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The Water Cooler
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Oklahoma Senate Passes Tax Hike on Oil and Gas
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<blockquote data-quote="Shadowrider" data-source="post: 3051688" data-attributes="member: 3099"><p>O&G companies have historically averaged around a 10% profit margin at the bottom line. Yes that's an AVERAGE and there are deviations but it's an across the board number for the industry. Sure they report $10,000,000,000 income and that's what everyone fixates on, they choose to ignore the $9,000,000,000 that they spent on operating costs. OBTW that $9,000,000,000 goes right into the economy in salaries, supplies, equipment, etc. You take 2% out of their profit, that's a 20% hit to their bottom line. Nobody can argue otherwise, they'll just have to lie which is exactly what they do.</p><p></p><p>This whole fiasco could have been alleviated if they'd just yank the tax breaks to wind energy. A billion that has cost us and they ***** and moan about 200 million in shortfall. Screw them, shut the government down for all I care, I can't deal with stupidity of that magnitude, let Darwin do what he does. O&G actually makes a profit and contributes to the economy. Wind can't hold their head above water without our tax dollars subsidizing them, create almost no jobs, etc., it all rolls down hill from there and it is a drain on everyone's pocketbook in higher electricity costs. If they tell you otherwise they are lying. Let them build some gas fired plants, it's cheaper in the long run and dare I say, it's cleaner too.</p></blockquote><p></p>
[QUOTE="Shadowrider, post: 3051688, member: 3099"] O&G companies have historically averaged around a 10% profit margin at the bottom line. Yes that's an AVERAGE and there are deviations but it's an across the board number for the industry. Sure they report $10,000,000,000 income and that's what everyone fixates on, they choose to ignore the $9,000,000,000 that they spent on operating costs. OBTW that $9,000,000,000 goes right into the economy in salaries, supplies, equipment, etc. You take 2% out of their profit, that's a 20% hit to their bottom line. Nobody can argue otherwise, they'll just have to lie which is exactly what they do. This whole fiasco could have been alleviated if they'd just yank the tax breaks to wind energy. A billion that has cost us and they ***** and moan about 200 million in shortfall. Screw them, shut the government down for all I care, I can't deal with stupidity of that magnitude, let Darwin do what he does. O&G actually makes a profit and contributes to the economy. Wind can't hold their head above water without our tax dollars subsidizing them, create almost no jobs, etc., it all rolls down hill from there and it is a drain on everyone's pocketbook in higher electricity costs. If they tell you otherwise they are lying. Let them build some gas fired plants, it's cheaper in the long run and dare I say, it's cleaner too. [/QUOTE]
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Oklahoma Senate Passes Tax Hike on Oil and Gas
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