Oil companies that do not lower gas prices face higher taxes
This is a message that Joe Biden wanted the oil companies to have. He accused these companies of profiting from the Ukraine war. Biden declared that it was time to stop these companies from war profiteering. Biden said that if they do not stop this profiteering, they would be paying more taxes on their excess profits.
From CNBC:
Biden has criticized oil companies that have made record-high profits as consumers struggle to keep up with high gas prices. The price of a gallon of gas was $3.76 on Monday, according to AAA, down from a record of over $5 in June but still higher than a year ago.
“Their profits are a windfall of war,” Biden said, referring to Russia’s war in Ukraine, which prompted Western sanctions that reduced oil supply. “It’s time for these companies to stop their war profiteering.”
“If they don’t they’re going to pay a higher tax on their excess profits,” he said.
With eight days to go before Election Day, White House messaging has focused on how Democrats are working to improve the economy and how Republicans would make it worse. Inflation and the economy consistently rank as the top issue for voters — and higher gas prices stretched consumer budgets for much of this year.
Ahead of the election, he has highlighted efforts to reduce consumer costs in a range of other industries. Last week, Biden announced initiatives to address “junk fees” from banks, airlines, cable companies and other industries, aiming to “provide families with more breathing room.”
Any new taxes on oil profits would need congressional approval, which may prove difficult as Democrats control both chambers of Congress by slim margins. Progressives like Senators Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts previously floated the idea.
Republicans, who generally support lower taxes, also hope to win back one or both chambers of Congress in the Nov. 8 midterms.
Biden stressed that he is “a capitalist” but added that companies are making “profits so high it’s hard to believe.”
CNBC has more details.
Category: 2022 Elections, Biden, Economy
Just another ruse compliments of Ole Brandon Boy and the Green New Deal morons.
The tap water in Flint, MI.
A mixed drink made by Bill Cosby.
Gas station sushi.
Cornpop.
He may have been gangsta but he didn’t talk shit.
Angelo Negri.
He lived a long happy life. Just not as long as Joe keeps saying.
Bowe Bergdahl on guard duty.
Slightly off topic, but today or yesterday, our Groper in Chief and the DC Liar in Chief, said that inflation was caused “by the Iraq war.” He then corrected himself saying he meant the War in Ukraine, and he made the mistake because he often has Iraq on his mind because “that is where my son Beau died.” But as we all know, that is untrue. Since he is a compulsive liar and has been for over 60 years, we have to wonder if this is intentional, or he really has lost his marbles.
rgr769:
Ole Brandon Boy has really lost his marbles reference Beau dying in Iraq.
Have this feeling Joey will never take a cognitive test, because others, not him, knows he will fail.
And I got up oily to read this and what a gas it was.
Your post is more refined than your standard pun.
Punny you should say that this oily in the day.
Hate you both. Bunches.
Slick puns, y’all!
And what does this moron think the oil companies will do if their taxes are raised? Just eat it?
For “a capitalist,” his grasp of economics is about as acute as his grasp on reality.
The only thing Biden has any sort of grasp on is his dick.
More likely his ice cream cone… 🙄
The nearest young female.
Oil companies own less than five percent of America’s gas stations. (They don’t want the risk associated with underground storage tanks.) Mom-and-pop gas stations have some of the highest gas prices.
Biden won’t address small independent operators’ price gouging since his 2008 gaff.
This buffoon has no filter. Whatever stereotype pops into that lump of shit between his ears, he makes an insulting joke about it.
True story, folks. He’s not joking.
Yeah those Mom & Pop price gougers are raping us with their ~.10 cent/gallon profit margin.
Check Fed and State taxes, MM.
Is it even that high? The last mom & pop station here removed their pumps and tanks about 10 years ago, became strictly auto repair. Selling gas was maybe breaking even in a good month.
Media sourced broad brush analysis. I added the tilde for the same reason.
I didn’t mean to suggest all mom and pops price gouge, but some do, and in a big way. Check the price of gas around airport rental car returns.
Governments love taxing vehicles and fuel. It’s a gift that keeps on giving.
Most Mom and pop gas stations make money by selling the gas purchaser an overpriced soda and a bag of chips. Not through gas markups.
The Democrats are doing everything possible to destroy American oil and gas production. The Sunday edition of the Odessa (TX) American had an article entitled, “EPA hangs regulatory ax over Basin”, reporting on the EPA’s current threat to declare the Permian Basin, America’s most productive oil and gas producing region, as a “non-attainment area”, which according to the Texas Oil & Gas Association would “curtail its oil and natural gas production”.
https://www.oaoa.com/local-news/epa-hangs-regulatory-ax-over-basin/
These Democrat bastards really do want to do harm to this country. The burning question is, “On whose behalf?” 😡
“As Army Begins Electrification Push, C5ISR Office Aims To Smooth Bumps In The Road”
https://breakingdefense.com/2022/10/as-army-begins-electrification-push-c5isr-office-aims-to-smooth-bumps-in-the-road/
“As the Army seeks to be more energy efficient between fiscal 2023 and 2027, officials with the service’s C5ISR Center said they’re working on a plan to make the transition, whether its to installation microgrids or the planned electrified vehicle fleet, smoother and smarter.”
“The Army’s ambitious climate strategy, which it estimates will cost upwards of $6.8 billion over five years…”
“According to the strategy’s implementation plan $5.2 billion of that will go to the installation line of effort, wherein the service wants to field fully electric non-tactical vehicles and reduce greenhouse gasses.”
*Continue*
“According to the Army’s climate plan, the service plans to field an all-electric light-duty-non-tactical vehicle fleet by 2027 and is aiming for an all-electric non-tactical fleet overall by 2035.”
The Tactical Fleet will come with extensions cords, lots of them and a new rating for cord repairman/repairperson under fire too.
The answer is intuitively obvious to even the most causal of observers. The Generals decide where the next day’s battle will take place, the Engineers are deployed the night before, and they install install the chicken wire power grid over the combat zone, much like power is supplied to the bumper cars at the amusement park.
I see it now, the Generals all massed in a circle with a Tesla Coil in the center, conjuring the dark forces for battle, just shocking…
Don’t forget the squad-level hand-cranked electrical generator.
Forget any maintenance or recovery operations in the winter.
Meanwhile, the Chicoms are heavily investing in hydrogen fuel cell vehicles while happily selling us EV batteries that explode or wear out in three years, for some reason.
Impressed. I thought Navy’s ‘Green’ Hornet F/A-18 proof-of-concept that “Even vast amounts of money can’t overcome physics” had already captured that data point.
Go Army.
Paging KoB, ASAP!!
Our very own beloved AW1Ed wrote “Go Army”.
Our mission was successful! We lured him in from the Dark Side!
And this is why we believe in a higher Deity. Prayers are answered…and Miracles do happen!
gabn/gabaf/hbtd/rtr
Is he simply observing Dia de los Muertos, seeing as how (BEAT) Navy’s chances against (GO) Army are as slim the Cow College’s standing up against a Rolling Tide? Or has he truly turned from the Dark Side and seen the light?
Since I can’t afford the gas to drive out there (spent that money on discounted Beg-o-ween Candy), we’ll bring these Girls and Boys here to Sing The Praise for us. ps…I purposely choose the version where they’re wearing Red and Black. Go figure! gabn/gabaf/rtr/hbtd
Um, it seems more likely to ol’ Poe that Ed’s intent was a sarcastic snark at Big Army for pursuing the Electric Unicorn… 🤔
No!!!!
KoB and I believe in MIRACLES, Poe!
Don’t You?
Kinda like believing in Santa Claus? (“Miracle on 34th Street”…)
Have Faith!
GO ARMY!!!
😉 😎
Ol’ Poe, you, I, and others here, are walking, living, breathing proof that miracles DO happen. We shoulda been dead before now, yet here we are, a burr under his saddle. There’s even a rumor that our Beloved Kid Squid not only OWNS a Safe Queen (gasp) 1911, but actually takes it out (clutches pearls) and SHOOTS it. Knowing what a Fan Boi of Glocks (shudder) he is, THAT in itself is a Miracle. Besides all of the above, when has our AW1Ed EVAH been snarkyly sarcastic?
gabn/gabaf/rtr/hbtd 😜
I thought WE were the dark side…
This is what happens when you don’t give the big guy his 10%.
He takes it anyway.
Just looked up Exxon – their net income in Q3 2022 was $19.7B, up 191% from last year. The disconnect between what people are paying and what they are making is a bit eye-opening.
So um, just out if curiosity cuz you know math is a real challenge for liberals.
If I sell 100 apples for $1/ea that cost me $90 to grow and sell, I make $10 profit.
But the next year the government reduces the amount of new apples that are allowed to be grown and at the same time gives people free money to buy apples. This causes demand increases and so the price rises to $2.90/ea.
How much profit do I make on 100 apples the next year? Assuming my profit margin is the same?
I was going for ghetto math, but well played, Sir.
It must be my slow brain, but I’m unsure what you’re saying.
Are you arguing that in tough financial times for most Americans, it’s good that companies are reaping record profits for essential things like gas?
Or are you arguing that inflation only impacts the profit margin, and not the cost to grow and sell those apples, and thus that’s why Exxon is making record profits?
And, hey, don’t let me shortchange you here – maybe you’re arguing both, which would be truly wild. And I’m not even getting into the whole notion that the US stimulus checks caused all this inflation –worldwide, apparently!- because naturally my little brain can’t handle that. To quote a most excellent movie, “Truly, you have a dizzying intellect.”
Firstly do you really think the US was the only country that dumped a bunch of money into stim? LMFAO… you poor dear… no.
“NextGenerationEU (NGEU), the temporary instrument designed to boost the recovery (from COVID19), form the largest stimulus package ever financed in Europe. A total of €2.018 trillion”
“The total size of Japan’s three stimulus packages announced in 2020 exceeded an estimated ¥300 trillion—more than 50 percent of its GDP”
“China stepped up its economic stimulus with a further 1 trillion yuan ($146 billion) of funding”
Even tiny Switzerland…
“Switzerland has introduced an economic stimulus package….. The package topped out at 65 billion CHF by mid-May.”
It was the same in many countries. So pack that into your little brain.
Secondly, my point was more along the lines of how inflated the dollar (but all currencies) are due to the intrusion of the government into the marketplace.
Looking at the amount of profit a company, or a person makes is meaningless in terms of the amount. To look at it another way this year I received three large pay raises, one for my retirement COLA and two at my jobs. I will make more this year than I ever have in my entire life. Yet, I was doing far better 18 months ago when everything was a lot cheaper, especially money.
If you don’t have the intellect to understand that, than you are a true liberal.
Thirdly, profits are neither good nor bad. I won’t go into margin management with you, you wouldn’t understand. But it is interesting that you only went back one year. I imagine that is because you might know that big oil LOST $76B in 2020 due to COVID.
The fascinating part about that is that loss will cost the US taxpayer nearly a half a trillion dollars. You see Trump wanted to refill the Strategic Reserve for pennies on the dollar back in 2020 and the Democrats voted it down as a “gift” to big oil. The amount of money that would have been saved back then (They were literally paying people to haul away oil in mid 2020) is practically incalculable and the idiocy of the congress inexcusable…. Now they are going to give them a huge gift… the biggest of all gifts… selling low and buying high. Fucking morons.
Trump sucked at a lot of things but energy and business policies weren’t a part of that. Biden and crew make him look like JD Rockefeller
LC? LC? You still out there, LC? 😜
Brilliant response.
LC is furiously researching teh internetz looking for talking points from his masters.
Another point LC, you mention NET income, not Gross. In years past, much of the gross income of oil companies was spent on exploration, increasing capacity, and other costs meant to expand their businesses. When biden and co came to power, he immediately started making good on his promise to destroy the fossil fuels industry. Now, if your government told you, then backed up with actions, that they were going to shut you down, would you continue to invest in things for the future, or would you just take the profits now?
To put this in numbers (small, for example purposes only), say an oil company makes $100. They then spend $8 on exploration, $9 on drilling new wells, $11 on expanding refining capability, and $6 on transportation upgrades, that leaves them with a net of $66.
The next year, a new government is put in place and immediately shuts down the pipeline they were building (transport upgrade). Without this, and with increasing regulations, they scrap the refining capacity upgrades as well. Then the same govt shuts down new drilling and exploration. so at the end of the year, the oil company now shows $100 net.. Are they profiteering, or just reacting to the conditions imposed upon them?
Gas is only $3.76 now. That’s quite the improvement that one can definitely atribute to the current administration!
Except in many locales it is five bucks or more per gallon. Their goal is to get it to $9 per gal.
It’ll be $10/gal in California.
Yet another reason not to go to, nor stay there.
Only $0.24/gal in Illinois, land of cornfields stretching to the horizon, back in 1974 🙄
Haven’t heard much lately on Obama’s Green Fleet program, you know the one, where the cost is 8 times what is paid for conventional fuel. Quite confident that there were no shenanigans afoot when that contract was awarded.
https://thenewamerican.com/navys-green-initiative-costly-and-not-so-green/
Save us from Mabus. Ship biofuel was $26 a gallon compared to $3.60. The Green Hornet jet fuel was about three times that.
Biofuel is the ultimate idiotic in pork barrel spending. It does practically nothing to reduce emmissions, makes food, fuel, and transport more expensive and promotes world hunger. It damages fuel systems and shortens the useful life of engines.
It literally kills children.
Looks like our work here is done.
But…but…but, it is Green… 😜
And in the meantime, our Borders are still open….and there are still folks stuck in Afghanistan….and Ole Joey Boy has yet to take a cognitive test….
Did we say Open Borders…
“Illegal Migrants Wave Venezuelan Flag After Crossing US Southern Border, Attack Border Patrol Agents”
https://www.foxnews.com/politics/illegal-
migrants-wave-venezuelan-flag-crossing-us-southern-border-attack-border-patrol-agents
Gee, Democrats, can we call this an “invasion” now?
http://pbs.twimg.com/media/DGkHI6yW0AAq3F1?format=jpg&name=360×360
The border is secure!
And now we have this…near an election..Iran…
“US, Saudi Arabia On High Alert Over Intel Of Impending Iranian Attack: Planned Strikes Are Believed To Be Targeting Saudi Arabia And Iraq”
https://www.foxnews.com/politics/us-saudi-arabia-high-alert-intel-impending-iranian-attack-report
“The United States and Saudi Arabia are on high alert after Saudi intelligence shared with the U.S. indicated that Iran is expected to carry out an attack on targets in Saudi Arabia.”
“Saudi officials said that in addition to Saudi Arabia, Iran is also looking to strike Erbil, Iraq, where U.S. troops are located. The planned attacks are said to be intended as a distraction from protests taking place in Iran against the Islamic nation’s leadership.”
How do you say, “Wag the dog”, in Farsi? 🤔
For those that didn’t live in the ME recently it is impossible to control what people watch on TV over there anymore. Most of the dish services are not encrypted so it is easy to watch Saudi TV or AJ. AJ likes the Iranian government about as much as Republicans, maybe less.
When gas went up to near $6 a gallon, FJB said it was “Putin’s gas tax.” When gas “dropped” to $3.50, why did JB not give Putin credit?
So……. tax the ever living shit out of the same companies that produce home heating oil….?
Over half of my (CT) neighbors use HHO to keep their asses FUCKING ALIVE during this seemingly annual event we have here in New England called ‘winter’. Not sure if Joe has heard about it but sometimes they be rough.
The giant turd Joe Fuckem said “profits so high it’s hard to believe.”
Yes, your ill-gotten riches are ‘hard to believe’.
Tea. Harbor. NOW!