Who Benefits from Expanded Drilling & High Gas Prices?

Help tell them-No-on the East Coast (4.00 / 1)

In person-this afternoon and evening in Norfolk:

The U.S. government will hold two public meetings today to take comments about proposed seismic research off the Virginia coast in advance of possible offshore drilling for oil and natural gas.

The meetings will be conducted by the Minerals Management Service at 1 p.m. and 7 p.m. at the Hilton Norfolk Airport hotel, at 1500 N. Military Hwy.

They are the only meetings scheduled in Virginia and are among 13 others held this month along the Atlantic coast.

They come in response to a decision last month by the Obama administration to move forward with possible offshore drilling on the Outer Continental Shelf and are intended to gather ideas, comments and concerns about environmental impacts that offshore exploration might create.

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by: Va Breeze @ Thu Apr 29, 2010 at 16:05:19 PM UTC

Gulf Spill Their Worst Nightmare (4.00 / 1)

The spreading environmental catastrophe unfolding in the Gulf of Mexico right now should give pause to even the most die-hard "drill, baby, drill" people.

Hmmm...I wonder if I could find a Wall Street firm to be a "market maker" and sell off "oil spill insurance swaps." We could call them OSIS and have Standard & Poor's rate them triple-A. Then, we could short them big time and not tell the gullible bast**ds who bought them.

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by: Elaine in Roanoke @ Thu Apr 29, 2010 at 17:00:29 PM UTC

Splendid notion (0.00 / 0)

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by: Teddy Goodson @ Thu Apr 29, 2010 at 17:13:02 PM UTC

[ Parent ]

Great Idea (0.00 / 0)

Just don't forget to pay off the politicians!

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by: jack @ Thu Apr 29, 2010 at 17:38:30 PM UTC

[ Parent ]

A 7.8% annualized return (2.00 / 2)

for shareholders, and an outrageous 7.0% profit margin!

Those greedy bastards.  

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by: jack @ Thu Apr 29, 2010 at 17:32:07 PM UTC

Did Exxon pay any US income taxes (4.00 / 1)

Tell the truth now: income taxes.

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by: Teddy Goodson @ Thu Apr 29, 2010 at 20:14:54 PM UTC

[ Parent ]

For those unfamiliar ... (0.00 / 0)

... story here.

Read more at TheGreenMiles.com and follow me on Twitter

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by: TheGreenMiles @ Thu Apr 29, 2010 at 20:39:10 PM UTC

[ Parent ]

Now Teddy, (0.00 / 0)

you well know that Jack belives that the corporate citizenry should not pay income taxes as such an onerous  requirement would only lead to the employment of many unproductive corporate accountants (and tax lawyers) thus destroying the morals of our nation!  

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by: TomPaine @ Thu Apr 29, 2010 at 20:42:22 PM UTC

[ Parent ]

corporate citizenry should not pay income taxes (0.00 / 0)

Despite the sarcasm, you are essentially correct.  Corporate income taxes can come from three places -- profit, income, and expenses.  If it comes from profit, then the owners will go invest where their money can make them more money, so that is the least likely.  If income, then the company must raise prices, and the burden falls on the guy trying to fill his tank.  Lastly, the money can come from expenses.  Which expenses are easiest to cut?  Payroll.

In any event, the burden eventually falls on individuals -- either shareholders, customers, or employees.  Simply decide which group you want to tax, and do so directly, not through the corporation.  Taxing through the corporation makes them less competitive in the world market, and does impose the cost of those accountants and lawyers who have to deal with our ridiculous tax system, but do nothing for productivity.

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by: jack @ Fri Apr 30, 2010 at 02:35:08 AM UTC

[ Parent ]

Jack: We are know what your profession is; but what we do not know is what (0.00 / 0)

is the price of your services!

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by: TomPaine @ Fri Apr 30, 2010 at 15:50:13 PM UTC

[ Parent ]

Editorial services... (0.00 / 0)

...are $100 per hour.

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by: jack @ Fri Apr 30, 2010 at 16:17:59 PM UTC

[ Parent ]

That is pretty cheap for your current occupation! (0.00 / 0)

Do you accept anything other than cash? How about bartering for a goat?

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by: TomPaine @ Sat May 01, 2010 at 01:32:20 AM UTC

[ Parent ]

According to their 10-K (0.00 / 0)

No, but they still ended up with an effective tax rate of 47%.  They may not have been paying it to us.  But they were paying income tax.  92% of their income is non-US.  So, in a given tax year, they may end up owing nothing depending on capital investments and a range of other tax deferrals.  And in 2008 and 2007 according to their financials, they had rather large amounts of current US income tax.

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by: tx2vadem @ Fri Apr 30, 2010 at 00:46:51 AM UTC

[ Parent ]

Another ad hominem attack on those "greedy bastards" shareholders! (4.00 / 1)

Jack is really getting so desperate to display his social conscience that he is now attacking himself as a shareholder!

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by: TomPaine @ Thu Apr 29, 2010 at 20:46:13 PM UTC

[ Parent ]

What does Exxon have to do with this? (0.00 / 0)

Lee Raymond is gone.  XOM has an excellent safety record.  And they make no bones about who they are.  And I don't know when you are going to learn this, but Exxon Mobil does not set the price for gasoline or oil.

BP on the other hand has been plagued by safety and environmental problems in the last 10 years.  And they are the ones who were leasing this rig.  They are also the ones who go the extra mile when it comes to green washing.  But I guess you don't pick on them because that would be too easy?

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by: tx2vadem @ Fri Apr 30, 2010 at 00:51:18 AM UTC