Say thanks to the democrats for trying to raise gas prices!!!!!
 

House democrats have pushed through an $18 billion tax bill that will be assessed on the oil companies. Senate democrats have vowed to expedite approval of the bill.

Can the oil companies afford these taxes? Yes, they can. Will they pay these taxes? They will pay the tax bill but it is really us, the consumer, that will pay for these taxes through higher prices at the pump!

$5/gallon gas will be here very soon if this goes through. Thankfully, Bush has vowed to veto this bill.

http://money.cnn.com/2008/02/27/news...ion=2008022718

i think people don't know who to thank at this point.

we're supposed to be thanking china.

Did you even bother to read any info about this? or are you just spewing out the typical uneducated republican scare tactics?

It's 18 billion divided by 5 oil companies across 10 years. That's 1.8 billion per oil company or 180 million a year each. Not of "new" taxes either just money that they should have been paying but were given tax credits on for the last several years.

Since those same oil companies profited 123 billion just last year alone. Congress has decided to turn back two tax cuts the oil companies have been "given".

Sorry but George Bush has more of an effect on oil prices when he starts talking about invading Iran than this would.

Oh and btw this is tax money.. If they raise the price of gas they will also be raising the amount of taxes they pay. You can't pass the cost of taxes onto the consumer it just don't work that way.

Pwned! :1orglaugh:1orglaugh

Great and you think this extra cost will not be passed along to the consumer? Dream on. And to quote the article from CNN....

Not true. The federal gas tax is per gallon, not a percentage of the price.

It's not a federal tax per gallon.. It's federal taxes on what the oil companies earn. IE their profits..

Yikes, that is just asinine. Taxes are figured into the price of everything and passed on to the consumer. Do you think a company does not figure in what it is going to have to pay in taxes into the cost of a product?

You still grossly underpay for gasoline compared to the rest of the world.

It's taxes on earnings.. They CAN NOT pass the cost of taxes onto the consumer. It comes out of their profits not the consumers pockets.

If they charge more.. guess what they pay "more" taxes.. It's like a dog chasing his tail it just dosn't do much for them.

how much did gas cost in the US before Bush?

2001 $1.6821 (peak $2.008) now it's over $3/us gal. I guess it's good for big oil to have a oil man in the white house.

In 2000 gas price averaged $1.54... so it's dubbled since Bush came to office yet its the Democrats fault.. lol

You don't think they will try to earn more?

The economy is too shitty right now and inflation is too high for this to pass and Bush not to veto.

Let me see if i can explain this so you can understand it.

Year 1 - Company A makes $100k in pre-tax net revenue.
Taxes are at 25% so Company A pays $25k in taxes and nets $75k post-tax.
Year 2 - Govt raises taxes and taxes go up to 30%.
Company A (knowing taxes will be higher) raised the price of what it sells by 10% and has a pre-tax net revenue of $110k (it would in fact be higher but I will spare those details for you).
30% taxes are $33k yielding a post-tax profit of $77k.
Company A actually made more $$ and paid the higher tax rate. Oh wait, they passed the taxes on to the consumer. The fact that they can do this is because all other companies will too.

They seem to forget those little facts.

If they earn more good for them, but this this tax still wont come out of the consumers pocket.

You seem to forget that the president has little to do with oil prices as they are controlled by the commodities/futures market more than any other factor. Oil and gas went way up because of Katrina. Sure, Katrina may have had some effect on production in the Gulf but it had nothing to do with production in the Middle East. The fact that people could profit of higher prices in the commodities market steered the price upwards.

If the Govt came out today and said corporate taxes will increase across the board 5% do you think the price of goods for the consumer would be the same tomorrow?

Except you forget the little fact that gas is sold as a commodity. The price is set by the market not by the oil company. They can't just up the price because they feel like it. The price goes up based on supply and demand.

$5 gallon will be here simply because the world is running out of gas, you idiot.

Most of the countries already pay $5+ a gallon.

Do you know why they pay $5 plus per gallon "idiot"? because of the taxes levied by their government. Carry on to something you know about!

Oh wow, I give up. You do realize you have just said the commodities market dictates the price of gas and that it is set by supply and demand. Which is it?

You are also saying Exxon has no control over the pricing of what it sells!! :1orglaugh

Oil pricing is adjusted based on the commodities market which in turn means Exxon pays more for it, which in turns means they sell gas for more money, which in turn means you pay more for gas!

Ok. Thanks democrats!

I dont know but while clinton was president I was paying as little as 74 cents a gallon. Now oil men are in the white house and its on its way up to $5 a gallon and Dick cheney has super secret energy meetings with the oil companies. Hmmmm

Didn't Saudi Arabia just give Bush the finger by cutting back on production.. i.e. that will raise the price of gas after he requested they increase production in order to lower it... The oil companies are milking the public for everything they can and make up any excuse they can... The price doesn't need to be up where it is.. they're just fucking with everyone to make billions more so they can buy up even more of the US.. and all because the masses are generally stupid...

and they can cut the supply anytime they want. So yes they can control the prices. :2 cents:

To an extent but the govt has some control on that. If they get caught deliberately reducing the production in order to create more profits there would be a shit storm.

Now you think they would risk that for 180 million a year in taxes that they were lucky to get out of paying prior to this?

gas is way too expensive .. : (

Government has to get the $$ from someone, it doesn't really matter if it's from oil companies or income tax or sales tax, etc... as long as the extra tax doesn't lead to extra spending, I think it makes little difference who/how much/when something is taxed (within reason)... :2 cents:

Don't forget to add in the cost of Pizzer being delivered will go up 10%. The cost fly will go up and anyhing made from plastice will go up !

But wait the increased tax won't be passed on to us ?

Opec plays with supply all the time. They could pump more if they wanted, but they do not want to why would they?

how do you suppose they will earn more?

:thumbsup:thumbsup:thumbsup

:1orglaugh

Of course they do.. that's why this tax is a non issue. Even in the wildest dream that it raised the price of gas 18 billion over the course of 10 years. (that would be illegal of course) It probably wouldn't even equate to .0001 of a cent per gallon.

In fact I bet all the crying that's going on about this in the media and all over the Internet is probably going to cause the price of oil to go up and cost the consumer more than this tax hike will.

Here we go... best I could find in 2005 138,142,791,000 gallons of gas were sold in the United states.

So at 1.8 billion total per year among all 5 oil companies that would not even be 1 tenth of a penny price increase per gallon.

Tony, I think you and I see eye-to-eye on almost every thread I have ever seen you post on. Nice to see someone on GFY who sees things the way they really are.

Fuck big oil! I hope gas goes to $10 a gallon, so we are finally forced to roll out the electric cars and the alternate energy plans that scumbags like the Republican oil men have been repressing for so many years now.

Wake up America! Stop believing the lies, and stop buying into the fear!

The model T got 25 miles to the gallon. Nearly a hundred fucking years later the average car in America barely gets that mileage now. Are you fucking kidding me? Wake the fuck up!