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Friday, July 4, 2008 8:49 PM CDT
LETTER: Gas taxes yield far more profits than Big Oil
By DON GHERARDINI, Sullivan
By Article 1 of the Constitution, no funds can be drawn from the treasury before legislation is passed by the Senate, and by constitutional amendment, no legislation providing new items of appropriation can be voted on until first passing through the Appropriations Committee.
A good exercise in finding the truth of who is responsible for gas prices can be accomplished by looking at the testimony section of the senate’s website. (www.appropriations.senate.gov/index.cfm) For instance, Shell’s proposal for developing new oil resources, and request for drilling permits, (controlled by the energy sub-committee). Denied by committee vote
Also seek the testimony about oil recovery from oil shale, to give us an 800 billion barrel supply. Denied by vote in may. 14 to 15 Dems against. These are the true reins steering our economy.
A great cross reference to these issues is the US Dept of Interior. (www.doi.gov)
Do a search here on “Oil Shale” for reports that document the largest deposits of oil shale in the world are in our rocky mountains. Look at the reserve estimates, from 1.2 trillion to 4 trillion in place.
You can then understand Shell Oil’s desire to bring them to the public. The testimony you read at the Senate appropriations site in may of 2008 described that with their new technology, they can recover an estimated 800 billion barrels of oil from shale in just 3 states and it will be economically feasible even if oil gets down to 30 dollars a barrel!
The Minerals Management Bureau (www.mms.gov) reports this is from 3 to 5 times the oil in Saudi Arabia. Look at the numbers here also of all the offshore oil we have pumped to date (11 billion) to get a scope on just how much 800 billion barrels is.
These are reports by paid experts, not paid off politicians.
Speaking of devils. Here is a great place to keep track of the overall scope of our tax burdens.
The Tax Foundation, since 1937 has been keeping records. (www.taxfoundation.org)
Ever wondered how many people actually check the box on the 1040 tax return that says “Check here if you want $3 to go to the presidential campaign fund?”
One that will really open a person eyes is a search like, “Oil company profits vs. tax revenues.”
This will tell you truly just who has the most to gain from high gas prices.
The tax collected on gasoline is many times the oil company’s profits.
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The Question wrote on Jul 5, 2008 12:02 PM: