Thread regarding ConocoPhillips layoffs

With timing like this, you'd think Obama was running COP...decision making at its worst.

This tax has no more impact on domestic as foreign oil producers, it's phased over five years and simply reduces US demand for oil and oil products while paying for transportation infastructure. Compared to all the other things happening in the global oil industry it's not that important.

Correction, if US producers are not taxed on exports only US demand for oil and refined products is reduced - the tax is not born by the producer only the US consumer.

What is the impact of the tax?

• falls equally on domestic and foreign producers for oil consumed in the US, and makes US oil $10/bbl more expensive vs. foreign producers when sold overseas

• may not impact exports of refined products (unclear)

• reduces the demand for oil and oil products in the US

Basically reduces the US demand for oil and oil products while eliminating US exports of oil. Competitiveness of US producers vs. foreign producers unchanged - ensures that US domestic producers have a net negative growth future.

Is this a popular policy:

• Most Americans want the federal government to do something about global warming. There is strong approval for corporate tax breaks and but much less support for tax increases

• Increasing taxes on gasoline so people either drive less, or buy cars that use less gas: Favor - 36%, Oppose - 63%

• Giving companies tax breaks to produce more electricity from water, wind, and solar power: Favor - 80%, Oppose - 19%

... but

• the open/competitive seats are in regions that would benefit from more transportation infrastructure (Florida, North East and California)

SOURCE: http://www.nytimes.com/interactive/2015/01/29/us/global-warming-poll.html?_r=0

... not as dead on arrival as "advertised" - the democrats are leading in the polls and the race in the House has enough competitive seats for the Democrats to gain control:

Current Seats 247(R) 188(D)

Competitive Seats 23(R) 7(D)

Safe Seats 224(R) 181(D)

Open Seats 27(R) 15(D)

Projected Gains 1(R) 4(D)

Projected Losses 4(R) 1(D)

Projected Change -3(R) +3(D)

Projected Seats 244(R) 191(D)

Since 30 to 40% of a barrel becomes gasoline, that works out to be 60-70 cents a gallon, passed along to the consumer of course. Add to that more state gasoline taxes being considered by state governments since they think consumers can handle another 10-15 cents a gallon state gasoline tax, while gasoline prices are low.