Gaseous bipartisan demagoguery from the Dems–and McCain
Credit: Red Planet Cartoons
Today on the Hill, lawmakers in both parties get a second chance to strut and tut-tut as they harangue oil company executives about high gas prices–and display their abject ignorance of, and hostility towards, basic economic principles of supply and demand.
John Hinderaker at Power Line has a good rundown of the back-and-forth between the businessmen who make a living creating wealth and the politicians who tax and take it away. A few key excerpts:
The industry lineup was formidable: Robert Malone, Chairman and President of BP America, Inc.; John Hofmeister, President, Shell Oil Company; Peter Robertson, Vice Chairman of the Board, Chevron Corporation; John Lowe, Executive Vice President, Conoco Philips Company; and Stephen Simon, Senior Vice President, Exxon Mobil Corporation. Not surprisingly, the petroleum executives stole the show, as they were far smarter, infinitely better informed, and much more public-spirited than the Senate Democrats.
One theme that emerged from the hearing was the surprisingly small role played by American oil companies in the global petroleum market. John Lowe pointed out:
I cannot overemphasize the access issue. Access to resources is severely restricted in the United States and abroad, and the American oil industry must compete with national oil companies who are often much larger and have the support of their governments.
We can only compete directly for 7 percent of the world’s available reserves while about 75 percent is completely controlled by national oil companies and is not accessible.
Another theme of the day’s testimony was that, if anyone is “gouging” consumers through the high price of gasoline, it is federal and state governments, not American oil companies. On the average, 15% percent of the cost of gasoline at the pump goes for taxes, while only 4% represents oil company profits. These figures were repeated several times, but, strangely, not a single Democratic Senator proposed relieving consumers’ anxieties about gas prices by reducing taxes.
The last theme that was sounded repeatedly was Congress’s responsibility for the fact that American companies have access to so little petroleum. Shell’s John Hofmeister explained, eloquently:
While all oil-importing nations buy oil at global prices, some, notably India and China, subsidize the cost of oil products to their nation’s consumers, feeding the demand for more oil despite record prices. They do this to speed economic growth and to ensure a competitive advantage relative to other nations.
Meanwhile, in the United States, access to our own oil and gas resources has been limited for the last 30 years, prohibiting companies such as Shell from exploring and developing resources for the benefit of the American people.
Senator Sessions, I agree, it is not a free market.
According to the Department of the Interior, 62 percent of all on-shore federal lands are off limits to oil and gas developments, with restrictions applying to 92 percent of all federal lands. We have an outer continental shelf moratorium on the Atlantic Ocean, an outer continental shelf moratorium on the Pacific Ocean, an outer continental shelf moratorium on the eastern Gulf of Mexico, congressional bans on on-shore oil and gas activities in specific areas of the Rockies and Alaska, and even a congressional ban on doing an analysis of the resource potential for oil and gas in the Atlantic, Pacific and eastern Gulf of Mexico.
The Argonne National Laboratory did a report in 2004 that identified 40 specific federal policy areas that halt, limit, delay or restrict natural gas projects. I urge you to review it. It is a long list. If I may, I offer it today if you would like to include it in the record.
When many of these policies were implemented, oil was selling in the single digits, not the triple digits we see now. The cumulative effect of these policies has been to discourage U.S. investment and send U.S. companies outside the United States to produce new supplies.
As a result, U.S. production has declined so much that nearly 60 percent of daily consumption comes from foreign sources.
Unfortunately, it’s not just gaseous Democrats demonizing oil companies as evil profiteers and crusading for punitive measures like the Carter-era windfall profits tax that Ronald Reagan valiantly battled.
The RNC rightly took on Obama’s support for the tax.
But here’s GOP presidential candidate John McCain in Charlotte, NC:
Transcript:
MCCAIN: “Um, I don’t like obscene profits being made anywhere–and I’d be glad to look not just at the windfall profits tax–that’s not what bothers me–but we should look at any incentives that we are giving to people, that or industries or corporations that are distorting the market.”
I warned you of McCain’s class warrior rhetoric in January when he sneered at those who embrace the profit motive and bashed “greedy” corporations who engage in free enterprise.
Would Ronald Reagan ever stand up in front of the liberal media and Republican voters and inveigh against “obscene profits?”
Any pro-McCain trolls out there care to explain? 50 brownie “points” available now!
***
Background: IBD’s excellent overview of the windfall profits-taxing windbags here. The answer McCain should have given:
Our free-market economy is built on profit. Higher profits mean more jobs, higher incomes, more investment in equipment and people, higher standards of living. Yes, profits are the engine for all of this — and that includes the profits of “Big Oil.”
By signaling that supply is scarce, higher profits encourage more production. Except, that is, when Congress through its inept lawmaking stands in the way. And that’s the case now with the oil industry.
Congress seems almost constantly at war with the oil companies — slapping them with taxes and pillorying their CEOs while ignoring the fact that higher profits lead to more exploration, drilling and development.
If anyone is to blame for our current energy mess, it’s Congress. At least 20 billion barrels of oil sit untapped in Alaska and another 30 billion lie offshore. Such sources that could help satisfy U.S. demand for years to come. Yet, Congress has put them out of bounds.
Instead, Congress scapegoats oil profits. In reality, according to Ernst & Young, from 1992 to 2006 the U.S. oil industry spent $1.25 trillion on long-term investment vs. profits of $900 billion.
Truth is, oil industry profits are in line with the rest of American industry. In 2007, a record year, they earned 8.3 cents per dollar of sales. Beverage companies and cigarette makers, by contrast, earned 19.1 cents. Drug makers, 18.4 cents. Indeed, all manufacturers, 8.9 cents on average, made more than “Big Oil.”
Besides, we’ve tried windfall profits taxes before, in the early 1980s, and they were an utter failure. As the Congressional Research Service found, revenues produced for the government were nearly 75% below what was expected. Meanwhile, domestic oil output fell 8%, while oil imports surged 16%.
That’s just poor policy, and even worse economics.
Remember: Oil companies don’t really pay “windfall profit” taxes, anyway. You do. Some 50 million Americans today own oil company stock, either directly or through 401(k)s and mutual funds. Don’t be suckered: “Windfall profits” taxes come right out of your retirement account, not out of the oil industry’s business.
See also: Jonah Goldberg, The Windfall Profits Tax Slap.
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Trackbacks
- Demcorats Came to Give a Lecture, But Went to School Instead | The Sundries Shack
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- Oil Execs Vs. Congress « Tai-Chi Policy
- Root causes | Cold Fury
- Oil Company Derangement Syndrome | THE HOT JOINTS
- The DaleyGator » Blog Archive » Oh those economic morons in the Senate
- Bent Notes » Blog Archive » What should be obvious is screamingly obscure
- Ankle Biting Pundits » Blog Archive » Quick Hits
- Flashpoint » Blog Archive » Politicians have no ability to define what is reasonable
- Regarding gas prices, Democrats and McCain denying the obvious | The TIW Blog
- Gasoline, Who Profits The Most? : BigMouthFrog
- Why Does the Senate NOT Want Energy Solutions?
- Michelle Malkin » Planned Parenthood’s obscene profits
- Michelle Malkin » Harry Reid’s Jimmy Carter Memorial Act: Senate takes up windfall profits tax
- Michelle Malkin » Drill bits: The uphill battle to lift domestic restrictions
- Obscene Government Profits « Stupidtax
- Drill bits: The uphill battle to lift domestic restrictions : The Liberty Tree Lantern
- Michelle Malkin » McCain on offshore drilling: For it before he was against it before he was for it again
- Hot Air » Blog Archive » Rasmussen: Plurality of Democrats support … nationalizing America’s oil industry; Update: McCain rips Obama on windfall profits tax
- Born Again Oil Man: John “spud” McCain–Praise The Lord and Start Drilling « Pronk Palisades
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Yea, Capitalism Blows! I hate when companies find a way to be so successful we get envious. We need more refineries built, and we need to start drilling in the Gulf of Mexico, China already is.
the gov’t makes a profit of 15% of something they don’t produce compared to the 4% the producers of the product make. wow. that’s gangster-esque.
never before did i understand the oil companies gripe…that’s pretty powerful.
i’d like the gas tax relief. kthx.
Good morning Mr. and Mrs. John Q. America. We are your United States Congress and we are here this morning to screw you. So politely bend on over and take it. We have oil company profits to steal later today so this won’t take long….
Congress’ proposed “solutions” to the energy and food mess it created include a windfall profits tax on oil companies, a gasoline tax holiday for the summer, increases in the food stamp program and foreign food aid. These measures will not solve the problem but will create new problems.
I have no problem with the oil companies making people rich. I personally am not wealthy, but my paycheck comes from a wealthy man. More wealthy people means more jobs. No one ever got a job from a poor person. It so simple, yet for some reason, people cannot see it.
Silky, you beat me to it…directly on target with the whole post.
I do believe one factor that should be examined is the amount of subsidies given to “Big Oil”. Lower those, reduce the federal tax by 5% (if not more), and allow for the exploration of new sources. with those things done, you’d see the price of gas drop quickly.
Between these things and the speculators that are driving this…the price of gas could EASILY be dropped to an average of 3.00 a gallon(at least..i think we could get it alot lower) if we address the problem definitely and directly. It still doesnt cost them anymore to get it out of the ground than it did 2 months ago, just as a point of mention.
Any comments from the oil company owned by Al Gore’s father or the Kennedy family?
I posted this on another thread before I checked out this one. It’s probably more germane here.
I actually saw and heard Rep. Sheila Jackson-Lee mention approval for off-shore drilling in response to a viewer question on C-SPAN this morning.
I just finished cleaning up the coffee spray.
The Democrats in Congress could make heroes of themselves amongst working-class Americans were they to lower (or even just temporarily suspend) the gas tax. Instead, proving once again that they are NOT the “party of the people,” they look on with blank stares when somone hands them the answer because they just cannot fathom how LOWERING taxes will ease the burdens of the average American.
On a related note, if we drill in the US, we will have more oil, and we won’t even have to pay people who funnel money to terrorist organizations for it. I really don’t care what some polar bear (or in the case of the Gulf, dolphin, I guess) thinks of oil wells in remote locations. We need to start doing what’s best for PEOPLE.
You mean if we increase supply, prices go down? Who would have thunk it?
Let us not forget that we would need to build more refineries and create more jobs for those that want the work Americans do not want to do … or maybe … gosh golly gee … actually create an American industry with American employees instead of shipping so much of the crude overseas to have it refined.
Drill here, refine here, sell here? Gee.
obscene profits or windfall profits are a joke.. when most business are just making it or are slightly profitable, then have one good year or two, then it’s back to scraping by.. by saying a scary word like ‘obscene’ is a disservice..
it’s obscene how long most members of congress have been in office..
obscene is becoming a buzzword like bigot and racist..
I love the cartoon at the top of this post, Michelle.
As elegant as Mr. Lowe put that, why is it that I am scared to death that Congress took that to mean that oil companies should be taken over by the federal government?
Of course, this one was singing to the choir for most of us on MM’s blog. That’s why I really like the cartoon at the top.
Imagine that! They don’t want to stop their “gouging” me at the pump, just the one actually working to provide the product. Morons, all of them.
Nothing like leaving us at the mercy of others, including those that have sworn us to be enemies until either we or they meet our demise.
Lesser of the evils, huh? Nose plugs may not cut it.
Yes, there is a tax of .42 on each gallon. Though, these monies go to build new roads, pay the bonds off old roads, and maintenance of existing ones. It’s not like the gov goes and has Ben and Jerry Ice Cream Parties in the Forest or anything.
To the Environmentalists who drive cars and are against drilling here. Whats your reasons? It might hurt the wildlife and pollute! pollute!pollute! Well if that’s your view, what do you think is happening in all the other countries we get oil from? Also, for human sake, include indentured servant status, 15-18 hour work days, unsafe working conditions and close to no pay, and you are really hurting.So keep talking malarchy and worrying about Polar Bears, cause you know, they won’t kill you if you try to hug them.
Go give them a hug.
What a concept!
My understanding that the percentage of the oil industry’s profit is constant allowing them the ability to operate with the actual dollar value of the profit going up as the price of oil goes up. Basically the MSM and clueless politicians are going after someone for maintaining a constant profit margin. The Congressional show trials/theater of blaming big oil making the industry executives sweat in front of the TV cameras needs to end with the real blame being put on the speculators that appear to be manipulating the oil futures market in collusion with OPEC.
Too bad Congress is too stupid to allow big oil to drill the vast supply of oil we have in the ground while building a couple of more refineries to ease the pressure on the supply chain, but then again that is a common sense approach that just might result in the price per barrel of oil to decrease back to about $25 per barrel while reducing the record tax revenues Congress is earning, which they turn around and piss away with their reckless spending programs. The more the government meddles in this industry the worse this crisis will get.
Trust me, somehow, somewhere, this is bushes fault. Not the 30-40 years of neglect of the inferstructure but the one person GW BUSH!!!
/moonbat pshyco filter off.
That holds true with anything in which the government meddles. Really, what does the federal government do well?
yes, bloghooligan if you put it into cents not percents, you get a .10 – .15 cents a gallon profit for oil companies and tax .45-.60 a gallon (some states it is higher like here in good old CA.). now, think about that.. do you really think our congress critters really want to fix the energy crisis? nope, not if it means they won’t make that kind of cash from our pockets.
they want to keep this an oil dependent nation, think of the taxes (revenue) they would lose if we were no longer dependent upon oil.
this whole thing is a scam. mcpainintheasss, ummmmmmmmmmm, i don’t like these insane profits. no mr. mcpainintheass you are insane!
hmmm….a 15% reduction in the cost of a gallon of gas at $4.00 would be 6 cents per gallon. (4.00 x .15 = .06)
How else is the government going to find new problems to solve for We the People? That is the job of government isn’t it? To create the problems that Americans will not so that they can step in and save the day?
OT PS Hope you had a really great vacation Boomer … and a really nice drive!
You beat me to it Barry!
on top of that, drill here in the lower 48 states, it’s less of a distance to transport it, less chance of an oil spill ( Valdez, anyone), better all arround..
hell, i would welcome a chance at 2 bucks a gallon if that would happen.. (not that I holding my breath )
Umm, unless my math is off, 15% of one dollar is 15 cents. Therefore, a 15% reduction based on a starting price of four bucks a gallon would be sixty cents less or 3.40 a gallon?
Barry F..
Aside from the armed services, I’m drawing a blank..
Ok I’m all for capitalism but,why is it that we are being charged the current barrel rate per gallon and not the barrel rate of the gas being put into the tank? What I’m saying what we’re pumping now was bought at $60-$70 a barrel not $135 a barrel. We should be paying less a gallon. This is where the windfall profits come in and it’s not really fair.
It’s exactly like credit card companies charging you the new 30% interest rate on what you bought at a 10% interest rate it’s gouging.
If I’m wrong please correct me.
This dog and pony show, mock shake-down, sham of an inquest, is a waste of time and money. Any congressmen participating should be voted out!
Bush going to the Saudis with hat in hand, pleading for them to increase production is also complete BS. The Saudis would have no interest and probably lack the ability to export much faster than they currently do.
Why in the hell ask them to increase production when we will not?!
tom,
might want to double check…
6 cents would be 1.5%, not 15%
15% would be 60 cents
4.00 x .15= .6015
Michelle,
Is it possible to get negative points on McCain’s website for showing how un-conservative he is? If so that would be a great contest to be a part of.
D@mn work!
thanks war, beat me to it lol
I didn’t notice the picture on top at first (I scrolled straight down to the text). You know what?? I think gas stations should start putting that on their signs. I think it could be very effective…
Compare to Planned Parenthood at 11.5 percent…and they also get 300+ million in taxpayer money.
The answer to me seems so simple – drill here. Give companies here more opportunity to find oil in the US and off our shores. The enviromentalists can just stuff it – there is no other way. There is no magical alternative fuel for us to use. We can’t start burning the food to replace our need for oil.
Besides – that would bring MORE jobs. It would bring more money to communities.
My husband works for a natural gas company that has grown from 600 employees 4 years ago to 5000! All because of aggressive drilling for natural gas in the US. And when they go in and drill – it brings money to local communities and government, royalties to land owners, etc.
I’m at a loss at how the Dems cannot see the huge opportunity to help out the American people by building more refineries and drilling here in the US. Of course, they are all too obsessed with the silly global warming/climate change issue to see straight.
WarTip we were glad to get it in before gas went insane. We really enjoyed the ocean view living in the high desert country of Idaho. It was not a bad drive either. Looks like the October vacation will be spent at home at this rate.
We paid about $3.70 a gallon until we hit Burns, OR on the way home where the bandits had the price at $3.97.
Better get myself to Commander’s Call. The rest of today is all about the 101 days of safety for the Military, which runs from Memorial Day through Labor Day. Gotta go!
Ugh, where’s Mitt Romney when we need him? He would’ve gotten this.
Instead, we have a clueless career Senator from AZ who has zero business or economic experience.
It might have to do with the money that some, like Al Gore, stand to make off of the enviornmental issue. After all the Government can just take money from us citizens in the form of taxes, but lobby groups require paybacks.
I warned you GOOD FOLKS about OL’JUAN many , many months now. For this man to call himself REPUBLICAN is beyond the pale. And for the electorate to fall for it is IDIOCY. How many times in the last 20 to 30 years have oil execs been asked to come before CONGRESS??? How many, 20, 30, 40, maybe 50??? How many times has CONGRESS found a problem with “BIG OIL”??? 20,30,or maybe 40??? The correct answer, ZERO, NADA, yeah ZILCH….. The next time CONGRESS wants to GRANDSTAND at the expense of “BIG OIL”, the EXECS as a group, should kindly tell them to F–K OFF.
building refineries also goes a bit farther. It creates jobs in the places where they are built, and stimulates the local economy because of increased revenue by the county, etc. This generates extra tax revenue as well, based on property taxes (which could theoritically get better as people spend money to remodel and so on) and other such factors.
Yet Hussein Obambi will tell us that a gas tax vacation will only net us a few paltry dollars, but when they are scapegoating the oil companies, making the relative profits described above, it is “obscene” profiteering.
Do they even listen to themselves?
Another case where McCain shoots his mouth off before he has examined the situation. Reminds me of his treatment of the Swiftboaters and some of the GOP ads in different states.
Is he always going to be this “off the hip?”
And let us not forget the other oil reserves that the U.S. (and Canada) have:
America’s oil shale reserves are enormous, totaling at least 1.5 trillion barrels of oil. That’s five times the
reserves of Saudi Arabia.
On May 15, the Democrat dominated Senate Energy and Natural Resources Committee voted not to lift the moratorium enacted last year keeping us from developing yet another resource.
Are our “patriotic” Democrats trying to strangle our country?
With politicians like this, who needs Al Qaeda?
Yep. Every station in the U.S. should have that cartoon blown up to poster size and post it near the pumps and at the counter for all to see, when they pump and pay for their fuel.
When McCain says we should look at any incentives we(the government) is giving to industries or corporations, this has nothing to do with a government windfall profits tax.
If a company or industry is raking in huge profits (which is fine by me, they are obviously as the cartoon shows, only 9 cents per gallon) then it’s fine to suggest that previous government assistance in the way of whatever they have provided in the past can be reduced or eliminated – because the companies don’t need to be given any more free money in the means of whatever the government has given in the past.
i.e. this is a discussion of apples and oranges.
How about another oil for food program…this time ran by us. Maybe through in a terrorist export teriff on our food?
You are veering into dangerous territory when you insult your readers who love you and love your site.
oops…sorry for the poor math…..MUST HAVE MORE COFFEE….LOL
McCain is insane.
Do I get double points since I am not a pro-McCain troll and I figured it out?
someone get me a goddamn drill. I’m going to anwr. instead of drilling in a remote area… they’ve decided to turn to communism.
the tragedy here is one of these marxists is going to be president.
we all lose when a politician wins.
I caught Senator Leahy’s little “gotcha” game on CNN with the oil company executives regarding their compensation. I wish one of them had said, “Yes, Senator, I make a lot of money. I also make a lot of money for our stockholders. How much do you make for the American people?”
On a more serious note, I remember reading about a North Carolina man who was fined and required to personally post a $2500.00 bond plus pay quarterly road use taxes. His crime apparently was producing bio-diesel at home for private use in his converted vehicle.
Do all states penalize innovators in this way?
So when does Al Gore, Greenpeace, Sierra Club, and other leftists organizations (yes, I consider Gore officially large enough to be an organization) get called before congress for selling out our country?
If I own shares of an oil company, I am making obscene profits? Publicly traded companies provide all Americans a chance to invest and grow wealth. But now we bend over for the clowns who over-financed houses, took out all their home equity to buy an Escalade?
McCain, I am so upset with you right now. Who is standing up for free enterprise, thrifty citizens, citizenship in general??? Not you, Maverick. You are like Hillary, do anything, say anything to win.
Leave the gas companies alone, de-regulate, get refineries built, drill, build nuke plants, do something besides toe the line for the liberal left.
Government isn’t the solution to our problems, Government is the problem.
I wonder who said that…. Oh yeah, a real man named Reagan.
McCain has no problem working with the Democrats. He is one…. in spirit.
That is awful, but would not be surprised. Tesla had a car in the 30s that required no gasoline. The feds inspected his car and told him that as long as he didn’t tell anybody how his car worked, he could keep it.
Tesla, by the way, was the guy who invented the AC generator.
Nope. But, the McCain camp probably has a nice consolation prize for your, Soap.
It would be interesting to see what parts of Tesla’s works which were classified and hidden away contained would it not?
i heard of that story…here’s the link for it.
According to the article, they nailed him for not paying taxes because NC wants to collect.
Agreed though, they are penalizing people for doing this.
In most places, its ok to use it for personal use, but if its used in commercial vehicles, its against the law.
Here in TN, the law is a little different from what i understand. It lies somewhere along the lines of 400 gallons (i want to say per quarter, but could be wrong. it could be semi annual or annual, i’ll see if i can find a source for the info) for personal use before you are taxes for it.
It’s 4 bucks a gallon here unless it goes down two dollars, whoop dee doo.
When I lived in West Virginia we were only legally allowed to brew four gallons a year for personal consumption … it increased mileage but burned a bit hot and had a tendency to burn up the old six-bangers … oh wait … well … you could use it in the gas tank in an emergency if you had to … nevermind.
A monopoly that legislates itself a 42 cent per gallon profit, telling an entire industry that a competitively established margin profit of 9 cents is “excessive gouging,” is never going to be good for industry or the consumer.
Maybe we should charge oil companies full price for drilling rights, now that oil is worth more. That seems to make business sense.
watch out soap, you might get wise_man worked up…
question for all the mcpainintheass trolls:
when juan said this:
No, it’s not Brian.
And I agree with others – I’d love to see every gas station post a version of that poster on the top of this page at the pump. Wouldn’t that we great!
Now that the SOCIALISTS are OPENLY running the show…….
government does No…thing right!
Get bent.
# 58
YES
Better yet, when will Al Gore, Barack Obama, Code Pink, Greenpeace, and the rest sell their big homes, move into tenements in the inner city, and all take public transportation everywhere?
I’m so sick of wealthy politicians decrying a business in a capitalist society when it makes a profit!
And, just like all the other liberal tax-your-way-to-prosperity ideas, they will simply pass the cost onto us in the price of the fuel. Look at the price of food as a result of Diesel price increases. And that is an indirect cost to us.
Pure genius, lgm. (is the /sarc switch even necessary?)
To xlr8bmw
If you invest in a bar of gold, and the price goes up, do you sell it at the market price or some percentage of your purchase price? The sales price of goods is always based on current value, not purchase price.
I would like to see one of the oil execs tell the Senate where they can shove their questions. They have the unmitigated gall to question them about oil prices and they do everything they can to prevent domestic production. Then, if that wasn’t enough hypocrisy, they make 4 times the profit on oil then the oil companies and do absolutely nothing to earn it. Then, they force oil companies to do business with our enemies who control the production and price. Does it get anymore insane than that?
So if the oil companies are raking in record profits … just imagine how much more money the government gets when their ratio is fifteen percent to their four percent. If the oil companies are making billions in profits, then what is the current estimate for the ‘windfall taxes’ taken from the American people by the US governemnt?
QUESTION FOR ALL LIBERAL MORONS.
What percentage of return on a dollar is acceptable to you?
Oil companies rate of return is very low.
It’s lower than McDonalds.
OK. I posted in a thread last week “in defense” of McCain, on the basis that he was marginally better than Hillary and light-years better than Obama.
No more defense of McCain from me. I was never that fond of him to begin with, but I viewed the alternatives as a complete disaster. This weekend and the first part of the week have been the last straw. While I still think he wouldn’t be as bad as Obama, I can’t in good conscience vote for this . . . idiot.
My ballot will be blank for POTUS. I’ll still vote for the down ballot candidates, as long as they are conservatives – especially in my state’s governor’s race, where we have two good candidates running in the GOP primary.
I’m beginning to agree with Rush. Maybe it’s better for the Dems to control it all for four years – let it serve as a painful reminder to the country what liberalism and the Democrat party actually will do to this country.
“More wealthy people means more jobs. No one ever got a job from a poor person.”
Great point.
Who is “we”? You mean I can charge them? There is a concept. Yep, add yet another tax (or increase the existing taxes) because the price of oil is so high. Are you three years old? My grandson is smater than you and he can’t even speak yet.
So, not only are 92% of federal lands off limits, we don’t even want to know what we don’t know.
Talk about stuck on stupid.
The answer would be yes, if you don’t want it to be lost on him.
Actually #64 apples/oranges Fuel is sold differently. Fuel is sold on replacement price. Here is the correct answer.
From my understanding how the system and market works is
at “replacement price”. Yes, what is in the ground is at $X but to
replace it costs $Y. trying to keep track of what is in the ground
now and keep track of that would be nearly impossible. On the surface
it looks as if there is a $60 profit swing but infact the turn on oil
is relatively quick.
I am not being an apologist for the Oil companies – no investments
etc.. but if the fact that Big Oil makes 7 cents for every gallon
but the State and Feds make 3-5 times w/o the RISK I find it
extremely hypocritical that Congress is calling an industry on the
carpet when they are benefitting as much if not more…
Yup. And the newly apointed supreme court justices that will be on the bench for the next 30 years will be just fine, too. Right?
Few things upset me like the use of the phrase “obscene profits,” particularly when the user is the Republican candidate for President of the United States!
Are we not capitalists?! When in the name of Barry Goldwater is a profit EVER obscene?!
…and you trust McCain to appoint conservative judges BECAUSE?
Nope. But convince me that McCain will appoint judges any better than either Hillary or Obama will. With Dems in control of congress, there’s no way they would approve any decent judge McCain would try to put on the bench. And with McCain’s track record of “reaching across the aisle”, you know he’s going to appoint people that the libs will approve of.
Well that surely sounds Noble.
Opps.
When its not being even distributed to everyone else! Making a profit indicates you’re greedy, and we CANT have that now, can we? Let us share the wealth, so that everyone is on an equal footing.
/sarc off
Soap box. Morons like lgm believe the government having and spending peoples and corporations money is a good thing.
Government should be much smaller and should only tax for the necessary programs that we require.
Lmg’s model is that the government owns all monies and lets us keep a little.
Our problem is ELECTED REPS having far too much of our money to redistribute to THEIR CONSTITUENCIES.
These hearings remind me of Mel Brooks in Blazing Saddles,”We have to protect our phony baloney jobs gentlemen.”
Do not forget that when the price of gas goes up there is more sales tax collecyed by the State and Local goverment. I doubt that the .42 includes any sales tax.
Do you honestly think that McCain would nominate judges worse than the type of judge that Obama would want to place on the supreme court?
I mean, come on. I know it’s fashionable to hate McCain, and it’s funny to make the comparison of Obama’s kick in the groin to McCain’s sharp stick in the eye – as which one is better … but I don’t understand how it’s so difficult it is to figure this out.
I absolutely trust Obama to appoint liberal judges. And if Obama is the next president, then that is what he is going to do.
THE ‘09 budget is $2,650,000,000,000.00
The government doesn’t drill for that money.
It doesn’t explore the world to find it.
It doesn’t refine the money.
The government doesn’t supply me with fuel for my car or to heat my home.
My lawn-mower doesn’t run on the best wishes of LIBERALS in Congress.
What McCain should have said. Idiot.
i’m tired of hearing about the supreme court judges as the reason to vote for mcpainintheass. i prefer to look at his actions not what he says he will do. his past actions were to circumvent the ability for strict constructionist judges to be appointed by Bush. in his all knowing arrogance he (in his power hungry way) took control of the process with his gang of 7 or gang of 14 whatever way you look at the scenario.
i do not trust the man, he is a saboteur and has operated through subterfuge masquerading as a maverick. he literally sabotaged the republican issues as often as he could under the guise of ‘bipartisanship’. so i can deduce from his past actions that he will select that which will be appeasing (or pleasing) to the democrats. they are his pals.
the conservatives are his enemy and the liberals are his friends. nope, this man has no intention of appointing strict constructionist judges. his best friends in the senate won’t let him. and with him as president, the republicans will roll over and give him what he wants. i would rather a democrat be in office and at least have some of the republicans fight the democrat issues.
this man who blasted Mitt for his ‘earning’ of millions and using it for his campaign, but refuses to let his wife’s tax returns be known cause she is worth 100 million. yep, what a hypocrite. geeesh could the stupid party get any more stupid?
Not only that, he has ugly teeth.
wise_man:
I didn’t say worse, I basically said they would be no better.
The problem with McCain is that he really doesn’t seem to have much in the way of conservative policies, outside of (some) national defense issues. His stances on virtually all other issues are alarmingly close to the stances that Hillary voices. Again, I think he’s much less liberal/socialist than Obama, but what’s worse: far left of center or farther left of center?
The next POTUS will have the opportunity to appoint most likely one or two justices to SCOTUS. So we get a couple of libs to replace a couple of libs. Result? Status quo. 2012 offers an opportunity. If the Dems do what they can’t help doing, 2012 offers an opportunity to re-establish conservatism on a national scale, but only if we can get the GOP to reverse their present disasterous course. Perhaps the best way to affect THIS change is to watch the GOP suffer large defeats this year.
Not the course I would prefer, but you have to play the hand that’s dealt. And we were dealt a loser.
It’s early yet.
As much as I dislike what the Clintons stand for, maybe the conservatives could make a deal with her. She would do anything for the position…and we could give it to her.
“The GOP” didn’t elect John McCain in the republican primaries. All of the idiots who voted for McCain over the other more conservative candidates are directly responsible for the *-up we are all in now.
Can I weigh in on this debate over who to vote for?
Yes I can.
Listen up idiots.
If you don’t vote for McCain.
You do get Obama.
Spin it any way you want idiots. But what I’ve just pointed out is FACT.
If you choose not to eat the stale bread.
You get the shit sandwich and you are required to eat it for at least 4 years.
Now spin Einsteins.
Let’s assume that McCain would appoint Kennedy/O’Connor type judges.
Is that better than a Dem would do? Yes. The question is whether it outweighs his other negatives.
Bush I was more liberal than Reagan. Bush II, I’d argue, has been more liberal than Bush I. McCain looks even more liberal then Bush II.
Is there a point in the GOP’s march to the left where conservatives decide to say “No More”?
That clown looks like HENRY WAXMAN.
Alright. I trust McCain to throw a bone to the right, watch the libs block the heck out of it, then say “for the people, we must get something done. Therefore, screw all you conservatives. I’m goin with the libs! They have more votes, and I can win with them.”
McCain will sell out the right on Global Warming in a second. No new drilling, he says. ANWAR too pristine, he says. Obscene profits, he says. Close GITMO he says. Let the aircraft that refuel our bombers and fighters, and the helicopter for the President to be made in France, who deliberately screwed America over in the UN.
Explain why any conservative would believe McCain’s promises on any issue. Can’t you just hear it now? “OK, right-wing-nuts. I promised you some things, but our friends in the Democratic Party aren’t going to let me work with you guys on anything. I have to get things done, don’t you see? Whether those things are liberal or conservative, as long as it passes and my name is on it it’s a McCain victory!”
He is going to pick Lieberman for VP.
We are so screwed.