by Jackson Andrew
$20+Billion in OIL tax breaks to SHORTCHANGE AMERICA -THANKS CHENEY!
Deepwater Horizon set off the worst oil spill in History while flying the flag of the Marshall Islands so TRANSOCEAN could AVOID TAXES LIKE IT DID IN 1999 with CAYMAN and 2008 with SWITZERLAND! BP also reaps massive tax benefits (70% write-off) from leasing the rig of $225,000/day or $82 Million/year.
American OIL EXTRACTION IS THE MOST GOVERNMENT SUBSIDIZED IN THE WORLD! CORPORATE WELFARE LEECHES SUCKING ON THE TAXPAYER!
CBO says oil field leases/drilling pay 9% tax rate VS. 25% for other industries.
Many small/midsize OIL companies tax is so low it is … eliminated by various credits with returns often higher after taxes than before.
$4 Billion/ Year TAXPAYER BREAKS helping producers RIP-0FF CONTINUOUSLY HIGHER RECORD PROFITS!
MYTH: OIL CORPORATIONS PAY TOO MUCH TAX! MOST BIG ONES LIKE EXX0N PAY ZERO% TO THE IRS while Exxon had $373 billion dollars in profit in 2009.
Exxon Mobil net income jumps 53% in 2010 on TOP of PREVIOUS RECORD PROFITS as they SUCK the LIFE OUT OF THE WORLD!
$9+ BILLION in LOOTING!
While OIL PRICES are PUMPED by TRADSTERS!
Then DUMPED 23% in one month like in 2008!
Then DUMPED almost 80% in SIX MONTHS like in 2008!
All to line the POCKETS OF $BILLIONAIRES and $TRILLIONAIRES!
The OIL LOBBY spent $340 Million since 2008.
$4 GAS SHUT THE ECONOMY DOWN PRIOR TO SEPTEMBER 2008!
June 2008 $147/Barrel
July 2008 23% DROP
January 2009 Almost 80% DROP using NAKED and Leveraged SHORTING
January 2009 $30′s / Barrel of OIL!
Use 5Y for 5 Year graph”
Companies threaten to drill somewhere else if they donâ€™t get the $BILLIONS IN SUBSIDIES to JACK UP THEIR LOOTING! LET THEM DO IT!