Shell Oil (LSE:RDSA) is urging government officials to remodel it's controversial profit super tax. They are wanting to make it comparable to the taxing of the petroleum industry.
Currently, the profit super tax takes effect once a company reaches a return of capital at 5.75 percent. This return amount is set by the federal government. Ann Pickard, a senior executive at Shell, states that she believes that a company should have to reach a return capital of 11 percent before the super profits tax kicks in.
The proposal from the Queensland Government states that they are in agreement with Ms. Pickard's statement, these comments stemmed from the Australian Petroleum Production and Exploration Association conference.
At this conference Jac Nasser, the new BHP Billiton chairman amplified his efforts of the big miner's campaign against the plan. The proposal "unfairly changes the rules of the game," said Mr. Nasser in his first letter to the 600,000 BHP shareholders.
BHP feels the new tax should only be applied to new investments. A government consultation panel will meet on Thursday about the new tax, BHP will attend Friday.
Showing posts with label Oil Tax Breaks. Show all posts
Showing posts with label Oil Tax Breaks. Show all posts
Monday, May 17, 2010
Friday, April 4, 2008
Oil News Around the Web
Big government, not Big Oil, is the big problem
Every time you fill up your 16-gallon gasoline tank, records suggest that companies like Exxon Mobil Corp. profit about $1.44 from your purchase. However, at the same time, from that same fill-up, the federal government receives $2.94, and Trenton pockets $2.32. The government is taking more than three times as much as the oil companies, and there's movement to add even more.
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Oil Futures Climb as Dollar Slides
U.S. crude oil prices closed more than $2 higher Friday, as the third straight drop in U.S. payrolls pushed the dollar down, drawing investors into commodities.
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Oil Rebounds After Decline
Crude oil futures rebounded this Friday in Bangkok, Thailand. The futures fell by $1 last night but the dollar stabilized, encouraging investors to sell. Previously, investors had been buying crude as a hedge against inflation.
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Oil prices spike near 106 dollars as US currency slides
Oil prices jumped close to 106 dollars on Friday as investor sentiment was driven by the weak US dollar, tight energy supplies and more bad news on the US economy, analysts said.
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South Texas Oil Company to Present at IPAA OGIS Small Cap Conference
South Texas Oil Company today announced that it will be a presenting company at the Independent Petroleum Association of America's (IPAA) Oil & Gas Investment Symposium in New York.
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Oil jumps as investors pour money back into commodities amid interest rate talk
Oil jumped as investors poured money back into commodities on expectations of an interest rate cut in the United States and in hope that raw materials will provide them with a useful hedge against wider market weakness.
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Venezuela's Congress OKs "windfall" oil tax
Venezuela's Congress on Thursday gave initial approval to a windfall oil tax that extends leftist President Hugo Chavez's campaign to increase government revenue from the OPEC nation's oil industry.
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Big Oil on the Grill
Energy companies are becoming progressively more vital to the maintenance of our modern lifestyle. That very fact renders them crucial for inclusion in virtually any portfolio.
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Every time you fill up your 16-gallon gasoline tank, records suggest that companies like Exxon Mobil Corp. profit about $1.44 from your purchase. However, at the same time, from that same fill-up, the federal government receives $2.94, and Trenton pockets $2.32. The government is taking more than three times as much as the oil companies, and there's movement to add even more.
=====
Oil Futures Climb as Dollar Slides
U.S. crude oil prices closed more than $2 higher Friday, as the third straight drop in U.S. payrolls pushed the dollar down, drawing investors into commodities.
=====
Oil Rebounds After Decline
Crude oil futures rebounded this Friday in Bangkok, Thailand. The futures fell by $1 last night but the dollar stabilized, encouraging investors to sell. Previously, investors had been buying crude as a hedge against inflation.
=====
Oil prices spike near 106 dollars as US currency slides
Oil prices jumped close to 106 dollars on Friday as investor sentiment was driven by the weak US dollar, tight energy supplies and more bad news on the US economy, analysts said.
=====
South Texas Oil Company to Present at IPAA OGIS Small Cap Conference
South Texas Oil Company today announced that it will be a presenting company at the Independent Petroleum Association of America's (IPAA) Oil & Gas Investment Symposium in New York.
=====
Oil jumps as investors pour money back into commodities amid interest rate talk
Oil jumped as investors poured money back into commodities on expectations of an interest rate cut in the United States and in hope that raw materials will provide them with a useful hedge against wider market weakness.
=====
Venezuela's Congress OKs "windfall" oil tax
Venezuela's Congress on Thursday gave initial approval to a windfall oil tax that extends leftist President Hugo Chavez's campaign to increase government revenue from the OPEC nation's oil industry.
=====
Big Oil on the Grill
Energy companies are becoming progressively more vital to the maintenance of our modern lifestyle. That very fact renders them crucial for inclusion in virtually any portfolio.
=====
Thursday, April 3, 2008
Politicians - Especially Democrats - Fail to Understand Oil and Oil Business
The media circus, where Congress brought Oil executives of big companies before them in a show of ignorance about business and the oil industry was pathetic.
All it has done is revealed their ignorance, and underscore why politicians are so bad at allocating financial resources.
Even though the oil industry has been unfairly singled out, as all American manufacturers get tax breaks, the idea that they need to spend more money on so-called "renewable" energy is ridiculous. That's politician speak for "if you don't know what to do, throw more money at it." The record of politicians wasting taxpayers dollars is legendary.
Jeff Eshelman, vice president of public affairs for the Independent Petroleum Association of America said, if Congress really wanted to decrease prices, they'd change the outrageous policies of restricting oil companies from drilling on U.S. land owned by the government. And he's right!
"If oil companies are given the ability to go into federal lands and produce crude oil, that would increase supply," Eshelman told UPI. "The more supply we have on the market, the more stable prices will be."
That's the first step in taking care of oil prices today, and the near future.
When you consider government interference in their feeble and dangerous attempt to promote the destructive ethanol additive, they need to take care of things like protecting U.S. citizens, and leave the oil market to business.
Democrats are especially ignorant in not knowing how to handle these things. Congress overall is attempting to find scapegoat to deflect the publics dissatisfaction with their performance, which is at all-time lows.
All it has done is revealed their ignorance, and underscore why politicians are so bad at allocating financial resources.
Even though the oil industry has been unfairly singled out, as all American manufacturers get tax breaks, the idea that they need to spend more money on so-called "renewable" energy is ridiculous. That's politician speak for "if you don't know what to do, throw more money at it." The record of politicians wasting taxpayers dollars is legendary.
Jeff Eshelman, vice president of public affairs for the Independent Petroleum Association of America said, if Congress really wanted to decrease prices, they'd change the outrageous policies of restricting oil companies from drilling on U.S. land owned by the government. And he's right!
"If oil companies are given the ability to go into federal lands and produce crude oil, that would increase supply," Eshelman told UPI. "The more supply we have on the market, the more stable prices will be."
That's the first step in taking care of oil prices today, and the near future.
When you consider government interference in their feeble and dangerous attempt to promote the destructive ethanol additive, they need to take care of things like protecting U.S. citizens, and leave the oil market to business.
Democrats are especially ignorant in not knowing how to handle these things. Congress overall is attempting to find scapegoat to deflect the publics dissatisfaction with their performance, which is at all-time lows.
Tuesday, April 1, 2008
Congress Shifts Attention to Oil Executives, Gas Prices
In what I believe is an attempt to simply assign blame and get the attention of the public away from their dissatisfaction with Congress and their poor performance, Representatives made a big show of "grilling" oil company executives about the profits the companies have made.
Liberal Rep. Ed Markey from Massachusetts wants to take away about $18 billion in tax breaks from the five largest U.S. oil companies and put them toward what he calls "planet-friendly energy alternatives like wind and solar."
That's all we'd need is those ugly forests of windmills strewn around the countryside, which don't supply enough electricity to help much at all.
As Peter Robertson, vice chairman of Chevron, said, "Given that the largest contributor to the cost of gasoline is crude oil, this has translated into record-high gasoline prices."
The other thing Congress doesn't talk about is the high taxes on gasoline of an average of 47 cents a gallon; including state and federal taxes combined. That average is as of the first quarter of 2008.
In the end this is just a media circus to get people to start blaming business again, and get the attention of the politicians.
Liberal Rep. Ed Markey from Massachusetts wants to take away about $18 billion in tax breaks from the five largest U.S. oil companies and put them toward what he calls "planet-friendly energy alternatives like wind and solar."
That's all we'd need is those ugly forests of windmills strewn around the countryside, which don't supply enough electricity to help much at all.
As Peter Robertson, vice chairman of Chevron, said, "Given that the largest contributor to the cost of gasoline is crude oil, this has translated into record-high gasoline prices."
The other thing Congress doesn't talk about is the high taxes on gasoline of an average of 47 cents a gallon; including state and federal taxes combined. That average is as of the first quarter of 2008.
In the end this is just a media circus to get people to start blaming business again, and get the attention of the politicians.
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