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Politics : View from the Center and Left

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To: Cogito who wrote (72283)	6/15/2008 4:16:26 AM
From: 8bits	Read Replies (1) of 542068

They've had billions of dollars of tax breaks to enable them to explore and develop new sources of oil. That mitigates their risk. I just don't see how they have much to complain about. Are they complaining..? I have seen oil execs point out to congress when they have these periodic hearings how much of the US (and the rest of the world for that matter..) is off limits to drilling for US oil companies. As for tax breaks Chevron turned over 46% of it's profit to the US government for taxes: finance.google.com I wouldn't call that much of a tax break. If you want to talk about tax breaks didn't Cisco and Microsoft during the dot com era pay zero taxes one year? theregister.co.uk Add in fees for leasing, excises taxes on fuel, etc and it appears the US government is making more money off petroleum than US oil companies. The reality for oil companies is that large portions of the world are not available for them to explore, Saudi Arabia, Mexico, Iran, The Sudan (although I agree the US shouldn't be in The Sudan but that hasn't stopped the Chinese or Indians...) Russia has proved to be a very tricky partner for Western oil companies, as has Venezuela, Ecuador, and now Nigeria. Angola and Kazakhstan have repeatedly up their excise taxes and altered contracts. Basically all of the US oil majors are in depletion.

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