Send STOCKS soaring! Stimulate the ECONOMY !
@redyellowblackdog (10629)
United States
January 27, 2008 10:37am CST
I can tell you how. It won't cost a cent! Repeal the tax on foreign owned oil that enters the USA. Don't believe me? Well, it is true. There is a tax to increase the cost of foreign oil entering the USA. This is so foreigners can not underprice American companies. This, at one time, made a lot of sense. A long time ago, before American Oil Companies all became global oil companies! Now, what this tax does is limit competition and drive up the cost of oil to American consumers.
Do you want American oil reserves developed? Want lower gasoline prices? Want the improved American economy as a result? All it would take is to reintroduce true competition among the global oil companies for the American market. Remove the unfair advantage enjoyed by global oil companies based in the USA.
Here's an article about the undevoloped American oil reserves.
http://www.ibdeditorials.com/IBDArticles.aspx?id=286155639255557
Would you like to see protectionism for so called 'American oil companies' removed so the resulting increased competition could benefit the American consumer?
Or, do you think I'm full of it and there would be no benefit from removing the tax which makes it impractical for foreign companies to significantly undersell American based 'global companies'.
2 responses
@Adoniah (7512)
• United States
27 Jan 08
Our oil companies have been ripping us off long enough. It is time that they had some competition. It is time that they upgraded their systems and built new refineries instead of building new excuses.
It is time to repeal the import tax. But they better not destroy Utah if they decide to start going for the oil there. I have seen the plans that they have for that area. They want to destroy millions of acres of beautiful land in Utah without any care for the critters etc.
I am not a tree hugger, but there are right ways and wrong ways of doing everything, and since Bush is behind the Utah thing you know it is planned the wrong way!
@redyellowblackdog (10629)
• United States
27 Jan 08
There is an old saying, "Follow the money.". Following that sage advice, I'd have to agree the oil companies have been doing a number on us. The answer though is not price controls or more taxes. The answer, IMHO, is to remove the protectionism and let the market forces of competition in the world markets do their job.
1 person likes this
@redyellowblackdog (10629)
• United States
29 Jan 08
You have given me a great idea for a new thread, but as I've never had a thread deleted I don't think I'll really start it. Here's my idea.
Take suggestions on what topics and questions would most likely lower someone's star the most.
I can think of some good ones but don't want this comment deleted!
1 person likes this
@Adoniah (7512)
• United States
28 Jan 08
The oil companies are too interested in their pockets and the pockets of their stockholders. I doubt there will be a change! Interesting that the largest group of monotheists in the mideast control the oil gods. Sorry that just popped into my head.lol Wonder what color my star will be tommorrow. I hate holocaust yellow anyway.
Shalom~Adoniah
1 person likes this

@Destiny007 (5805)
• United States
27 Jan 08
I think the tax should be repealed, but lot's of luck getting something like that through our Congress.
Considering our dependence on foreign oil, and the inherent high prices associated with it... not to mention by us buying it we are most likely funding terrorist activities.... I have just one little question...
Why the HELL are we not using our own oil reserves instead of being dependent on foreign oil, and having the prices dictated by OPEC?!
Especially when other countries are drilling there anyway...
1 person likes this
@redyellowblackdog (10629)
• United States
27 Jan 08
We are not using our own oil reserves because it is just as profitable or even more profitable for American located global oil companies to buy the foreign oil and sell it instead of their own drilled here. This is because of the tax which protects them and their market.
If you were an American located global oil company with a guaranteed protected market would you bother to drill for oil? Remember, now, if you drill that domestic oil, you are not going to make more money on it than you already are on purchased foreign oil. In fact, you might make less drilling domestic oil if you increase the overall supply of oil in the world. Law of supply and demand.
Does this help to explain my position?
1 person likes this
@redyellowblackdog (10629)
• United States
27 Jan 08
Here's a shorter answer to your question.
The oil companies are doing exactly what maximizes their profits. Buying foreign oil is more profitable than drilling domestic oil. Fix this problem, then you fix the domestic oil supply problem. We should no longer protect American based global oil companies from foreign competition. They are abusing the privilage.
1 person likes this


