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"Denies the oil industry a $10 billion tax break over the next decade."
Therefore the price of fuel & lubricants will go up by about $1 Billion a year.
"Deducting the expenses more slowly will save Americans $100 million over the next decade."
See above.
"Closing this loophole will save Americans $3.2 billion over the next 10 years."
See #1
"Deducting the expenses more slowly will save Americans $500 million over the next decade."
Actually all of the above will increase the price of petroleum products, will make less likely for companies to build more pipelines. Basically folks you learn in Economics 100 the more you tax something the less you get of it and/or the more expensive it will be.
And the recent price increase of ~200 billion/year due to crude price hikes is insignificant?
Do you see any mention of a $200 billion price hike in my post? Or any comment about it? My point is very simple. All the above “savings” will not make gasoline or any petroleum product in the US cheaper. It will have just the opposite effect: The taxpayers, you, me, and Dupree will all pay more to offset the increase cost of doing business, especially in the USA.
macquechoux, I think the entire point of revamping our energy policy at this time is to finally start encouraging domestic and sustainable energy solutions, ones that make sense for the long term...not just making petroluem fuels cheaper! That was 20th Century thinking, and it got us into the horribly dependent mess that we're in now. At some point in a given fuel's maturation, it has to be able to stand on its own two feet. The petroleum industry has had about 100 years to find its rightful place in the energy mix, and has enjoyed many trillions of dollars worth of direct (royalty and tax relief) and indirect (military costs, externalized environmental and health costs) subsidies over that time. If we can't get along without subsidized petroleum at this point, then we don't want it, and don't need it. So I can't get too excited about higher petroleum costs...especially if it means lower costs for domestic and renewable energy in the long run.
You mean, increase the cost of doing oil-dependent business.
I think that's a good thing. I think petroleum should be taxed up to at least $5/gallon (perhaps more, and augmented by license, lane and speed restrictions on vehicles from H2 Hummers down to full-size pickups). We should make it both expensive and inconvenient to be a wastrel.
Oil is going away. The last thing I want is to encourage anyone, starting with the oil companies, to think that this isn't the beginning of the end of the oil age. If a repeal of a tax break helps, it's doing at least some good.
Exactly.
And BTW, in a pay as you go mode teh House is in, funding for renewables must come from somewhere. Consider this an after cost for the ultra-cheap gasoline of the 1990's and early 2000's.