Ken Gansmann: Creditability and leadership
While our current president is a big fan of increased drilling for oil off the coast of Brazil or in Saudi Arabia, he continues his opposition on new domestic drilling, which means we will continue to be dependent on other countries (who do not really like us) for almost half of our oil needs today and into our distant future.. Think of this every time you re-fuel your vehicle. The U.S. oil industry has been and continues to be an American success story. It directly employs over two million Americans, and those jobs are increasing by more than 17,000 each quarter. Nearly 100 million Americans have their pensions, IRAs, 401(k) plans and mutual funds invested in the American oil industry.
Our president wants to end and/or repeal “special tax breaks” for U.S. oil and gas companies. He wants the oil and gas industry to embrace the “shared sacrifice” that has become a buzzword of his administration. The fact is this alleged “special” tax break is widely available to almost every U.S. company doing business in, making profits in and paying taxes in a foreign country. The feds allow those companies to claim a tax credit equal to their foreign paid taxes. Otherwise, they would be paying U.S. taxes on foreign taxes, or double taxations.
The last time I checked, profit is not a four-letter word. Companies like Coca-Cola and Google recently had profit gains as a percent of revenues in the 34-37 percent range, while U.S. oil companies like Chevron, Conoco and Exxon had profit gains as a percent of revenues in the 6.1-9.7 percent. So, why is our president singling out our U.S. oil and gas industry? Why not go after the likes of Coca-Cola and Google?
My suggestion to our president is to quit telling half-truths and trying to pick winners and losers for his own political gain. Show positive creditability and leadership to all of our taxpaying citizens like we fathers do for our children. We don’t need any more of those 2+ million jobs you created in government (read additional overhead) since becoming president which added $200+ billion to our budget and increased the regulatory burden on our business and caused prices for consumer goods to escalate. If it is good-paying jobs growth (which actually produce a good and/or service of value) you are trying encourage, they exist right here in the U.S. oil and gas industry. Help make the U.S. energy independent from foreign oil while enabling good jobs to be created by reducing the number of regulations they now face bringing good old U. S.-produced energy and clean fuel to our citizens at fair market prices.
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