Gas Price Fraud?

[imzjustplayin]

Originally Posted by tjts1

Yeah, they provide the vast majority of oil production and THEY are the problem. You live in a fantasy world.

Democrats are the majority in the senate and were the majority in the house, are leading the executive branch and so I'd say that the majority of the problems we have are because of them.

[FrugalFloyd]

Originally Posted by *************

Democrats are the majority in the senate and were the majority in the house, are leading the executive branch and so I'd say that the majority of the problems we have are because of them.

Sure, and having an oil company CEO as his predecessor, coupled with a "Drill, baby, drill" party majority in both houses didn't have anything to do with our invasion of Iraq, oil company record profits for most of Dubya's 8 years in office, and our hundreds of billions of dollars annual war spending orgy that make up the majority of our problems.

[bowtieguy]

Originally Posted by SentraSE-R

...and our hundreds of billions of dollars annual war spending orgy that make up the majority of our problems.

i suspect this thread will end soon, but it must be noted that pork(special interest/lobbying), entitlements(welfare/medicare/medicaid/illegal aliens), and waste could be put under one category...reckless leadership of the domestic variety. THAT is the lion share of our problems.

and it makes war spending look like gum ball money!

[theclencher]

Really?

http://en.wikipedia.org/wiki/Militar...deral_spending

[bowtieguy]

my reference was to recent wars...which i believe what was the previous premise of "war(s) for oil."

at any given time, "military" spending in and of itself is a good chunk of change irrespective and not including the added stress of "going to war." i would assume military spending would include the pentagon and any foreign aid when armed forces are needed to maintain integrity of said aid...among other things like maintain/upgrading subs, jets, carriers etc which have recently NOT been used in war!

i often wonder what the price of oil and how stable subsequent world economies would be if the US did not spend resources(like military) to protect oil...be it ours(a war for oil) or our allies.

[bowtieguy]

back to fraud...

i dont believe american oil companies are "ripping us off", but i have questioned gouging of several pennies per gallon by certain station owners.

but, who's ripping us off more than big oil?...
http://www.allamericanblogger.com/15...ed-per-gallon/
http://arthenor.blogspot.com/2005/11...nment-gas.html
http://archive.newsmax.com/archives/...26/90121.shtml

[Fuel Miser]

Oil company tax breaks ?aren?t smart? says Obama
http://www.digitaljournal.com/article/306206

In his weekly address on Saturday, President Obama said he wants tax breaks for the oil and gas industry - $4 billion annually - to end, claiming they ?aren?t smart? and will ask Congress for help in the matter.

?These tax giveaways aren?t right,? the president said in his weekly address on Saturday. ?They aren?t smart. And we need to end them.?

The president?s announcement comes after oil and gas companies have begun releasing their first quarter results. Exxon Mobile last week reported a staggering $10.7 billion in profits during the first quarter, up from $6.3 billion (69 percent) over the same period a year earlier.

Conoco Phillips reported its first quarter earnings were up 43 percent to $3 billion. Last year?s earnings during the same period were $2.1 billion.

As he did during his election campaign of 2008, on Saturday Obama called for investing in clean energy for the future. ?An investment in clean energy today is an investment in a better tomorrow. And I think that's an investment worth making,? he said in his radio and Internet address.

Adding to his assessment of America?s current financial debate, the president stated: ?Our economy is growing again.? Yet much of that growth is apparently happening where most working class Americans could care less: in the pockets of big oil.

Equilar, an executive compensation data firm, notes that Rex Tillerson, CEO of Exxon Mobil, received a 2010 compensation package of $21.5 million, closely followed by ConocoPhillips CEO James Mulva, at $17.9 million. John Watson, CEO of Chevron, rounded out the top three oil executives with a 2010 compensation of $14 million.

Obama?s announcement of ending oil and gas subsidies will likely fall on deaf ears within the industry, as Exxon Mobile?s Ken Cohen, vice president of public and government affairs, in a statement to reporters last week said: ?We understand that it's simply too irresistible for many politicians in times of high oil prices and high earnings -- they feel they have to demonize our industry,? according to KFOX-TV.

According to a survey* by the US Energy Information Administration, the average cost to produce a barrel of oil (including exploration, development, extraction and taxes) is around $30 per barrel, while the current price market price of oil is over $110 per barrel, Huffington Post reports.

*Survey (pdf): http://big.assets.huffingtonpost.com/06_production.pdf

[Fuel Miser]

Oklahoma Congressman James Lankford criticizes administration on energy,

Freshman Rep. James Lankford, R-Oklahoma City, is the second Oklahoman tapped in April to deliver weekly national GOP message.

http://newsok.com/lankford-obama-focus-talks-on-energy/article/3563643

? President Barack Obama and Rep. James Lankford focused their parties? weekly messages Saturday on whether higher gasoline prices should result in more taxes on oil and gas companies.

The president, who renewed his call this week to eliminate some tax deductions used by oil and gas companies, said in his weekly address that he has ?a problem with the unwarranted taxpayer subsidies we?ve been handing out to oil and gas companies ? to the tune of $4 billion a year. When oil companies are making huge profits and you?re struggling at the pump, and we?re scouring the federal budget for spending we can afford to do without, these tax giveaways aren?t right.?

Lankford, a freshman Republican from Oklahoma City, said in the GOP weekly address that gas prices have doubled since Obama took office.

?Americans are looking for leadership to tackle the rising gas prices, but President Barack Obama has only offered a tax increase on energy and the prospect of reduced supply,? Lankford said.

Lankford was the second Oklahoman to deliver the national Republican address in April. Sen. Tom Coburn, R-Muskogee, gave the GOP message on deficit reduction April 16.

Obama has been proposing higher taxes on oil and gas companies since shortly after taking office in 2009; though he has focused his comments this week on the major companies, some of the biggest deductions he wants to eliminate wouldn?t affect them since they?re only available to independent producers. His administration has justified the proposed changes by saying current tax incentives encourage ?overproduction? of fossil fuels.

He said Saturday he believes ?instead of subsidizing yesterday?s energy, we should invest in tomorrow?s ? and that?s what we?ve been doing. Already, we?ve seen how the investments we?re making in clean energy can lead to new jobs and new businesses.?

Lankford said ending certain tax breaks used by oil and gas producers would hurt consumers and threaten jobs.

[bowtieguy]

my district has one of the best congressmen in the country. altho, not related, we do have larger issues to "investigate" than steroids in baseball, gas fraud, and corp taxation...http://www.youtube.com/congressmanpo.../0/FWgZfHLPNXI

check out the debt graph at current spending policy...if it doesn't cause someone concern, well, i'd have to call he/she a ostrich. R Posey stole that analogy from me

[Fuel Miser]

Lawmakers Call for FTC Review of Oil Refiners
Yesterday

SYRACUSE, N.Y. -- With gas prices inching their way down cent by cent, Sen. Charles Schumer (D-N.Y.) and Sen. Claire McCaskill (D-Mo.) are calling for an investigation into U.S. oil refiners.

Schumer's request for the Federal Trade Commission (FTC) to look into the refiners comes in the wake of new reports that suggest refiners are cutting back on gasoline stockpiles in an effort to decrease supply and inflate the pump prices, according to a press release from Schumer's office.

Specifically, the release cites Energy Information Administration data that show refiners are operating at just more than 80 percent of their capacity. This equals a decrease of 900,000 barrels per day when compared to 2010 output levels. Schumer pointed to the fact that gas prices have barely fallen below $4 per gallon in Syracuse, N.Y., despite crude oil prices coming down in recent weeks.

"At a time when major refiners and oil companies are making record profits and New York families continue to struggle with gasoline at record prices, the idea that refiners may be manipulating the market to keep prices artificially high is offensive," Schumer said speaking at a Syracuse Sunoco gas station this morning. "When the price of oil goes up, gas shoots up like a rocket -- but when it goes down, the price of gas falls like a feather. That's just not right. As the price of crude oil and the use of gasoline decline, there are clear signs that refiners may be stockpiling oil, which keeps prices high. I urge the FTC to immediately investigate and ensure that New Yorkers are not being victimized by this type of manipulation."

In a letter co-signed by Sens. Schumer, McCaskill, Harry Reid (D-Nev.), Dick Durbin (D-Ill.) and Patty Murray (D-Wash.), the legislators formally asked the FTC to investigate the issue and pointed out it is currently within the FTC's authority to review the allegations for any potential wrongdoing.

"It is incumbent upon the commission to ensure that the American people are protected from this type of manipulation. Accordingly, we request that the commission open a full investigation into these allegations of wrongdoing and to determine the impact this behavior, if confirmed, has on regional and national gasoline prices," the letter stated.

According to AAA's Fuel Gauge Report, the average price for a gallon of regular gas was $3.843 today, down from $3.852 yesterday and $3.955 a week ago.

http://www.csnews.com/top-story-lawmakers_call_for_ftc_review_of_oil_refiners-58758.html