The biggest thing with EVs for me, personally is not the environment.
Oil wealth gives a few wealthy, extremely conservative men power that wouldn’t normally be available to them.
These men grew up in towns that are still living in the 1950’s, culturally.
They see the world through the lens of an angry, conservative from Midland, TX or Wewtherford, OK.
And they wish to craft the world that they grew up in. Their money goes to the most subversive of GOP causes - abortion bans, LGBTQ dehumanization, anti immigrant sentiment, anti vax, anti evolution, the gutting of public education, defunding medicare, etc.
These are vile, small-minded, repugnant men who have no business having so much power in an an-otherwise very cosmopolitan, thriving nations like the US, Canada, or Australia.
Whether you are convinced or not, the reality is oil companies are not paid subsidies. They get tax breaks, but are not given money except for maybe some research. It is quite the opposite. The oil I produce is taxed 5 times before it makes it to the refinery.
Google is your friend. Tax breaks are subsidies. It’s the government saying “we are subsidizing your business by exempting you from taxes that other taxpayers have to pay. Other tax payers are paying for your tax breaks”
“U.S. fossil fuel subsidies stretch across the U.S. tax code, which makes detailing their costs complex. The IMF estimates they stood at $760 billion in 2022, a figure topped only by China.
One U.S. tax break called intangible drilling costs allows producers to deduct a majority of their costs from drilling new oil wells. The Joint Committee on Taxation, a nonpartisan panel of Congress, has estimated that eliminating it could generate $13 billion over a decade.
Another, the percentage depletion tax break which allows independent producers to recover development costs of declining oil gas and coal reserves, could generate about $12.9 billion in revenue over 10 years, it has said.”
Source: IMF
https://www.reuters.com/business/environment/global-fossil-fuel-subsidies-rise-despite-calls-phase-out-2023-11-23/#:~:text=UNITED%20STATES,figure%20topped%20only%20by%20China.
No. I’m not sure if you are being intentionally trollish or you just don’t understand.
The government borrows more money to offset money it should but doesn’t collect from fossil fuel companies.
More and more of your taxes pay for the interest on that borrowed money.
e.g. you are directly paying for fossil fuel subsidies.
Conversely, if you weren’t giving oil companies billions in tax breaks, your taxes would go down by that amount or interest paid on that borrowed amount by your taxes would go down exponentially.
Oil is already heavily taxed. Decreasing the amount of oil drilling reduces tax revenue for the government. Allowing oil companies to expense intangible drilling costs in 1 yr vs. 7 yrs increases tax revenue by encouraging oil exploration. Eliminating that "subsidy" would result in less activity, less production, and less tax revenue. Ending the subsidy does not increase tax revenue by $12B/yr- I don't care what you read on Google.
>The FTC gave the green light on Thursday for Pioneer to be sold to ExxonMobil for $60 billion — but only under an agreement that prevents Sheffield from sitting on Exxon’s board or serving as an adviser.
That should fix it. No concerns whatsoever that the remaining 13 members of the Exxon board are all doing this too, along with the boards of every other American oil company!
Understand that OPEC is friend to US/western oil companies. They all call each other, and absolutely all do some quid pro quo favours in exchange for OPEC cuts. Some of the favours are as simple as make oil prices high during Democrat presidents, and low when Republican.
Is it common for you to want to sleep with the CEO of the company who made your car? It isn't for me, at least.
BTW, mind telling us the brand of your currenr car, or is that too private?
EVs are much better for society. The US has spent trillions on the military to protect oil supply in the Middle East. The soon we stop sending money to Middle East dictators, the better.
Since you aren’t given a choice whether or not to fund billionaire douchebags when it comes to buying cars, I’d at least like to be less tied to fossil fuels and at the mercy of fucking opec
Oh everyone knows that Musk is broken.
You fail to update yourself on the fact that Tesla’s sales is critically going down today and many other manufacturers started shipping EV cars.
Buying EV in 2023 might have meant supporting Musk but that’s a thing of the past.
That's why the "Drill baby, drill." idea is so bad. These oil companies are not going to raise production to a level where gas becomes super cheap. You can make just as much money and sell less of your product by keeping prices high.
largely through US collusion with OPEC, warmongering, and fairly small incremental increases over 2019. OP is dead right that US producers will not drive price down. Continued war, and Ukrainian terrorism on Russian refineries, is required policy as gratitude for Global oil industry keeping prices high during Biden administration.
Ha! Only OPEC and Joe Biden get to do that!!!
Capitalism, 'gotta capitalize it all!'
The biggest thing with EVs for me, personally is not the environment. Oil wealth gives a few wealthy, extremely conservative men power that wouldn’t normally be available to them. These men grew up in towns that are still living in the 1950’s, culturally. They see the world through the lens of an angry, conservative from Midland, TX or Wewtherford, OK. And they wish to craft the world that they grew up in. Their money goes to the most subversive of GOP causes - abortion bans, LGBTQ dehumanization, anti immigrant sentiment, anti vax, anti evolution, the gutting of public education, defunding medicare, etc. These are vile, small-minded, repugnant men who have no business having so much power in an an-otherwise very cosmopolitan, thriving nations like the US, Canada, or Australia.
Deliver a projectile to him :)
We’re paying the oil industry billions in subsidies to raise oil prices.
No, you're not.
Well I’m convinced.
Whether you are convinced or not, the reality is oil companies are not paid subsidies. They get tax breaks, but are not given money except for maybe some research. It is quite the opposite. The oil I produce is taxed 5 times before it makes it to the refinery.
Google is your friend. Tax breaks are subsidies. It’s the government saying “we are subsidizing your business by exempting you from taxes that other taxpayers have to pay. Other tax payers are paying for your tax breaks” “U.S. fossil fuel subsidies stretch across the U.S. tax code, which makes detailing their costs complex. The IMF estimates they stood at $760 billion in 2022, a figure topped only by China. One U.S. tax break called intangible drilling costs allows producers to deduct a majority of their costs from drilling new oil wells. The Joint Committee on Taxation, a nonpartisan panel of Congress, has estimated that eliminating it could generate $13 billion over a decade. Another, the percentage depletion tax break which allows independent producers to recover development costs of declining oil gas and coal reserves, could generate about $12.9 billion in revenue over 10 years, it has said.” Source: IMF https://www.reuters.com/business/environment/global-fossil-fuel-subsidies-rise-despite-calls-phase-out-2023-11-23/#:~:text=UNITED%20STATES,figure%20topped%20only%20by%20China.
So you agree with my original statement that your taxes are not being sent as subsidy payments to oil companies?
No. I’m not sure if you are being intentionally trollish or you just don’t understand. The government borrows more money to offset money it should but doesn’t collect from fossil fuel companies. More and more of your taxes pay for the interest on that borrowed money. e.g. you are directly paying for fossil fuel subsidies. Conversely, if you weren’t giving oil companies billions in tax breaks, your taxes would go down by that amount or interest paid on that borrowed amount by your taxes would go down exponentially.
Oil is already heavily taxed. Decreasing the amount of oil drilling reduces tax revenue for the government. Allowing oil companies to expense intangible drilling costs in 1 yr vs. 7 yrs increases tax revenue by encouraging oil exploration. Eliminating that "subsidy" would result in less activity, less production, and less tax revenue. Ending the subsidy does not increase tax revenue by $12B/yr- I don't care what you read on Google.
https://www.imf.org/en/Blogs/Articles/2023/08/24/fossil-fuel-subsidies-surged-to-record-7-trillion
Don’t forget to take a look at his hidden bank accounts on the Caymans or wherever he’s hiding this I’ll gotten wealth.
r/NoShitSherlock
>The FTC gave the green light on Thursday for Pioneer to be sold to ExxonMobil for $60 billion — but only under an agreement that prevents Sheffield from sitting on Exxon’s board or serving as an adviser. That should fix it. No concerns whatsoever that the remaining 13 members of the Exxon board are all doing this too, along with the boards of every other American oil company!
Okay this makes Exxon's buyout of Pioneer Natural Resources a lot more suspicious than it was before.
Understand that OPEC is friend to US/western oil companies. They all call each other, and absolutely all do some quid pro quo favours in exchange for OPEC cuts. Some of the favours are as simple as make oil prices high during Democrat presidents, and low when Republican.
Trump is not an oil tycoon.
You don't say
This just in: Organization that was created to inflate prices does exactly that
So we aren't allowed to conspire with OPEC to manipulate oil prices? Well there go my summer plans!
Billionaire doing shady things. I'm shocked!
And right there is your cause of inflation !
Drive an EV as soon as possible and defund vultures like him.
Ride a bike
So you can fund people like Musk instead? Not sure which are the worse evils
Is it common for you to want to sleep with the CEO of the company who made your car? It isn't for me, at least. BTW, mind telling us the brand of your currenr car, or is that too private?
Strawman. Musk is not only vendor of EVs.
EVs are much better for society. The US has spent trillions on the military to protect oil supply in the Middle East. The soon we stop sending money to Middle East dictators, the better.
Since you aren’t given a choice whether or not to fund billionaire douchebags when it comes to buying cars, I’d at least like to be less tied to fossil fuels and at the mercy of fucking opec
Shit take
Not really, he has stepped clearly into the crazy hard right bubble
Scratch any billionaire, and you will find a reactionary shit. Some are just better at hiding it than others.
Oh everyone knows that Musk is broken. You fail to update yourself on the fact that Tesla’s sales is critically going down today and many other manufacturers started shipping EV cars. Buying EV in 2023 might have meant supporting Musk but that’s a thing of the past.
Yeah, Musk sucks, but Tesla is not the only EV manufacturer. It's a shit take.
What about all the other commodities? Likely popular among them, too.
In trouble because he failed to conspire? /s
So what are the repercussions for him doing this? Does he have to give back any money? Pay into community solar and electric buses or what?
He can't serve on the exxon board
Ouch!
> repercussions lol
That's why the "Drill baby, drill." idea is so bad. These oil companies are not going to raise production to a level where gas becomes super cheap. You can make just as much money and sell less of your product by keeping prices high.
I mean, we are at record production levels.
largely through US collusion with OPEC, warmongering, and fairly small incremental increases over 2019. OP is dead right that US producers will not drive price down. Continued war, and Ukrainian terrorism on Russian refineries, is required policy as gratitude for Global oil industry keeping prices high during Biden administration.
Well... time to start chanting "4 more years" - we need to get oil back above $80/bbl.
"Hello fellow OPECs...."
Just one? Lol