Time To Bail Out Oil Companies?

When oil companies were making record profits Barack Obama and Hillary Clinton said they were going to take those profits and spend them on the people. They would impose huge windfall profit taxes on the “excessive” profits because it just isn’t right, in their minds, for private businesses to make too much.

The oil companies, they claimed, were manipulating the markets and causing fuel prices to rise. No, drilling was not the answer though Obama bought into that for political gain. It was not a matter of our oil going unused, it was the evil oil companies manipulating markets. If they could do that then why are they not manipulating them now and causing the price of a barrel of oil to go up?

Looks like we will now have to send the oil companies some of the bailout money. Royal Dutch Shell posted its first loss in 10 years. The loss was 2.81 billion dollars.

If Obama wanted to take their money when they earned it then it only stands to reason he has to give them money when they don’t.

I am willing to bet that does not happen.

This just shows how little Obama and his Democrats understand the free market.

He said he wanted to redistribute the wealth but I bet that was only when he was taking it from evil oil companies. I bet he will not redistribute it the other way…

I don’t believe the oil companies should get money if they are not doing well but I also do not believe the government should take their money when they are profitable.

In other news about fossil fuels, thousands of gas stations in California will close by 1 April rather than spend the huge sums of money it would cost to get them up to speed with some strict new environmental standards being imposed by the state.

Looks like the already cash strapped state will be earning fewer business tax dollars.

UPDATE: Looks like Exxon will break its record for profit. I guess it will have to give money to Shell under the redistribute the wealth plan.

Big Dog

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3 Responses to “Time To Bail Out Oil Companies?”

  1. Adam says:

    The main difference on oil between Dems and Republicans is that the Republicans always tend to address the supply curve. Let’s just drill more, release our reserves, etc., to get more oil into the market. Democrats tend to want to address the demand curve. Let’s increase fuel standards, let’s invest in renewable energy, etc., and let’s reduce our need for oil. I’m pretty sure the result should be a healthy dose of both but of course I won’t hold my breath waiting on that…

    I feel for those who will be out of business but every change in environmental regulation affects business this way. It’s a trade off really. This is probably the worst time to be axing jobs of course but if we waited until just the right time to do what’s right for our communities then nothing would ever get done in that regard.

  2. Carla says:

    The sad part of all of this is the small business owner, these new mandates cost approximately $40,000 to install, and most small business owners can’t afford that. Owners have been told all they have to do is raise their prices to re-coup these costs, with the costs of credit cards, etc. (each time you use your credit card, the business owner is charged a percentage for the use of that card) and all the other taxes, etc.) you can’t stay competitive and raise your prices. We need to build more refineries, drill in our own country, people need to educate themselves before they make all these unrealistic comments.

  3. Bill says:

    I am a small oil producer in NE Kansas. Most of our production comes from very small wells that make 1/4 to 1/2 barrel per day. With the price where it is, I cant make money. I have to let me field people go and who wins? Granted at $140 a barrel it was good, but to high is bad, to low is bad. Bail my poor little butt out so I can afford to get my people back to work and get some money flowing in our local rural communities.