Obama responsible for bringing $5 per gallon gasoline

[MrRoboto]

Originally Posted by bigtexxx trying to resort to comedy to cover your candidate's pitiful performance? Yes, oil prices are lower -- but largely due to piss poor jobs numbers and a lack of leadership on the Europe front. so you are wrong to claim victory.

Why do you want America to fail? Why do you hate your country? Why do you want the American people to suffer?

[Dubious]

Gasoline shortage?

Motiva Port Arthur Refinery Crude Unit Down -Source


By Ben Lefebvre

Motiva Enterprises LLC will have to repair the crude distillation unit at its newly expanded refinery in Port Arthur, Texas, for up to three more days before restarting it, a source familiar with the refinery said Wednesday.

Motiva, a joint venture between Royal Dutch Shell (RDSA, RDSA.LN) and state-owned oil behemoth Saudi Arabian Oil Co., or Saudi Aramco, formally commissioned the 325,000 barrel-a-day expansion last week. As of last Thursday, the overall 600,000 barrel-a-day refinery was running at slightly more than 80% capacity.

[HR Dept]

Originally Posted by Dubious Gasoline shortage? Motiva Port Arthur Refinery Crude Unit Down -Source By Ben Lefebvre Motiva Enterprises LLC will have to repair the crude distillation unit at its newly expanded refinery in Port Arthur, Texas, for up to three more days before restarting it, a source familiar with the refinery said Wednesday. Motiva, a joint venture between Royal Dutch Shell (RDSA, RDSA.LN) and state-owned oil behemoth Saudi Arabian Oil Co., or Saudi Aramco, formally commissioned the 325,000 barrel-a-day expansion last week. As of last Thursday, the overall 600,000 barrel-a-day refinery was running at slightly more than 80% capacity.

Not at all, won't even be a blip on the radar.

[Dubious]

My point was if they could sell it, they would open it up to 100%
(I believe the US uses about 8 million barrels of gasoline a day)

[BetterThanEver]

Originally Posted by Dubious My point was if they could sell it, they would open it up to 100% (I believe the US uses about 8 million barrels of gasoline a day)

Thursday was the ceremony for the start of the newly completed 5-year expansion. It lasted only a few days, before blowing a crude distillation unit. You can't skip over 80% on the way to 100%. They need to be able to get the newly expanded factory to operate at 80% capacity without failing, before reaching 100%.

[Cohete Rojo]

From Business Week


From Mish

[Classic]

^^Looks like we're finally retiring all those SUV's the Bush admin incentivized people to buy back in 2003/2004. Isn't that a hilarious waste of resources in retrospect.

For those who don't recall that train wreck, another perfect example of a big industry lobbying their way to record profits years later through the manipulation of the tax code. Notice the dates on the chart above and how they coincide with the article below. Call it a gas guzzling SUV bubble created by the tax code.

Originally Posted by USATODAY, J. Plungis 12/18/02 SUV, truck owners get a big tax break By Jeff Plungis, Detroit News Washington Bureau WASHINGTON — Karl Wizinsky wasn't thinking about buying a new vehicle, and certainly not a big SUV. So why is there a brand-new $47,000 Ford Excursion sitting in his driveway? "We really did it because it was a pretty hefty deduction," said Wizinsky, a health care consultant in Novi, Mich. At the same time the tax code sanctions $30,000 write-offs for SUVs, prospective purchasers of a fuel-efficient hybrid vehicles qualify for a relatively small $4,000 tax credit. A deal to extend similar tax credits to other environmentally friendly vehicles remains stalled in Congress. It's all legal, and accountants and auto dealers are beginning to catch on. "If it can save the consumer money, it's most likely that the dealer is going to know about it," said Andrew Beck, spokesman for the National Automobile Dealers Association. So far, there is no indication anyone in Congress wants to close the loophole. In fact, even higher depreciation tax breaks are on the table as part of the next round of tax cuts President Bush is planning. The SUV tax break is becoming a staple of advice in the accounting world, as small-business owners such as Wizinsky are advised on ways to reduce end-of-the-year tax bills. The size of the tax break has been growing under a schedule that became law in 1996. That's when Congress changed tax law to encourage business investment. The scale of the tax break surprises accountants and tax experts, who feel bound to recommend SUVs and other light trucks to small-business clients. "As I understood it, the reason (for the tax break) is to encourage business investment. That's what happened in my case," Wizinsky said. At the same time, the tax break seems to contradict other national goals, such as improving vehicle fuel efficiency. A more economical fleet would aid two important national goals: reducing U.S. dependence on foreign oil and cutting greenhouse gasses. The total cost of the loophole hasn't been calculated by the government, but Taxpayers for Common Sense, a non-partisan Washington watchdog group, estimates the SUV tax loophole could cost taxpayers between $840 million and $987 million for every 100,000 vehicles sold to businesses. Aileen Roder, the group's program director, questioned whether there is a national need to subsidize sales of the largest light trucks — given Americans are buying SUVs in record numbers. "This is one of the most lucrative breaks in the tax code," Roder said. "We're making it a fiscal no-brainer for businesses to buy giant SUVs." To get an idea of the scale of the SUV tax break, a credit aimed at making it easier for small businesses to comply with the Americans with Disabilities Act costs $525 million per 100,000 uses. A tax credit to reimburse teachers for classroom supplies annually costs the treasury $250 million per 100,000 uses. And a provision allowing taxpayers to put up to $3,000 of tax-free earnings per year in private retirement accounts costs about $90 million per 100,000 taxpayers, according to Taxpayers for Common Sense. There are long-standing limits on deductions to prevent taxpayers from subsidizing luxury-car purchases. But the limits do not apply to 38 light trucks that weigh 6,000 pounds or more, including the Cadillac Escalade, Dodge Durango, Excursion and Lincoln Navigator. "We recognized it immediately and started informing people about how to use it," said James Jenkins, an accountant in Southfield. "It's just fabulous. My clients have been drooling." Jenkins said five clients have used the loophole so far and five more are considering it. Jenkins even considered using the break, test-driving several SUVs. "It makes you think very hard about it," Jenkins said. "But it was a 30% larger vehicle than I wanted." Here's how the SUV tax break works: Suppose a business owner wants to purchase a $45,000 luxury SUV for use in his business. He could write off $24,000 of the cost under section 179 of the tax code as accelerated depreciation. Then the buyer could write off additional depreciation of the remaining $21,000 under a five-year schedule — 20%, or $4,200, in the first year. That's a total $28,200 tax write-off in the first year. A more expensive large vehicle, like a Mercedes E-class SUV, a Range Rover or a BMW X5, would qualify for an even greater tax break. The break for trucks got bigger this year under a schedule Congress adopted in 1996 when businesses could claim $17,500 in accelerated depreciation on equipment. That lump sum increased to $20,000 last year. It went up to $24,000 this year. Next year and thereafter the deduction will be $25,000. In 1996, Congress estimated the five-year cost of the tax break — for all business equipment — to be $1.6 billion. But luxury SUVs had barely cracked the market at that time. IRS spokesman Bruce Friedland said the agency does not keep data on how much the tax break has cost. According to figures supplied by Autodata, there were 3.8 million of the 6,000-pound light truck models sold in 2001. There are no estimates for how many of the vehicles that qualify were sold to businesses or how many businesses that bought vehicles took advantage of the deduction. The code is not as generous for luxury cars. A business owner wanting to purchase a Lincoln Town Car would have to live with a $7,660 deduction, one-fourth what he might save by buying a Lincoln Navigator. It would take more than 15 years to recoup the entire cost of the car. After Sept. 10, 2004, the luxury-car write-off will revert to $3,060. Tax experts say the light-truck tax loophole was originally targeted for farmers, so their working pickups would not be treated, for tax purposes, like luxury cars. There was no mention of the need to stimulate the luxury truck market in the 1996 tax debate. The House of Representatives attempted to make the SUV tax break even more generous as Congress debated an economic stimulus package in March. Under the House plan, the cap for accelerated depreciation would have risen from $24,000 to $35,000. That effort died in negotiations with the Senate. http://www.usatoday.com/money/autos/...ax-break_x.htm

[Nook]

I paid $3.20 a gallon today in Southern Illinois....

[mc mark]

delete

[Northside Storm]

texxx is stuck in a bind, basic macroeconomics would have told him bad economic prospects would drag down oil.

So he moves on, inevitably, to new frontiers in his endless quest to bring truth and justice to the BARACKA OBAMA SCAM.

[Nook]

Just passed a place where gas was $3.05 a gallon....

[Northside Storm]

Originally Posted by Nook Just passed a place where gas was $3.05 a gallon....

High gas prices=BARACK OBAMA
Low gas prices=European misleadership

AND SO THE COMEDY CONTINUES

[Deji]

And here I thought gas prices were affected by low production in the North Sea.

How could the WSJ, the Economist, the Independent, DW, France 24 and CCTV5 all be lying about it and not placing blame where it truly belongs?

[BetterThanEver]

The new Motiva plant expansion in Port Arthur ain't looking so hot. It could be out for up to a year.

http://finance.yahoo.com/news/analys...040756956.html

http://www.reuters.com/article/2012/...8HJDJV20120620

[Classic]

Originally Posted by Deji And here I thought gas prices were affected by low production in the North Sea. How could the WSJ, the Economist, the Independent, DW, France 24 and CCTV5 all be lying about it and not placing blame where it truly belongs?

Perhaps this would help: Where's Teddy when you need him?


from article:http://www.businessinsider.com/these...america-2012-6

[mc mark]

So Texxx?

Any good words for Mr Obama now that he's bringing down gas prices?

[tallanvor]

Originally Posted by mc mark So Texxx? Any good words for Mr Obama now that he's bringing down gas prices?

What action of Obama's do you credit for the current gas prices?

[KingCheetah]

Regular gas is under $3 a gallon in Austin -- The Capital of Texas.

[RedRedemption]

Originally Posted by Northside Storm High gas prices=BARACK OBAMA Low gas prices=European misleadership AND SO THE COMEDY CONTINUES

Why does anyone act like gas prices are directly affected by the president?

[BetterThanEver]

Romney is going to approve the KeyStone pipeline. It's an election year. The energy companies are dropping prices. They will credit the drop to the future election of Romney and the coming flood of Canadian oil.

Gas's drop is similiar to the yearly drop that happens in non-election. Maybe Palin's "drill baby drill" is just catchy phrase, because gas prices are not directly affected by the president.

Of course, it won't stop texxx from blaming $5 gas on Obama.