Big oil companies facing prospect of heavy tax hit

[sabra]

Source: The Hill

Senate Democrats need big bucks to help pay for a big increase in renewable fuels production, which could spell big trouble this week for Big Oil.

Senate tax writers are considering a package that may offer as much as $25 billion in tax breaks and other financial incentives to encourage production of renewable fuels and additional efforts designed to reduce greenhouse gas emissions.

Other federal incentives would be directed at efforts that include sequestering carbon dioxide before it is released into the atmosphere, encouraging investors to build transmission lines, and researching “clean coal” technologies. Coal could also win with new incentives for converting the mainstay in electricity production into a transportation fuel.

Much of the tab for the new efforts would land in the lap of large, integrated oil companies like ExxonMobil, Conoco Phillips and BP, among the small group of companies referred to as Big Oil.



Read more: http://thehill.com/leading-the-news/big-oil-companies-facing-prospect-of-heavy-tax-hit-2007-06-19.html

[SharonRB]

1. Oh, boo hoo

:cry:

My heart bleeds for the oil companies. I just wish they'd leave coal out of it -- I don't really believe there's any such thing as "clean coal." Wouldn't making it a transportation fuel still release CO2 into the air? We may not need foreign entities to get it, but it's still a polluter.

[Lance_Boyle]

6. Liquid coal fuel

was a big part of Hitler's war machine, because Germany doesn't produce much oil, but it sits on tons of coal. Yes, it's dirty as hell. No wonder these modern reincarnations of old evil are so keen on it.

[aquart]

2. Well, we all HOPE so.

[dmosh42]

3. I'll believe it when it happens....

Our heroes in congress seem to have a price for their vote, and the oil cos can easily afford the payment.

[Exiled in America]

4. WHAT A BULLSHIT HEADLINE!!!

It's not a "TAX HIT."

It's a curtailment of federal SUBSIDIES for Big Oil. Yeah, the government aka the people still PAY big oil MONEY to be in the oil business, even after a decade of mind stunning record breaking profits!

[dogfacedboy]

5. Big Oil=Welfare Queens n/t

[4dsc]

7. what renewable fuels

Biofuels should not be considered renewable.. SO I wonder what they are talking about??

[Mnemosyne]

8. Is this before or after the US subsidies they get? assholes. n/t

[badgervan]

9. Sounds Like....

.... another bush veto if anything passes.

[ryanmuegge]

10. They'll just pass it on to us even more so than they already do.

I'm afraid.

[Nihil]

11. Maybe that will help people to cut down?

... or is "the American way of life (still) not negotiable"?

:shrug:

[Nihil]

12. How f*cking stupid are these "lawmakers"?

Not only are they ignoring the large SUBSIDIES that Big Oil have continued
to receive (despite record profits) but they are proposing INCENTIVES for

> sequestering carbon dioxide

and

> converting (coal) into a transportation fuel.

Please "lawmakers" can you do the world a favour?
Put a loaded gun against your forehead, take off the safety
and pull the trigger until your fingers no longer twitch.

That way your stupidity will only kill yourself rather than
billions of innocent people.

:banghead:

[Javaman]

13. dog meet pony. nt

[toopers]

14. I wonder who will end up paying the tax increase?

The consumers?