Comments on: No windfall-profits oil tax

By: Obama nixes windfall oil profits tax | Les Jones

Obama nixes windfall oil profits tax | Les Jones — Thu, 04 Dec 2008 14:19:02 +0000

[...] he’s changed his mind again – there won’t be a windfall tax on oil companies, which is just as well with oil at $50 a barrel. Presumably there won’t be $1,000 in [...]

By: TexAz

TexAz — Thu, 04 Dec 2008 00:13:00 +0000

Now that it feels like I am making $30 every time I fill up my tank, I’m sure my new windfall will be subject to confiscation.

By: An Obama Lie Which I Embrace « Trust, But Verify

An Obama Lie Which I Embrace « Trust, But Verify — Wed, 03 Dec 2008 23:43:26 +0000

[...] Hotair explains: Obama now claims that his tax relief, based on refundables rather than actual cuts in marginal rates, no longer relies on the supposed income that windfall-profits taxes would have generated. If so, it’s difficult to see where the money will originate in a sharp recession. They want to raise the marginal rates on top earners, with some suggesting an increase from 36% to as high as 44%, which will have the effect of halting capital investment and extending the recession. Under static analysis, that money might exist, but any dynamic analysis will show that the revenue from those rate hikes not only won’t fund the expansive vision of new government spending Obama promised, it won’t pay for the massive refundables either. [...]

By: lexhamfox

lexhamfox — Wed, 03 Dec 2008 23:07:13 +0000

Obama was dishonest about tapping the oil companies with a windfall tax. You are dishonest about an increase in oil production being able to stem balance of trade and bringing energy security and stability.

By: The College Politico » Blog Archive » Obama Drops Windfall Profits Tax

The College Politico » Blog Archive » Obama Drops Windfall Profits Tax — Wed, 03 Dec 2008 22:56:06 +0000

[...] Hot Air and Malkin chime in on this issue with interesting posts addthis_url = [...]

By: On the Right

On the Right — Wed, 03 Dec 2008 22:35:13 +0000

Common Sense…

No windfall-profits oil tax
This shouldn’t shock anyone who pays attention to the price of
gasoline, but it raises plenty of questions about the next
administration’s ambitious agenda. Barack Obama won’t impose a……

By: hatespam

hatespam — Wed, 03 Dec 2008 21:50:01 +0000

Captain Ed, did I read that right?

“The best way to lower profits for the oil companies would be to allow for greater investment in domestic production.”

Senator Obama wants to tax windfall oil profits.
Presumably, you meant “the best way to raise profits?”

By: grdred944

grdred944 — Wed, 03 Dec 2008 21:45:15 +0000

So The Black Caesar is not a Green President afterall? This is all money-motivated? Hmmm, the lefties he told that he would bankrupt any new coal plants are going to be pissed. Add them to the list of the lefties upset that he picked Gates to stay on at Defense and we may actually see some pretty decent in-fighting among the Dems.

By: Laura in Maryland

Laura in Maryland — Wed, 03 Dec 2008 21:20:43 +0000

Yoop on December 3, 2008 at 3:13 PM

Heaven help us!

By: Dr.Cwac.Cwac

Dr.Cwac.Cwac — Wed, 03 Dec 2008 21:04:06 +0000

Does this mean I`ll have to pay for MY OWN gas?

ThePrez on December 3, 2008 at 3:57 PM

Peggy the Moocher will be piiiiiiiiiiiiiiiissed.

By: ThePrez

ThePrez — Wed, 03 Dec 2008 20:57:24 +0000

Does this mean I`ll have to pay for MY OWN gas?

By: Bigfoot

Bigfoot — Wed, 03 Dec 2008 20:50:31 +0000

If it took a Nixon to go to China, maybe it would take an Obama to open up the OCS and ANWR.

China didn’t have enviro-lawyeres suing to keep our resources off-limits.

By: saltydogg14

saltydogg14 — Wed, 03 Dec 2008 20:48:00 +0000

Maybe the down economy is a good thing, I mean without all the money coming in they can’t create all of the ridiculous programs that Obama promised. So the dems will raise taxes on everybody, angering the middle class and if the Conservatives step up with the right Regeanesque message we could see another swing.

I’m just trying to stay positive.

By: Yet Another Obama Broken Promise: Now on Windfall-profits Oil Tax : Stop The ACLU

Wed, 03 Dec 2008 20:44:00 +0000

[...] Ed Morrissey: The best way to lower profits for the oil companies would be to allow for greater investment in domestic production. Oil companies would love to invest in drilling off the OCS, in shale formations, and in ANWR, as well as new refinery sites. That would not only produce stability and security in American energy production, it would employ millions of Americans and stop the vast transfer of American wealth to foreign oil producers. It would also have the beneficial effect of robbing states like Iran, Venezuela, and Russia of the vital support high oil prices give their regimes. That will produce the boost in the economy needed to invest in research and development for alternative energy sources, without the government going even deeper into debt than it already is. Perhaps Obama might have awakened to that reality. Let’s hope so. If it took a Nixon to go to China, maybe it would take an Obama to open up the OCS and ANWR. [...]

By: ToddonCapeCod

ToddonCapeCod — Wed, 03 Dec 2008 20:26:42 +0000

I’ll believe it when I don’t see it

By: SlimyBill

SlimyBill — Wed, 03 Dec 2008 20:23:48 +0000

Drill Barry Drill!

EnglishMike on December 3, 2008 at 3:06 PM

awesome

By: Wyznowski

Wyznowski — Wed, 03 Dec 2008 20:22:12 +0000

I’d bet the farm Bubba Obama is going to increase the Federal gas tax since gas is so “cheap” now. If he don’t propose it, Pelosi and Stinky Reid will.

By: franksalterego

franksalterego — Wed, 03 Dec 2008 20:22:06 +0000

This guy breaks promises faster than a Chicago politician…

oh wait…

By: Ace of Spades HQ

Ace of Spades HQ — Wed, 03 Dec 2008 20:15:07 +0000

Obama Renegs on Pledge to Impose a Windfall Profits Tax on Oil…

Broken promises are nice when coming from a Marxist-curious Democrat. Of course, he’s still likely to raise taxes, as Captain Ed explains. Larry Kudlow expresses his weariness of bailouts and proposes — futilely, of course — that what could actually…

By: Yoop

Yoop — Wed, 03 Dec 2008 20:13:22 +0000

You just stop it right there. It’s all in fun until somebody loses and eye (or arm and a leg). All it takes is one Dimmicrat to see your post, and we will be knee deep in additional gas taxes. Of course, Al ManBearPig Gore will claim he invented your idea.

No go to the black board and write “I will not let Democrats hijack my sarcasm” 100 times in cursive.

Laura in Maryland on December 3, 2008 at 2:53 PM

Laura,

You are a little late. With Michigan in an economic death spiral and increasing unemployment Gov. Granholm wants to raise the gas and sales tax. Nothing like shooting a dead horse because it won’t get up and pull the wagon anymore. This is the liberal version of Economics 101. And Jenny is on BHO’s economics advisory panel!!!

Michigan Gas Tax, Registration Fees May Have to Rise
Posted: 11/10/2008

A report says Michigan should consider reconfiguring the 19-cent-a-gallon state gasoline tax so there’s more money for transportation infrastructure such as roads. The option is one of many suggested by a task force created by Gov. Jennifer Granholm and the Legislature.

The report being released today says it may be better to tax the wholesale price of gasoline instead of taxing gas on a per-gallon basis. That’s because people are using less gas in the age of more fuel-efficient cars and higher prices.

Other ideas include raising vehicle registration fees, increasing the gas tax and boosting the state’s 6 percent sales tax by one penny on the dollar.

By: EnglishMike

EnglishMike — Wed, 03 Dec 2008 20:06:15 +0000

Drill Barry Drill!

By: mr.blacksheep

mr.blacksheep — Wed, 03 Dec 2008 20:05:45 +0000

Hmm Alaska was doing quite well on theirs. And are still doing pretty good. But then we also have a sliding scale for the Oil Companies when it flux’s like now.

upinak on December 3, 2008 at 3:00 PM

Interesting. How was it implemented? How much does it yield per BBL? Are there different rates for wells in production before the tax vs. after? Did it affect drilling and exploration? I know in Alberta they were talking about increasing the “royalties” (essentially a wellhead tax), and it almost shut investment down.

By: Chuck Schick

Chuck Schick — Wed, 03 Dec 2008 20:03:14 +0000

Will Obama’s last standing campaign promise please turn out the lights!

By: upinak

upinak — Wed, 03 Dec 2008 20:00:08 +0000

I think it was obvious from the start that the “windfall profits tax” would produce very little in the way of benefit.
mr.blacksheep on December 3, 2008 at 2:54 PM

Hmm Alaska was doing quite well on theirs. And are still doing pretty good. But then we also have a sliding scale for the Oil Companies when it flux’s like now.

By: theotherKate

theotherKate — Wed, 03 Dec 2008 19:58:39 +0000

Wander on December 3, 2008 at 2:29 PM

Seriously? Do some research. The govt taxes to lease the land, to get permits to drill, enviro taxes, and others. Then they tax it right out of the ground with royalties, severence and conservation taxes, and others. Then they have pipeline taxes, then tax it again when it’s refined, tax the royalties that part owners get on leases, tax the oil company as a corporation, and they have a gasoline tax that the consumer pays. The government makes a crapload of money off this deal.