26 May '11, 8pm

About Those Big Bad Oil Companies . . .: The bill would selectively hike taxes on the nation's five largest... #RDS

About Those Big Bad Oil Companies . . .: The bill would selectively hike taxes on the nation's five largest... #RDS

Mulva also points out how crazy it would be from an energy security and balance of trade standpoint to exclude the U.S. oil majors from eligibility for the foreign tax credit. In 1970, international oil companies (like the U.S. majors) could bid on leases in 85% of the world’s proved reserves. In those days, only 1% of proved reserves was under exclusive control of “national” (state-owned) oil companies. Today, 74% of proved reserves is under exclusive control of national oil companies and international oil companies can bid on leases in only 7% of proved reserves. Subjecting U.S. firms to double taxation would squeeze them out of the small fraction of world oil deposits to which they still have access. The Menendez plan would make America more dependent on foreign energy producers. Brilliant!

Full article: http://www.globalwarming.org/2011/05/26/about-those-big-b...

Tweets

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