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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPOLL on a Windfall Profit Tax
With Big Oil raking in record profits, should congress vote on a windfall profit tax?
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TigressDem
(5,125 posts)Emile
(22,741 posts)Be a good way for the public to see how they are being represented in congress!
LakeArenal
(28,817 posts)I had a job with the State dispersing those funds back to the people.
It should happen again
TreasonousBastard
(43,049 posts)I have no idea what the reality is, but it is usually somewhere in the middle, and I have no doubt that the dimmer half of
congress can not figure it out.
Emile
(22,741 posts)me in a will over 20 years ago. I get a small check from them every quarter. Never once have they reported a loss.
TreasonousBastard
(43,049 posts)your investors.
Grabbed this from Wikipedia:
In 1982, Mobil made a hostile takeover offer to buy the company; however, the board of Marathon Oil rejected the offer and instead sold the company to United States Steel. A legal battle ensued thereafter.[4]
In 1990, the headquarters was moved to Houston, Texas, but the company's refining subsidiary maintained its headquarters in Findlay, Ohio.
In 1984, Marathon purchased the U.S. unit of Husky Energy for $505 million.[5]
In 1998, Marathon and Ashland Global contributed their refining operations to Marathon Ashland Petroleum LLC, now Marathon Petroleum.[6]
In 2001, USX, the holding company that owned United States Steel and Marathon, spun off the steel business and, in 2002, USX renamed itself Marathon Oil Corporation.[7]
In 2003, Marathon sold its Canadian operations to Husky Energy.[8]
In 2003, the company sold its interest in the Yates Oil Field to Kinder Morgan for $225 million.[9][10]
In 2007, Marathon acquired Western Oil Sands for $6.6 billion and gained ownership of its 20% stake in the Athabasca oil sands in northern Alberta and other assets in the midwestern United States.[11]
In 2011, Marathon completed the corporate spin-off of Marathon Petroleum, distributing a 100% interest to its shareholders.[12]
In June 2013, Marathon sold its Angolan oil and gas field to Sinopec for $1.52 billion.[13]
In September 2013, Marathon sold a 10% stake in an oil and gas field offshore Angola for $590 million to Sonangol Group.[14]
In October 2014, the company sold its business in Norway to Det Norske Oljeselskap ASA for $2.1 billon.[15]
In 2017, it sold its interests in the Athabasca oil sands for $2.5 billion and acquired assets in the Permian Basin for $1.2 billion.[16][17]
In March 2018, it sold its assets in Libya for $450 million to Total SE.[18][19]
The US Steel monkeyshines alone could yield years of tax losses. My point isn't that they actually lost money, but will claim they did.
Emile
(22,741 posts)never be passed in the senate. The whole purpose of the vote would be to show voters which elected politicians in Washington is on their side and also make a point that big oil is to blame for this inflation.
Lurker Deluxe
(1,036 posts)Not to disagree with big oil being money grabbers ... however.
A quick look at their charts shows a financial loss, including a non payment of dividends in second and third quarters of 2020, with overall loss of revenue for 2020.
WarGamer
(12,444 posts)Corporations will ALWAYS increase the cost of their goods or services in response to higher operating expenses, including taxation.