Lobbying Pays Off - XDTalk Forums - Your HS2000/SA-XD Information Source!

bd1 · 05-11-2006, 01:41 PM

From "The Wall Street Journal"

"Exxon Mobil Corp., Chevron Corp. and ConocoPhillips beat back an attempt by senators to raise their taxes by nearly $6 billion.

The Senate version of the bill at one point included a provision that would have cost the five largest oil companies — companies with average daily production of 500,000 barrels; gross receipts of more than $1 billion dollars in 2005 and an ownership in a refinery of 15% or more — about $5 billion by changing how they account for oil inventory. House Republicans dropped the provision from the final version of the bill.

A separate Senate measure would have stripped $700 million in tax incentives for large oil companies to explore for oil and gas. That provision, too, was dropped from the compromise bill that emerged from House-Senate negotiations."

"beat back".....

Here's how they did it.

This is a breakdown by company of the money spent lobbying Congress and the Bush adminstration in 2005.

Oil Company....... Amount Spent
ChevronTexaco.... $8,550,000
ExxonMobil ...........$7,140,000
ConocoPhillips........$5,098,084
Marathon.............. $4,290,000
BP........................ $2,880,000
Occidental............. $2,042,177
Shell..................... $1,478,831
Ashland................. $904,000
Sunoco.................. $540,000
Anadarko............... $250,000
TOTAL.................... $33,173,092

Record profits don't come cheap.

bd

CyberOtaku · 05-11-2006, 02:03 PM

Ever been to D.C.? Ever notice how many churchs there are around there?

bd1 · 05-11-2006, 02:06 PM

Quote:

Originally Posted by CyberOtaku

Ever been to D.C.? Ever notice how many churchs there are around there?

Did the oil companies build them to lobby God?

bd

Brickboy240 · 05-11-2006, 03:06 PM

Don't kid yourselves...what do you REALLY think a tax increase to big oil would do?

You go to the head of the class...yep...the oil companies would raise prices on gasoline at the pump to make up for the tax increase, just as other big businesses (even the ones you like) raise prices to cover tax increases. You can then add a tax increase to the pile of reasons we have the high gas prices right now.

Unintended consequence but one you could almost set your watch to, I'd bet.

Economics 101 folks. Corporations do not pay taxes....in the end...PEOPLE pay taxes.

Remember that, next time you think it would be nice to punish an industry that you simply do not care for.

- Brickboy240

05-11-2006, 01:41 PM	#1
bd1 XDTalk 500 Member Join Date: Feb 2006 Location: Western NC Posts: 626	Lobbying Pays Off From "The Wall Street Journal" "Exxon Mobil Corp., Chevron Corp. and ConocoPhillips beat back an attempt by senators to raise their taxes by nearly $6 billion. The Senate version of the bill at one point included a provision that would have cost the five largest oil companies — companies with average daily production of 500,000 barrels; gross receipts of more than $1 billion dollars in 2005 and an ownership in a refinery of 15% or more — about $5 billion by changing how they account for oil inventory. House Republicans dropped the provision from the final version of the bill. A separate Senate measure would have stripped $700 million in tax incentives for large oil companies to explore for oil and gas. That provision, too, was dropped from the compromise bill that emerged from House-Senate negotiations." "beat back"..... Here's how they did it. This is a breakdown by company of the money spent lobbying Congress and the Bush adminstration in 2005. Oil Company....... Amount Spent ChevronTexaco.... $8,550,000 ExxonMobil ...........$7,140,000 ConocoPhillips........$5,098,084 Marathon.............. $4,290,000 BP........................ $2,880,000 Occidental............. $2,042,177 Shell..................... $1,478,831 Ashland................. $904,000 Sunoco.................. $540,000 Anadarko............... $250,000 TOTAL.................... $33,173,092 Record profits don't come cheap. bd

05-11-2006, 02:03 PM	#2
CyberOtaku XDTalk 100 Member Join Date: Mar 2006 Location: Lancaster, PA Posts: 441	Ever been to D.C.? Ever notice how many churchs there are around there? __________________ Never attribute to malice that which can be adequately explained by stupidity. - Hanlon's Razor Insofar as we believe in morality we pass sentence on existence. - Friedrich Nietzsche

05-11-2006, 03:06 PM	#4
Brickboy240 XDTalk 5K Member Join Date: Dec 2004 Location: Houston, TX, USA Posts: 8,919	Don't kid yourselves...what do you REALLY think a tax increase to big oil would do? You go to the head of the class...yep...the oil companies would raise prices on gasoline at the pump to make up for the tax increase, just as other big businesses (even the ones you like) raise prices to cover tax increases. You can then add a tax increase to the pile of reasons we have the high gas prices right now. Unintended consequence but one you could almost set your watch to, I'd bet. Economics 101 folks. Corporations do not pay taxes....in the end...PEOPLE pay taxes. Remember that, next time you think it would be nice to punish an industry that you simply do not care for. - Brickboy240 __________________ The top 25% of wage earners in America pay 86% of all federal income taxes collected. (according to 2007 IRS website data) Es mejor morir a pie que vivir arrodillado Volvo...the Swedish Brick!

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