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oil

Yes, Some BP Payments are Taxable

27 June 2010

Tweet Oh media, stop trying to create drama where there is none… Days after the IRS confirmed that some compensatory payments to victims of the Gulf Spill are taxable, the news is filled with sensational headlines implying that this is some kind of evil money grab by the government. Shame on those reporters. What’s happening [...]

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Senate: Oil and Gas Industry Tax Breaks Remain

16 June 2010

Tweet The Senate failed to say no to $35 billion worth of tax breaks for the oil and gas industry on yesterday. I know, double negatives. But that’s the easiest way to describe it. You see, Senator Bernie Sanders (I-VT) introduced a provision that would have limited write offs for drilling expenses, eliminated a tax [...]

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Using Tragedy for Gain: It’s the American (Senate) Way

9 June 2010

Tweet Forget dying birds. Who cares about poisoned fish? Those sick fishermen? They’ll totally get over it – after all, it was food poisoning, right, Tony Hayward? What we need in this country is cash. And we can exploit the BP spill to get it. Democrats in the Senate have come up with a way [...]

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Iraq’s Oil Surplus Outpaces US Investment Dollars

6 August 2008

Tweet It turns out that while the US has been facing record budget deficits, Iraq has been doing pretty well. US auditors have predicted a budget surplus of $80 billion in Iraq: 94% of that revenue comes from oil. It’s not surprising. Oil revenues are at their highest point in years while the costs to [...]

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House Passes Tax Bill to Repeal AMT; White House Threatens Veto

26 June 2008

Tweet Defying the White House, Representatives in the US House voted to prevent about 22 million taxpayers from being hit by the alternative minimum tax (AMT). What? Oh yeah, just like with any headline, there’s more. The idea of AMT relief was originally endorsed by the GOP (such as Senator McCain). The problem with AMT [...]

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GOP Blocks “Extra” Tax on Big Oil

10 June 2008

Tweet Senate Republicans blocked a proposal today that would tax the windfall profits of the country’s largest oil companies. The GOP put together 43 votes, which left the Democrats 9 votes short of what they needed to break a filibuster and bring the proposal to a vote. Democrats had urged Congress to pass the bill, [...]

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Bush to Veto Tax Cut Repeal for Big Oil

26 February 2008

Tweet On Wednesday, Congress will consider rolling back nearly $18 billion in tax breaks for large oil companies pushed through in 2005. The White House has already voiced its intention to veto such a bill if it passes. Democrats are hopeful that the bill will pass. Last year, a similar bill languished in the Senate [...]

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Get Out On the Road Now…

4 August 2007

Tweet Because it’s about to become a whole lot more expensive. Maybe. The House passed a new energy bill today by a vote of 221-189 to encourage development of alternative fuel sources. Also on today, the House approved, 241-172, a bill geared towards expanding use of biofuels, wind power and other renewable energy sources. While [...]

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