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Mills: Unclear whether oil and gas industry's taxes to stay same

Times Record News -- The results of the recent elections will impact the oil and gas industry for many years to come as the president and Congress work on a variety of issues.

The first key issue is finding a solution to the financial cliff problem.

Even though President Barack Obama and House Speaker John Boehner, R-Ohio have both said they are willing to compromise on various financial aspects, Obama has remained firm on keeping entitlement (Social Security, food stamps, etc.) away from any change and Boehner has said no to a tax increase.

Obama wants a tax increase on couples who earn $250,000 or more and individuals who earn $200,000 or more. Some believe he would be willing to compromise if the threshold was raised to $500,000 or even $1 million. Everyone knows that he would like for the oil and gas

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Submitted Nov 25, 2012 By: angel4me

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honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Nov 28, 2012 11:00:17 PM Ignore honda0105 Report Abuse given how much they are cheating the American taxpayers by taking government subsidies and then using tax loopholes the size of Texas, taxes and cuts of subsidies to oil and gas industries should not be off the table.
drpepperTX Champion Author Texas Posts:8,924 Points:748,960 Joined:Apr 2011	Message Posted: Nov 28, 2012 7:44:11 AM Ignore drpepperTX Report Abuse Oil and gas industries have already paid hundreds of billions in taxes.
honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Nov 28, 2012 4:50:52 AM Ignore honda0105 Report Abuse not exactly a well known source of information.
MAC48 Champion Author Dallas Posts:1,546 Points:762,470 Joined:Dec 2006	Message Posted: Nov 26, 2012 8:19:06 PM Ignore MAC48 Report Abuse All Obama's oil and gas proposals will do is guarantee that the price per gallon for gasoline, natural gas and diesel will go up to cover the tax deductions not allowed if his proposals become law. One has to remember that one of the publically stated goals of environmental activist organizations is to drive up the retail cost of fossil fuels so that their cherished alternative energy will be more competitive. Obama is just trying to deliver for his environmental supporters. . Oil, natural gas and mining companies get a depletion deduction which is the same thing any US company or business gets when they take a depreciation deduction. Try to understand that depletion is to entities that have primarily depletable assets as depreciation is to entities that have primarily plant, equipment and machinery. In both cases, the capital cost of acquiring depletable assets or acquiring plant, equipment and machinery is deducted over the productive life of the asset. Neither depletion nor depreciation is a subsidy since they are available to all business entities that have similar type assets whose productive life is consumed over time.
jethro5000 Champion Author Kentucky Posts:1,857 Points:387,235 Joined:Jun 2005	Message Posted: Nov 26, 2012 5:55:14 AM Ignore jethro5000 Report Abuse ?
bojiway1 Champion Author Minnesota Posts:2,024 Points:474,060 Joined:Dec 2011	Message Posted: Nov 25, 2012 9:44:25 PM Ignore bojiway1 Report Abuse Ok, we all wonder that.
LQQKGAS Champion Author Phoenix Posts:2,650 Points:1,192,055 Joined:Oct 2009	Message Posted: Nov 25, 2012 8:00:55 PM Ignore LQQKGAS Report Abuse $8 - $10 per gallon gas will be good for this country according to obuma.
RockCity Champion Author Denver Posts:7,890 Points:1,423,110 Joined:Mar 2009	Message Posted: Nov 25, 2012 4:09:30 PM Ignore RockCity Report Abuse >Undeserving entitlements are killing USA slowly but surely. Just look at what happened to Spain It seems the france system is better on healthcare and social security while norway does better with welfare and venezuela does much better on gas prices. Seems we only excel in right wing zealots, perhaps.
CCLighthouse All-Star Author Hartford Posts:983 Points:209,030 Joined:Aug 2012	Message Posted: Nov 25, 2012 2:31:21 PM Ignore CCLighthouse Report Abuse All of this is driving everyone crazy!
Mark8601 All-Star Author Bakersfield Posts:913 Points:378,765 Joined:Dec 2011	Message Posted: Nov 25, 2012 2:17:36 PM Ignore Mark8601 Report Abuse Raise taxes on export oil and gas they try to sell to make more money. May drop local prices when the product stays in the country.
QuagmireLA Champion Author Louisiana Posts:1,079 Points:160,365 Joined:Jun 2012	Message Posted: Nov 25, 2012 2:13:50 PM Ignore QuagmireLA Report Abuse I'm with snappytom. Let's go dynamite some fish!
snappytom2 Champion Author Corpus Christi Posts:3,527 Points:273,590 Joined:Jul 2008	Message Posted: Nov 25, 2012 2:00:54 PM Ignore snappytom2 Report Abuse It is hard to catch fish in muddy water without the use of explosives.
DYSKYPILOT Champion Author Fort Worth Posts:2,882 Points:621,705 Joined:Mar 2006	Message Posted: Nov 25, 2012 2:00:22 PM Ignore DYSKYPILOT Report Abuse Can you say cradle to grave? Are you a 47%er?
kd5kpd Champion Author Texas Posts:3,716 Points:1,412,725 Joined:Apr 2006	Message Posted: Nov 25, 2012 1:47:43 PM Ignore kd5kpd Report Abuse SSDD
40mpgsaturn Champion Author Wisconsin Posts:2,480 Points:517,630 Joined:Jun 2011	Message Posted: Nov 25, 2012 1:47:18 PM Ignore 40mpgsaturn Report Abuse Either way we will be paying more!
NoGas714 All-Star Author Indiana Posts:733 Points:747,260 Joined:May 2005	Message Posted: Nov 25, 2012 1:45:51 PM Ignore NoGas714 Report Abuse Harsher energy regulations seen in Obama's second term
LongPlay Champion Author Albuquerque Posts:4,227 Points:1,236,275 Joined:May 2008	Message Posted: Nov 25, 2012 1:44:26 PM Ignore LongPlay Report Abuse Obama wants government to take over everything and is trying to find ways to pay for it!
jay93LA Champion Author New Orleans Posts:2,428 Points:595,710 Joined:Aug 2011	Message Posted: Nov 25, 2012 1:43:54 PM Ignore jay93LA Report Abuse agree with evpv
alkarn Champion Author Riverside Posts:1,114 Points:242,100 Joined:Jul 2012	Message Posted: Nov 25, 2012 1:37:28 PM Ignore alkarn Report Abuse I'm sure they will go up.
hrjjml All-Star Author Florida Posts:586 Points:375,570 Joined:Feb 2012	Message Posted: Nov 25, 2012 1:35:18 PM Ignore hrjjml Report Abuse Undeserving entitlements are killing USA slowly but surely. Just look at what happened to Spain
rbrowdersr Champion Author Detroit Posts:5,707 Points:1,815,855 Joined:Aug 2006	Message Posted: Nov 25, 2012 1:33:51 PM Ignore rbrowdersr Report Abuse Lets hope right decisions are made.
EvPv Champion Author Maine Posts:1,018 Points:261,700 Joined:Feb 2011	Message Posted: Nov 25, 2012 1:33:19 PM Ignore EvPv Report Abuse 'deficits are simply deferred taxes' -an unknown economist
heysailor Champion Author Pittsburgh Posts:9,567 Points:2,329,645 Joined:Mar 2006	Message Posted: Nov 25, 2012 1:20:05 PM Ignore heysailor Report Abuse Considering the billions in corporate welfare subsidies they get, they're much too low. But then, we ought to be taxing wealth, not income or consumption (unless there is an offset for basic needs)
aarrrt Champion Author San Diego Posts:7,253 Points:1,648,360 Joined:May 2008	Message Posted: Nov 25, 2012 1:14:18 PM Ignore aarrrt Report Abuse I guess the Obama's will be paying higher taxes.
bigmace111 Champion Author Albany Posts:2,703 Points:610,600 Joined:May 2011	Message Posted: Nov 25, 2012 1:14:14 PM Ignore bigmace111 Report Abuse We should close the loopholes in the tax codes that allow corporations to avoid paying taxes. GE paid no taxes on billions of dollars in profit, and I'm sure that more companies did the same thing. Average Americans can not support the economy.
bady777 All-Star Author Edmonton Posts:865 Points:298,410 Joined:Jul 2011	Message Posted: Nov 25, 2012 1:13:29 PM Ignore bady777 Report Abuse Everyone has to pay
speedys Champion Author Utah Posts:6,995 Points:2,554,845 Joined:Nov 2005	Message Posted: Nov 25, 2012 1:13:11 PM Ignore speedys Report Abuse Nothing good is going to happen very fast.
72_Monte Champion Author Twin Cities Posts:7,745 Points:1,992,360 Joined:Aug 2005	Message Posted: Nov 25, 2012 1:11:42 PM Ignore 72_Monte Report Abuse Raise 'em. They don't need any breaks.
srchr Champion Author San Jose Posts:7,228 Points:1,615,075 Joined:Apr 2008	Message Posted: Nov 25, 2012 1:10:35 PM Ignore srchr Report Abuse we voted for higher prices, falling standard of living
ShabbyPA Champion Author Pennsylvania Posts:2,815 Points:680,490 Joined:Nov 2007	Message Posted: Nov 25, 2012 1:10:26 PM Ignore ShabbyPA Report Abuse dont worry we will get taxed more!
chen94539 Sophomore Author Oakland Posts:181 Points:791,665 Joined:Jul 2010	Message Posted: Nov 25, 2012 1:07:57 PM Ignore chen94539 Report Abuse it is all politics.
rasprout Champion Author Tacoma Posts:3,367 Points:1,218,060 Joined:Jun 2009	Message Posted: Nov 25, 2012 1:04:26 PM Ignore rasprout Report Abuse I agree we need to find a solution to the fiscal cliff first, but raising the Gas tax, or should I say taxes on the gas industry is going to cost the consumer the rate of the increase plus X... In other words, he is raising our taxes if this happens. Are we willing for our taxes to get raised by the president is the question.
EVBuddy Champion Author Nevada Posts:16,670 Points:3,027,595 Joined:Sep 2004	Message Posted: Nov 25, 2012 1:02:34 PM Ignore EVBuddy Report Abuse Lame duck Obama
hmw10284 Champion Author California Posts:1,117 Points:193,225 Joined:Sep 2012	Message Posted: Nov 25, 2012 1:00:39 PM Ignore hmw10284 Report Abuse All taxes paid by corporations are eventually paid by the consumer in higher sales costs. Raising taxes on corporations is fine as long as you understand the costs will come out of the pockets of the consumer. Other costs that are paid by the consumer are caused when the exports of an item go down because they cannot be sold over seas for a profit (see article). This causes job loss or stagnation at the very best.
Lizzylou Champion Author Stockton Posts:8,818 Points:2,357,285 Joined:Oct 2005	Message Posted: Nov 25, 2012 1:00:28 PM Ignore Lizzylou Report Abuse POLITICS POLITICS POLITICS
05HD All-Star Author Cincinnati Posts:869 Points:133,170 Joined:Jan 2008	Message Posted: Nov 25, 2012 12:58:42 PM Ignore 05HD Report Abuse HE SAID,SHE SAID,WE PAY.
arnerator Champion Author Seattle Posts:8,164 Points:1,614,140 Joined:Sep 2008	Message Posted: Nov 25, 2012 12:58:06 PM Ignore arnerator Report Abuse More shafting at the pump ?? We don't need that.
Gramps001 Champion Author North Carolina Posts:5,842 Points:1,363,060 Joined:Feb 2007	Message Posted: Nov 25, 2012 12:58:04 PM Ignore Gramps001 Report Abuse Gov't compromise...an oxymoron.
TheDix Champion Author Ontario Posts:3,094 Points:600,210 Joined:Dec 2009	Message Posted: Nov 25, 2012 12:57:37 PM Ignore TheDix Report Abuse A no brainer.
mandoid Champion Author Colorado Springs Posts:7,302 Points:1,523,970 Joined:May 2008	Message Posted: Nov 25, 2012 12:54:24 PM Ignore mandoid Report Abuse +1000 valricoslash elections have consequences
dbrnt Sophomore Author Illinois Posts:162 Points:421,790 Joined:Jan 2011	Message Posted: Nov 25, 2012 12:54:24 PM Ignore dbrnt Report Abuse I expect taxes on the oil and gas companies to go up. Who pays for them? The consumer at the pump!
maske_2222 Champion Author Manitoba Posts:7,422 Points:1,500,005 Joined:Oct 2008	Message Posted: Nov 25, 2012 12:53:37 PM Ignore maske_2222 Report Abuse Time will tell......
HoosierDaddyKY Champion Author Kentucky Posts:1,257 Points:294,135 Joined:Dec 2011	Message Posted: Nov 25, 2012 12:52:57 PM Ignore HoosierDaddyKY Report Abuse hmmm...
studebaker1940 Champion Author Tampa Posts:2,490 Points:682,555 Joined:Mar 2011	Message Posted: Nov 25, 2012 12:51:36 PM Ignore studebaker1940 Report Abuse get ready for $10 a gallon
Valricoslash Champion Author Tampa Posts:6,674 Points:1,349,225 Joined:Nov 2008	Message Posted: Nov 25, 2012 12:50:36 PM Ignore Valricoslash Report Abuse Government makes more money in "profit" from the oil companies in the form of taxes than the the oil companies make in "profit". And guess what? I'm willing to bet the tax on gasoline and diesel will be going up soon under the Obama and the Democraps. When that happens, you won't be able to blame Bush. You get what you vote for and we now have four more years of Obama's draconian EPA and rules perpetrated by un-elected bureaucrats.
danlanman Champion Author North Carolina Posts:3,312 Points:718,460 Joined:May 2011	Message Posted: Nov 25, 2012 12:50:18 PM Ignore danlanman Report Abuse ok
Topless2012 Champion Author Twin Cities Posts:2,412 Points:477,065 Joined:Jan 2012	Message Posted: Nov 25, 2012 12:50:06 PM Ignore Topless2012 Report Abuse Stop spending and lower taxes. The economy will take off.
nru Champion Author Twin Cities Posts:1,719 Points:979,225 Joined:Feb 2006	Message Posted: Nov 25, 2012 12:44:46 PM Ignore nru Report Abuse Corporate taxes - oh yeah - they are mostly foreign corporations. Drain them as they drain us. No one wants to pay, but everyone wants something. Big thing is that the oil companies are almost all foreign - let them pay - I care about my country, not foreigners and the "job creators (they have had tax breaks for 10 years - how has that helped) - blood sucking vampires.
tomok Champion Author Portland Posts:32,917 Points:2,341,510 Joined:Aug 2006	Message Posted: Nov 25, 2012 12:43:53 PM Ignore tomok Report Abuse Unclear whether oil and gas industry's taxes to stay same, take a pick and vote for an increase and you pay more at the pump. Sneeky is pushing for EV's, Inbreds and renewable energy AND internal combustion engines, crude oil and natural gas is Not in your future. Sneeky has been spending so much money ever since he gained that position and you have to pay for it somehow and this is one way to do it. 'Coming out of the closet' Sneeky's lousy, smoke and mirrors, lack of jobs, dog and pony show and in the crapper economy, the jobs are Not here. Sneeky's economy is not improving but continues to hurt the population and the job numbers continue to be down! People will still drive and buy fuel no matter what but it sure helps to have a job too! The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their personal greedy benefit. The price at the pump needs to go down to $2/gallon, $3, $3.50/gallon or *$4.00 is Not the new low! Whatever the size or shape of the vehicle, vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. The price of fuel at the pump is too high! XII/XXII/MMXII!
TxMtb Champion Author Ohio Posts:1,520 Points:340,330 Joined:Feb 2012	Message Posted: Nov 25, 2012 12:43:04 PM Ignore TxMtb Report Abuse Don't be fooled, it will be the consumer that pays the taxes.