The Oil Industry Is Licking Its Chops Over a Potential Trump Win
- Thread starter THE_DEVIL
- Start date
Ironic that more domestic drilling has taken place under Biden than any other administration.
I thought we were already producing a record amount of oil under the Diaper Dandy?
Every wealthy individual and most corporations want those tax giveaways Republicans are famous for.
Turd isn't hosting those $500k/plate dinners for you and me.
Turd isn't hosting those $500k/plate dinners for you and me.
Tell me you're an idiot without telling me you're an idiot.
Sure you're not voting for Trump if you're actually going to try to attribute diaper wearing to Biden. The bullshit your ilk tries to project on Biden to protect your cult leader is pathetic.
Read this slowly- several times until it sinks in:
Sure you're not voting for Trump if you're actually going to try to attribute diaper wearing to Biden. The bullshit your ilk tries to project on Biden to protect your cult leader is pathetic.
If I don’t like either one I will criticize either one when I want to.
It's just above the pre-pandemic level, and it took nearly 3 years to get there. Nice spin though. You get credit for that.
Oh, and that oil production was despite Biden, not because of Biden.
Everybody on this board knows you're voting for Trump. It's beyond obvious you can tolerate him and DESPISE Biden. You're hypocritical and don't use your attacks on Biden properly.
The fact is, more domestic oil has been produced while Biden has been in office, not less.
What Trump promised oil CEOs as he asked them to steer $1 billion to his campaign
As Donald Trump sat with some of the country’s top oil executives at his Mar-a-Lago Club last month, one executive complained about how they continued to face burdensome environmental regulations despite spending $400 million to lobby the Biden administration in the last year.
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Trump’s response stunned several of the executives in the room overlooking the ocean: You all are wealthy enough, he said, that you should raise $1 billion to return me to the White House. At the dinner, he vowed to immediately reverse dozens of President Biden’s environmental rules and policies and stop new ones from being enacted, according to people with knowledge of the meeting, who spoke on the condition of anonymity to describe a private conversation.
Giving $1 billion would be a “deal,” Trump said, because of the taxation and regulation they would avoid thanks to him, according to the people.
Trump’s remarkably blunt and transactional pitch reveals how the former president is targeting the oil industry to finance his reelection bid. At the same time, he has turned to the industry to help shape his environmental agenda for a second term, including the rollbacks of some of Biden’s signature achievements on clean energy and electric vehicles.
The contrast between the two candidates on climate policy could not be more stark. Biden has called global warming an “existential threat,” and over the last three years, his administration has finalized 100 new environmental regulations aimed at cutting air pollution and greenhouse gas emissions, restricting toxic chemicals, and conserving public lands and waters. In comparison, Trump has called climate change a “hoax,” and his administration weakened or wiped out more than 125 environmental rules and policies over four years.
In recent months, the Biden administration has raced to overturn Trump’s environmental actions and issue new ones before the November election. So far, Biden officials have overturned 27 Trump actions affecting the fossil fuel industry and completed 23 new actions affecting the sector, according to a Washington Post analysis. The Interior Department, for instance, recently blocked future oil drilling across 13 million acres of the Alaskan Arctic.
Despite the oil industry’s complaints about Biden’s policies, the United States is now producing more oil than any country ever has, pumping nearly 13 million barrels per day on average last year. ExxonMobil and Chevron, the largest U.S. energy companies, reported their biggest annual profits in a decade last year.
Yet oil giants will see an even greater windfall — helped by new offshore drilling, speedier permits and other relaxed regulations — in a second Trump administration, the former president told the executives over the dinner of chopped steak at Mar-a-Lago.
If those guys were happy with the current dude why would they even show up at Mar A Lago?
Because Biden thinks wealthy folk should pay their fair share, not maneuver through loopholes in the tax code...
Or was your post sarcasm and I missed it?
Is there some sort of point to that? Biden had nothing to do with it, and has done a lot to try to prevent it. Again, it's despite Biden, not because of Biden. The sun rises and sets every day, too. As long as companies are allowed to survive, they will try their best to survive.
Big business is gonna be pissed if Trump wins. I keep hearing about those record profits they’re making now causing all the inflation. I guess when other people besides Biden are president they hate profit and aren’t greedy. I’m sure they’re pulling for Joe hard.
And the cost to do so has never been higher or more encumbered.
Only a marxist/poor/idiot/ILLEGAL would vote for biden after watching these last 4 years play out.
I don’t use my attacks on Biden “properly”???
What does that even mean, Tom?
What’s beyond obvious is that my concern for America absolutely lies beyond the voting booth.
We have two candidates who are awful. Yet we are seeing the supporters of each saying “yeah but the other guy is worse”
That is our current standard?
We are doomed.
Like a company producing more.....but losing money ergo losing more money.
What is the "fair share"?
Do you think rich people should have their taxes lowered to match their share of income?
In 2021 the top 1 percent earned 26.3 percent of total AGI and paid 45.8 percent of all federal income taxes.
Biden certainly doesn’t want to tout that…as he wouldn’t want to offend the lefty climate wing of his party. Without more fracking, capital re-investment in aging U.S. oil infrastructure, and more easing on permitting/regulations, it’s unlikely future U.S. oil production will increase.
So you seem to be saying that there is little presidents do to control energy production. It’s almost like it’s a free market thing that Presidents don’t really have much of an impact on.
What was their tax rate? Oh, it's now lower than the rest of us
How?
Can you show me the math on that?
How can a group earning 26.3% of income pay 45.8% of income taxes by having a lower rate than the rest?
How can you tax 73.7% of income a higher rate, but only collect 54.2% of income taxes?
According to a 2021 White House study, the wealthiest 400 billionaire families in the U.S. paid an average federal individual tax rate of just 8.2 percent. For comparison, the average American taxpayer in the same year paid 13 percent.
Do the rich pay their fair share?
Billionaire wealth and corporate profits have surged. Are they paying their fair share?
www.oxfamamerica.org
Hey, where you taking them goal posts!?!
How can a group earning 26.3% of income pay 45.8% of income taxes by having a lower rate than the rest?
How can you tax 73.7% of income a higher rate, but only collect 54.2% of income taxes?
We were told that Biden would destroy the domestic energy industry.
Yep, similar to the "Your 401k will collapse under Biden" claim spouted from Turd in 2020.
Republicans specialize in fear porn.
He promised, he tried, but he lost in court:
Judge Christopher Copper ruled in favor of the Bureau of Land Management’s (BLM) greenhouse gas (GHG) analysis that served as the basis of the sale of 162 leases in Wyoming, Montana, North Dakota, Oklahoma, New Mexico, Nevada, and Colorado. The Alliance’s intervention in the case to support BLM was pivotal, as the judge relied heavily on the trade association’s arguments on the type of climate change analysis necessary for lease sales to go forward.
“After President Biden’s unlawful leasing ban issued his first week in office was overturned in court, the first sales were finally held in June 2022. Of course, anti-oil-and-gas groups who want absolutely no development absolutely anywhere, immediately sued,” said Kathleen Sgamma, president of the Alliance.
Oil companies control production to maximize revenues. They reduce production when oil prices drop.
This has been documented many times by oil execs themselves.
This has been documented many times by oil execs themselves.
