Big Oil Reacts to Obama’s ‘Discriminatory’ Proposals

The American Petroleum Institute is taking issue with the president's State of the Union demand to end subsidies and tax breaks for oil producers. While Obama didn't say just which subsidies he'd cut, the industry isn't waiting for specifics to defend itself.

http://www.dailyfinance.com/story/investing/big-oil-rejects-obama-subsidy-proposals/19818703/

Cut all 'subsidies'...

Cutting so called 'big oil' wont solve much.

Not when many, many other 'sectors' of the energy systems receive such 'subsidies'...

and the farming systems...

and the transportations systems.

and the education systems.

and the insurance systems.

and foriegn countries.

and 'expert' think tanks that OBVIOUSLY can't think their way out of a paper sack...

and 'expert' think tanks that only think in one way increments (based upon the needs of the 'funding source'...

There is an entire 'industry' sprung up to handle 'subsidies'... Just another example of a business that does ABSOLUTELY nothing but suck up cash flow and 'clamp' down on actual growth.

Intelligence says it must be done.

We can't have a future living in the past.
The transition from fossil fuels to green energy technologies has to start somewhere.

Burning up the food supply and a $40,000 electric car isn't the answer. When they come up with a realistic alternative I'll get on board. Until then, "green" means wasted money.

Transitions like,
fossil fuels to greener alternatives,
are always difficult.

When Autos were suggested as an alternative to horses, for example.

The avg person could not afford to buy a car at first.
Not to mention the attitude adjustment necessary for acceptance
of this new contraption.

The more electric cars they make,
The more they transition factories to build the cars,
The lower the price will drop and
The more people will be able to afford them.

I don't disagree, but moving from horses to cars created an ability for people to improve their lives. It wasn't mandated or forced upon people through scare tactics.

Improving environmental quality is always a good idea, but it has to be realistic and there has to be a long term strategy to insure that it as painless as possible.

Right now, that does not exist.

I disagree that this change is being mandated.
Period, by any weans what so ever.

It's a necessary change that if ignored or denied by us
will only lead to our potenial as a global power
and our very economic survival,
falling terribly far behind the rest of the world's.

So, 50,000 jobs is sacrificial in an attempt to push "green". poppy-n-crack is what they are smoking.

There is real evidence there is enough untapped US oil to last us 100+ years.

The Big Boys who are pushing green are probably the same ones who bought the rights to the 100 mpg carburetor.

50,000 jobs globally is nothing.

I'd sacrifice 500,000 oil company jobs each year,
for the millions green energy will produce.

and the economic stability,
and American lives lost fighting wars like Iraq,
etc.
etc.
etc.

Every action has a reaction.

The reactions caused by continued use of fossil fuels are far worse than the transition to greener alternatives.

Far far worse!

How's about the Gov. workers and military be the example and lead the way?

Green Limos, tanks and jets.

don't forget about the suburbans, the 100,000's they own...

Brazil already has the better ethanol technology than anyone discusses in the U.S., and they've had it for several years. Hydroponic algae yields more fuel and more efficient fuel in less land and at a cheaper price per gallon than corn. But lobbyists push corn because of the farmers, while other lobbyists push against ethanol period because it would cut into petroleum profits.

Subsidies can be good, but special interest groups are raping the system. We need greater restrictions on lobbyists AND we need to take away their subsidies to show them we are serious about reducing their power. Legislators are elected to represent US, not the people who wine and dine them.

Also, electric cars are a farce because most of the electricity used to charge the car is generated using fossil fuels. Therefore, the more electric cars, the more electricity needed, which means building more power plants and releasing more pollutants into the air. Unless the electricity is produced by cleaner methods, electric cars are nothing but a bunch of misdirection for the misinformed.

It's no joke. This is where the federal government has real power over the oil industry, auto manufacturers, and more. If the government pushed for alternative energy or fuels to power military vehicles, big industry would be forced to develop and perfect new technologies. It could also save a bundle on fuel costs during times of war.

For instance, there are many ways to create lift for aircraft, and Bernoulli's Principle isn't necessary to do so. But Bernoulli's Principle CAN be used to make acceleration, deceleration, and turning more efficient for aircraft with alternative technologies, hence decreasing the energy demands of such aircraft. Some such technologies could have potential side benefits, like making military vehicles more difficult to spot, whether visually or by electronic means.

On Friday, Chevron Corporation scored profits of $2.70 a share, exceeding the $2.44 a share profits expected by Thomsen Reuters analysts. This rise tripled the Company’s profit, reporting net income of $5.41 billion. The oil giant recorded 2010 sales of $51 billion, soaring up from the $40 billion sales noted in 2009. These series of victories dashed last year’s poor performance, which resulted in Chevron discharging a big lot of its employees.

In addition, profits of Exxon Mobil Corporation showed a massive rise from 2009’s $4 billion profits, scoring $7.6 billion profits in 2010. Occidental Petroleum, as well, increased its earnings by 61% and its sales by 30%, during this lucrative second quarter of 2010. ConocoPhillips reported a rise in its share value from 57 cents to $2.77 a share.

Despite this marathon of growth, Fadel Gheit, a Senior Energy Analyst for Oppenheimer & Co. warned the investors that this climb will not last for long due to the slow pace of the economic recovery.

One particular Company remained out of the race, which is British Petroleum, recording net loss of around $15 billion, as a result of the oil spill in the Gulf of Mexico
http://topnews.co.uk/210177-us-oil-industry-reports-huge-profits-second-fiscal-quarter

Does anyone thing these companies deserve a tax break? We should charge them for our military service protecting and invadeing to secure their supply lines.

Poppycock!!!

Money was 'valued' differently during that time. A horse and buggy and an auto cost the SAME.

Transition to true environmental energy and fuels won't be done by the currently available science... It TAKES fossil fuels and or environmentally UNFRIENDLY methods to MAKE the so called GREEN products...

How much OIL or OIL products are used to MANUFACTURE a Solar Panel.

Man I am sick of people that only do half assed research.

and then claim they have the cure for the future...

Sure, the U.S. has enough oil to support itself, but the truth of the matter is that U.S. oil is sold abroad rather than at home. The reason? Profit margin. It can be sold abroad for a higher price than it can here at home, which means more money for the big oil companies. Therefore, all arguments for increased offshore drilling or drilling in ANWR to offset dependence on foreign oil is nothing more than a smoke screen. All that oil will get shipped overseas for increased profit too. The only real effect it might have is to lower oil prices temporarily. Once more oil is available developing countries will increase manufacturing, thereby raising oil demand and oil prices once again. China already anticipates increased oil demand on their part, hence that country's push to lock up as much oil as possible.

As far as purchasing patents just to bury new technology....it honestly disgusts me. That's one side of a free market economy that I would like to do away with.

Not driving an electric car has less to do with the actual cost and more to do with the fact of what happens when you run out of juice. You can't just go to the gas station and fill up. We are talking hours of recharging. That just isn't doable for a lot of people.