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Started By
Message
Dems attacking oil again. "Inflation Reduction Act" includes a new tax on oil & gas
Posted on 8/1/22 at 3:52 pm
Posted on 8/1/22 at 3:52 pm
quote:
Oil stocks were poised to open lower Monday as investors reacted to the news that the Democrats’ climate change measure could cost oil companies, by some estimates, as much as $25 billion.
The Inflation Reduction Act of 2022 proposes to reinstate a tax on crude oil and imported petroleum of 16.4 cents a gallon tax starting next January, according to a summary of the measure released by the Senate’s finance committee.
The tax, called the Hazardous Substance Superfund Financing Rate, or Superfund Tax, was originally included in the House of Representatives’ version of the Build Back Better Act, and it was then estimated it could generate about $25 billion in revenue.
The petroleum Superfund tax was originally instated from 1980 to 1995 at 9.7 cents a barrel, and was designed to help fund the cleanup of hazardous waste sites.
That said, there are other provisions in the $369 billion measure that are slated to help the oil industry, put in at Sen. Joe Manchin’s insistence. It creates tax subsidies for traditional energy plants that capture carbon emissions, and requires the Interior Department to offer at least 2 million acres of onshore federal land and 60 million offshore acres to the fossil fuel industry every year for a decade.
Barrons.com article
Even the tax credit for capturing carbon emissions still has a cost of doing so FYI that will be passed down to consumers.
Posted on 8/1/22 at 4:03 pm to stout
quote:
Inflation Reduction Act
I don't know whether to laugh or cry everytime I read this
Posted on 8/1/22 at 4:08 pm to stout
quote:
requires the Interior Department to offer at least 2 million acres of onshore federal land and 60 million offshore acres to the fossil fuel industry every year for a decade.
The next administration will handle this, on day one, without a bill.
The rest will just be passed on to me.
Thanks Joe
FJB
This post was edited on 8/1/22 at 4:09 pm
Posted on 8/1/22 at 4:15 pm to stout
quote:
Oil stocks were poised to open lower Monday as investors reacted to the news that the Democrats’ climate change measure could cost oil companies, by some estimates, as much as $25 billion.
Posted on 8/1/22 at 4:21 pm to stout
FJB and the filth in Washington DC, including the GOP bastards who are riding the socialist red wave.
FJB
FJB
FJB
FJB
FJB
FJB
FJB
FJB
FJB
FJB
FJB
FJB
FJB
FJB
FJB
FJB
Posted on 8/1/22 at 4:38 pm to stout
quote:
passed down to consumers
Every tax is passed down to the consumer.
Posted on 8/1/22 at 4:49 pm to stout
Cheaper oil and gas is a benefit to growth.
Democrats want to hamstring growth
Period
Democrats want to hamstring growth
Period
Posted on 8/1/22 at 5:01 pm to stout
quote:
includes a new tax on oil & gas
Just another part of the Democrats war on working people, because the tax will be paid by higher gas pump prices and higher diesel that causes higher inflation.
Posted on 8/1/22 at 5:09 pm to stout
quote:
Dems attacking oil again.
They're not attacking oil.
They're attacking US.
Posted on 8/1/22 at 5:15 pm to stout
precisely what a country suffering an unnecessary financial disaster and recession needs
higher taxes on a necessity.
higher taxes on a necessity.
Posted on 8/1/22 at 5:15 pm to stout
quote:
Dems attacking oil again. "Inflation Reduction Act" includes a new tax on oil & gas
but manchin got them to open oil and gas drilling in his state to vote for it. too bad its makes drilling unaffordable so his state will not be able to drill when there is no profit in it and manchin is about to see his long political career come to a quick end over this BS.
he just massively raised taxes on everyone as well as doubled inflation all while getting nothing but a token gesture to, on paper, allow O&G drilling in his state, when it in fact doesnt do that
Posted on 8/1/22 at 5:23 pm to stout
Hell, they want to ban fracking in the Permian Basin where fracking produces 40% of our oil.
How stupid and incompetent can they be!
How stupid and incompetent can they be!
Posted on 8/2/22 at 7:23 am to JJJimmyJimJames
quote:NY grocery stores are lockboxing cans of spam. If you don't understand where we are headed then you aren't paying attention
precisely what a country suffering an unnecessary financial disaster and recession needs
higher taxes on a necessity.
Posted on 8/2/22 at 7:44 am to stout
Nah, none of this is intentional or part of a plan to drive this country over the cliff...
Posted on 8/2/22 at 7:50 am to East Coast Band
Well God damn, if it's that fricking hard for you to understand, I'd consider taking a break before you injure the one brain cell you possess. ??
Posted on 8/2/22 at 7:53 am to stout
Taxing a commodity to reduce inflation?
What could possibly go wrong?
What could possibly go wrong?
Posted on 8/2/22 at 8:06 am to Wildcat1996
The best one I heard is how they are decreasing demand by causing the price to go higher that will eventually cause the price to go lower.
L
O
L
I shite you not!
No matter how hard they try, fuel will always be inelastic.
They are either purposely fricking us, or they have no fricking clue what they are doing.
L
O
L
I shite you not!
No matter how hard they try, fuel will always be inelastic.
They are either purposely fricking us, or they have no fricking clue what they are doing.
Posted on 8/2/22 at 8:10 am to loogaroo
quote:
They are either purposely fricking us, or they have no fricking clue what they are doing.
Definitely on purpose...
Posted on 8/2/22 at 8:30 am to loogaroo
quote:
They are either purposely fricking us, or they have no fricking clue what they are doing.
There’s no way they are that fricking stupid. Their supporters on the other hand
Posted on 8/2/22 at 8:34 am to stout
quote:Ah, yes. Another pretty little label. How can reducing inflation possibly be bad? Democrats and their pretty little innocent-sounding labels. aka: Trojan Horses.
"Inflation Reduction Act"
"Inflation Reduction Act" = Bend Over
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