[Rhodes22-list] Fuel Question

[Herb Parsons]

John,

All land was once "public land". At one point, the government gave it 
away. Sorry, leases aren't subsidies, they're the government making 
money off an unused resource.

John Shulick wrote:
>
> John,
>
> We keep hearing about those "subsidies" to Big Oil but no one seems to be
> able to find them in the tax code. As I sit here, I'm staring at a whole
> shelf of books on oil & gas accounting and I sure as hell can't find them,
> unless 'they' are referring to the immediate write-offs associated with
> bringing a well on line (don't ask how I know the tax rules for "dry
> holes").  The idea of subsidies for Big Oil is a myth.  In fact, the whole
> idea of Big Oil is a myth.  Exxon/Mobil, the largest of the American oil
> companies, is number 14 on the list worldwide, and the top five American oil
> companies control only 6% of the worlds reserves.  As for their "excess
> profits", their net return is less than 10% versus some software companies
> with returns of around 25%.  If some dumbass in Congress (let me restate
> that) if any single dumbass among the majority in Congress wants to go
> hunting for an "excess profits" target, it wouldn't be an oil company.  As
> to your numbers regarding donations, I don't have time to check them but
> they sound about right.  The Dems have voted about 80% of the time against
> drilling on US land and sea so who do you think the oil companies would
> support.  What we are suffering from right now with gas prices is Economics
> 101, which explains why the majority in Congress don't "get it".  They
> either didn't study economics, they don't understand economics, or deep down
> they really don't like capitalism.
>
> Brad
>
> Brad
>
>       What price did those companies pay for access to public lands (I
> believe the phrase is drilling leases) verses the value of the product they
> produce? If that doesn't qualify as a subsidy I'll buy that bridge in Iraq
> you're selling. When I bought my house, the minerals under it had been given
> away 150 or so years ago for pennies and should the owners of those rights
> decide to they can destroy may home to get to them and all I can do is
> accept what THEY decide is a fair market value. As for the rules of
> accounting all I have to say is "Enron". It may not be the case for you in
> your life experiences but for me "Trickle down economics" means some rich
> s.o.b. is urinating down my back and then telling me 
> its raining. 
>
> John Shulick
>