we re oversupplied in this country. the price of natural gas about $4. and that compares, one mfc of natural gas compares to 7 gallons of diesel. you got $4 compared to $30 worth of diesel. the price is cheap, it is time to use your own resource. it is 30% cleaner. what i want him to do is get on some meaningful energy debate. this stuff they re up there talking about, wasting time on, and you just said they can t they can t win a vote on it. but you don t want to take whatever tax breaks the industry has, don t take them away from you, take them away from you, you ll cut their cap x. if you remove their intangible drilling costs that you would actually cut cap x for the emp by 30%, the last thing if you re going to try to beat opec to do is stop drilling. but at the same time, why
there s a lot of political theatrics going on. but there s a sense in america that the oil companies get help when they are in need, then when times are good, they don t necessarily give back. what about the idea of giving some things back, like the oil depletion allowance? it goes back to 1926. or expensing tangible drilling costs goes back to 1916. is there wiggle room? if we re going to start looking at the tax code, we ought to look at all the tax code and how it applies to all companies rather than to just try to target a few. look, the reason why this is happening, e.d., is because people are experiencing a lot of pain at the pump because gas prices are going higher. rather than do anything about it, what happens here in congress is we have a class warfare and try to gang up on people who are actually being successful in their business. you know, i think in all fairness, what we ought to be looking at is reforming the tax code across the board like the
the u.s. as a result, companies can deduct about 9% of the income that they get from domestic production here in the country. there s also something called the percentage depletion allowance. it will be a quiz, kiran and ali. worth about a billion dollars a year. this one lets oil companies treat the oil in the ground as capital equipment. they can depreciate its value as it gets used up. something else called the foreign tax credit. that s $850 million a year. allows companies to deduct 100% of the royalties and the taxes they pay overseas. something called intangible drilling costs. this is worth $780 million a year. this is deductions for things like salaries, fuel, repairs to drilling parts. there are a few other small breaks as well, but democrats say when you add it all up, eliminating all of this could generate an extra $21 billion a year for the government. the industry likes to point out they pay $85 million a day to the u.s. government.
the newspaper bp has informed him it cannot use peat months because the oil giant would not then be able to retrieve the oil afterwards. you may translate that as, the oil giant would not be able to sell the oil afterwards. bp and it s co-conspirators gaining from previously unreported tax benefits. it s allowed to write off the rent it paid to transocean, the company that owned the deepwater horizon, in order to lease the oil rig that saves bp hundreds of thousands of dollars a year. transocean having fled first to the cayman islands and switzerland to lower its corporate tax bill by almost 15%. the center for american progress counting nine different subsidies that the u.s. government gives to an industry that makes more than any other industry, including refunds for drilling costs and refunds to cover the cost of searching for oil. subsidies for oil and gas companies make up 88% of all federal subsidies. just cutting the oil and gas subsidies out would save the u.s. government $45 b
would not then be able to retrieve the oil afterwards. you may translate that as, the oil giant would not be able to sell the oil afterwards. bp and it s co-conspirators gaining from previously unreported tax benefits. it s allowed to write off the rent it paid to transocean that owned deep water horizon in order to lease the oil rig. that saves bp hundreds of thousands of dollars a year. transocean having fled first to the cayman islands and switzerland to lower its corporate tax bill by almost 15%. the center for american progress counting nine different subsidies that the u.s. government gives to an industry that makes more than any other industry, including, refunds for drilling costs and refunds for searching for oil. subsidies make up 88% of all federal subsidies, just cutting the oil and gas subsidies out would save the u.s. government $45 billion every year. from the outrageous to the