The infuriating oil company tax-cut issue. Why we're screwed either way.

[Atman]

In bizarro world, I actually hear John Boner talking about "looking at" the $4 billion in tax subsidies for the richest, most profitable corporations on earth. I'm currently listening to Sen. Roger Wicker of Mississippi talking about "debating" the issue, while blaming the problem on Obama for not having an energy policy -- this, ten years after the top-secret Cheney/Oil Company circle-jerk in which they set up and planned the Mid East For-Profit Oil Wars.

Meanwhile, speculators play no-lose games with oil prices while our economy crumbles. And what will happen the day after the billions in oil company subsidies are repealed (if)? Gas prices will rise to $6-7 a gallon and the Republicans will blame Obama and offer it all up as "proof" that we can't raise taxes on anyone...unless they're already struggling to get by. Bend 'em over and fuck 'em.

This is a no-win situation for Obama and the Democrats. The richest of the richest, both people and corporate-people, have rigged the game. Because they know most of America is too helpless and too focused on their own survival to pay close attention to what they're doing. The oil companies may be swimming in historic profits, but they're not going to give away $4 billion. They'll just pass it along to us and blame the Democratic president, and wait for another Bush or Cheney to take office. We're fucking owned.

(edited for typos)

[LiberalLoner]

1. I'm afraid you are right. n/t k&R

[vi5]

2. This is why we should have never...

..even engaged in the "OMG WE NEED TO CUT SPENDING!!!" debate, knowing how Republicans are. Anyone with half a brain knew that they would never agree to cutting any of "their" programs or spending and we'd have to push ours. The problem with anything we'd ask them to cut makes it easier for them to frame things against dems.

Cut defense: "THEY MADE US LESS SAFE!!!!!!!" especially if something should happen.
Cut oil subsidies: "THEY CAUSED YOUR GAS PRICES TO GO UP!!!!!"
Raise Taxes on the wealthy: "THEY RAISED YOUR TAXES!!!!!!" (even though less than 10% of the population would actually have their taxes raised.

The minute we engaged the conversation rather than pointing out the facts on this (the debt has been higher, cutting spending in a time of economic crisis/unemployment is historically a bad move, etc.) we lost and we will now continue to lose.

[Old Codger]

3. A major difference

If they get the tax cut/subsidy they are getting a sure thing, if we can drop the tax cut/subsidy they will raise prices but they do not get any assurances of that much profit as we will just be unable to afford gas at the higher prices,therefor they will either have to settle for less or attempt to keep prices in an affordable range. We still get shafted either way but their shareholders lose also.

[Atman]

4. How do their shareholders actually lose with record profits?

The $4 billion dollars is collective, between ALL the oil companies. Exxon/Mobil just made $11 billion. Take away their portion of that $4 bil and they still reap HUGE profits and the shareholders all still get paid handsomely. So they lose a couple of pennies...granted, lots of them have tens of thousands, if not millions, of shares, but they "lose" nothing. They just don't make as much.

I have absolutely no sympathy whatsoever. None. Zilch. Nada. Bupkiss.

[Old Codger]

5. Sympathy?

I have absolutely no sympathy for any of them, if my post comes across as sympathetic to any oil company or any of their shareholders it was never intended to be such. My point is that if we get rid of the subsidies/tax cuts it would hurt them somewhat maybe not a lot but some,if they raise prices much more they will kill our economy(actually already have)but if they remain as high as they are we will end up buying a lot less gas, in the long run they lose. We lose also but takes some sacrifice to gain anything.