Author Topic: Granholm: Surtax on Oil Companies ‘Is a Tool’ and We’re ‘Looking at’ It  (Read 1190 times)

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Offline IsailedawayfromFR

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On Wednesday’s broadcast of CNN’s “New Day,” Energy Secretary Jennifer Granholm said that a surtax on excess profits from oil companies “is a tool,” and “no tool has been taken off the table” by President Joe Biden.

Co-host John Berman asked, “When we talk about the tools, you mentioned some of the proposals being discussed in Congress. Sen. Ron Wyden, Democrat, has suggested a 21% surtax on excess profits from the oil companies. Is that one of the tools the president supports?”

Granholm responded, “It is a tool. I’m not saying the president has made a decision about what he would support. He wants to hear from the companies first, but we note that that has happened, obviously, in the U.K. And let me just remind everybody who’s watching that this question of refining capacity and oil production are both global issues. Global refining capacity has come offline. And we know that, due to the war in Ukraine, Russia’s ability to export millions of barrels of oil has also come offline. Because countries like the United States have rightfully said we are not going to buy Russian oil. And so, the president has — is looking at every tool always, and the biggest tool he has, of course, is the Strategic Petroleum Reserve. And he is releasing one million barrels per day. But it’s not enough to account for the amount of oil that has been pulled offline due to the invasion of Ukraine. And now it’s summer driving season, John, and as you know, historically, during summer driving season, prices have gone up because demand has increased. We’re also seeing that with China coming out of COVID, we will see another increase in demand globally. But if you were in Brazil, you’d be paying the same amount for gas at the pump, over $5. If you were in Canada, you’d be paying over $6. If you were in Germany, you’d be paying over $8.”

https://www.breitbart.com/clips/2022/06/15/granholm-surtax-on-oil-companies-is-a-tool-and-were-looking-at-it/
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Offline roamer_1

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Windfall profits tax in the vernacular... Sarah Palin would be so proud.  *****rollingeyes*****

Offline Smokin Joe

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Keep in mind that the Government has also increased the royalties on produced oil on Federal and offshore leases by 50%. Nothing like removing the profit motive to try to drill, while making it more difficult elsewhere through new regulations, permitting requirements, slow walking every step in the process, making capital harder to come by, and THEN blaming the Oil Companies for not moving fast enough.
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Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Online cato potatoe

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How is this going to reduce the price of gas? 

Offline Smokin Joe

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How is this going to reduce the price of gas?
It won't. It will reduce possible profits and thus reduce the capital oil companies have to invest.
The effect will be to further hinder bringing new production on line.
Of course, the oil companies will be blamed.
It's all part of making excuses for a government takeover, at which point a very patriotic industry is likely to retire en masse.

@sneakypete
« Last Edit: June 17, 2022, 08:08:07 am by Smokin Joe »
How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

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It won't. It will reduce possible profits and thus reduce the capital oil companies have to invest.
The effect will be to further hinder bringing new production on line.
Of course, the oil companies will be blamed.
It's all part of making excuses for a government takeover, at which point a very patriotic industry is likely to retire en masse

 :yowsa: pointing-up
"I wish it need not have happened in my time," said Frodo.

"So do I," said Gandalf, "and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us."
- J. R. R. Tolkien

Offline sneakypete

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How is this going to reduce the price of gas?

@cato potatoe

Did you really think that was the plan?
Anyone who isn't paranoid in 2021 just isn't thinking clearly!

Offline Kamaji

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It won't. It will reduce possible profits and thus reduce the capital oil companies have to invest.
The effect will be to further hinder bringing new production on line.
Of course, the oil companies will be blamed.
It's all part of making excuses for a government takeover, at which point a very patriotic industry is likely to retire en masse.

@sneakypete

:thumbsup:

Offline IsailedawayfromFR

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How is this going to reduce the price of gas?
It has been previously announced that the confiscation of profit from oil company shareholders will be distributed to those most affected by higher gas prices.  In other words, to supporters of the Democrat party.
No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington

Offline Hoodat

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Granholm: Surtax on Oil Companies ‘Is a Tool’

A tool to make gasoline even more unaffordable.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-

Offline Smokin Joe

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It has been previously announced that the confiscation of profit from oil company shareholders will be distributed to those most affected by higher gas prices.  In other words, to supporters of the Democrat party.
I thought they were all driving electric cars or taking public transportation...

That only leaves the ones with private jets.
How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Offline Hoodat

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I thought they were all driving electric cars or taking public transportation...

That only leaves the ones with private jets.

Imagine the fuel costs of the fleet of limos that has to be driven back and forth from the White House to New Castle, DE each week just to be in place to give the Biden's a ride from the Marine Base to his Wilmington home.  Not to mention the helicopter ride to Andrews and the fuel for Air Force One.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-