off as possible.

Then the government will chose who the winners are going to be. The winners will be filthy rich and tow the clean energy line.

tehmackdaddy said:

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Profit margins for big oil companies like ExxonMobil average under 10%.

At $5/gallon (current national average), let's round up and say that's $0.50/gallon.

Government takes more than twice that with an average of $1.20/gallon.

ExxonMobil's effective tax rate is about 25%, so there's another $1.20 going to the federal government ($5.00 x 25%).

$1.20 at the pump and $1.20 baked into the price already to cover taxes = $2.40.

$2.40/$5.00 = 48%

Thus, 48% (or basically half) of the price of gas at the pump is solely to cover taxes.

Basically, the price of gas is:

$2.40 - taxes
$0.50 - profit
$2.10 - operating expenses

So the taxes are more expensive than producing gasoline itself. $2.40/g vs $2.10/g.

That $2.10 of OPEX includes the cost of locating geological formations, drilling, transporting the raw materials, processing the crude oil, transporting the finished product to the market, and paying all the employees in that process.

All that $2.10 covers less than what government takes at $2.40.

I'm going to presume most people don't know that.

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Did you leave out paying Royalties?

YouBet said:

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rgag12 said:

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The oil companies are already having to deal with this in the UK, who passed a "one-time" (errrrr actually 3 year) 25% windfall tax on energy companies a couple weeks ago.

Actually they changed it and the "one-time" tax is now indefinite. Also fun fact, before this extra 25% tax, O&G companies in the UK are singled out and must pay 40% tax on their profits as opposed to the normal 19% for most corporations

---

They are now paying 65% in taxes on profits?

Might as well go ahead and nationalize it.

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Or just pull out of the market before they Nationalize it and take your stuff. They don't want you there and there is no reason to be there.

I'm sure my company will just give everyone huge bonuses* at the end of the year to make sure we are below 10% profit.

*bonuses to be paid to C suites and board only

Democrats are economic morons.

Some are mathematics deniers and some want the catastrophe that follows their policies so as to speed on communism in the U.S.

If you want more of something, subsidize it.
If you want less of something, tax it...

Wait...that cant be right....