Tonight the GOP fillibustered a vote on the windfall profits tax. This tax would have placed a windfalls tax on the five U.S. oil giants: Exxon Mobil Corp., Chevron Corp., Shell Oil Co., BP America Inc. and ConocoPhillips Co.
This bill included incentives and tax breaks for the oil companies to push alternative energy sources or refinery expansions.
Alabama Senator Jeff Sessions was one of those opposing the bill. Sessions has taken money from Exxon , Chevron and Shell this cycle.
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Tonight the GOP fillibustered a vote on the windfall profits tax. This tax would have placed a windfalls tax on the five U.S. oil giants: Exxon Mobil Corp., Chevron Corp., Shell Oil Co., BP America Inc. and ConocoPhillips Co.
This bill included incentives and tax breaks for the oil companies to push alternative energy sources or refinery expansions.
Alabama Senator Jeff Sessions was one of those opposing the bill. Sessions has taken money from Exxon , Chevron and Shell this cycle.
Comments
Taxing Oil Companies
It is my understanding from talking to a number of executives from the Chevron Company, who frequent the restaurant where I am the catering manager, that the profit margin of most of the big oil companies is less than 10%.I have done some research and most clothing companies have at least a 25% to 30% profit margin,who is the thief,Ralph Lauren or Exxon. I don't know about you but there is no way our restaurant or our catering business could survive on a 10% profit margin! The main reason anyone starts a business small or large is to make a profit, so taxing success doesn't make sense to me. We are all concerned about the price of oil, higher oil prices basically means higher prices on just about everything. My suggestion is to start drilling here in the United States, in places such as Alaska, where there is a whole treasure of un-tapped oil reserves and other States. If China can start drilling off the coast of Florida why can't we? Even if we start the process of developing, other energy sources it will be at least 5 to 10 years before we see the results. I agree that we need to develop them. Right now the additional cost of buying a Hybrid Car or SUV does not make it wise to do that, because you can not recoupe the cost of it. 10,000.00 will purchase alot of gas for our gas guzzlers, As a small food service business, we do not have the option of downsizing our vehicles. I would love to see the Federal Government give Tax breaks to the Big 3 US Automakers for developing ways of bringing the cost of Hybrid Tech. down. Private industry is not stupid if they see a market there they will build it. We sure would have been better off if, we would have listened to Newt Gingrich and Dick Armey back in the 90's and started drilling in Alaska then, not worrying about the spotted owl. So now we have the owl and $4.25 Gasoline, I bet God would have taken care of the owl back in the 90's and allowed our drilling to be blessed so we would be having $1.50 per gallon gas now. May we hope and Pray that the Rapture happens soon!
In Christ Jesus,
L.B. Corley III