Today your going to learn just a little about owning a share of an oil well. The first thing to understand is I don't do a god damn thing but watch the mail box for checks, I cash them, then buy wine. That's all I do in the oil industry. But it isn't all wine and roses, because hanging over me is the the constant fear that one day the oil will run out. I bet you didn't know that, that oil isn't forever, it will run out, but the industry won't talk about that to the public. Now, to compensate me for the day I no longer get a check for doing absolutely not a fucking thing, I get a 15% tax deduction on the oil money, called a "depletion allowance". Now that may seem unfair, but if you ever get in a situation where you get something for nothing you'll understand the need of the oil industry and well owners, the fucking tension just wears on you every day.
Talking with a poor cousin a while back he objected to this and wanted to know why he couldn't get 15% off his taxes since like an oil well might poop out some day, his job might poop out, or he might poop out and couldn't work. Well, need I point out he wears his baseball hat a little off center. You see, he is trading his labor for money, if the company moves or lays him off, if he can't work, well it's his fault, he put the effort out, he made the choice, he tried, so he takes the hit man and the government don't owe him any anxiety tax deduction for something that ain't happened yet. But you see, I bet your catching on now, I don't do anything for that oil check, no risk, no effort and it could yank to a stop one day, I could be without a freebe I want real bad, standing at the curb with my dick out waiting on checks that never show, therefore I need a tax break now for the day it will stop. See, makes sense now don't it? The taxpayers of America decided to pay a little extra so we "oil tycoons" could get some certainty, cause god knows Obama don't give us certainty, if we had that we would invest in America, buy shares in other oil wells and do even more of nothing for it while you kick in the balance on the debt. If you think your paying taxes for oil barons is helping America, then write your congressman and senator and ask for more of that.
(Inherited a share of a well drilled 1933, a 1/372 share of it. Nets us $200 to $300 a year, see, I'm a tycoon. Very few wells last this long.)
Right now the oil industry is pushing hard to crush the science about pollution and global warming and to increase the deductions. Another thing, Bachmann says she will get drillers busy and lower gas to $2 a gal. Oil is traded globally, local production can not lower the price until it dilutes the world volume, and the infrastructure and equipment needed does not exist in the US, the estimate if we drilled everywhere possible as fast as we could in the US, it would be 2030 before the impact would amount to a few cents at the pump, remember oil prices are dictated by the world not bat shit crazy women.
Fringe:
ReplyDeleteAnybody who believes that Bachman as President could lower the cost of gas to $2 a gallon is grossly ignorant of how gas prices are determined on the world stage. Unfortunately, there are a whole lot of "anybodys" out there.
Fringe and Whit,
ReplyDeleteI have always heard stories about wells in west Texas and Oklahoma being capped on government orders. I have also seen acres an acres of pipeline equiptment rusting in the hot Okie sun to add credence to that.
As to Michele Bachmann - being gentle, the poor woman is as full of shit as a corn fed sow and about as intelligence.
Please run her and Perry!
Please...
Sarge
Oh, don't let me catch you in a double breasted suit, wearing spats, with a cigar stuck in your head...
ReplyDeleteOh, don't furget that bow tie!
Sarge
Whit;
ReplyDeleteYou can't swing a dead cat out here without hitting one of those "anybodys".
Sarge;
I have sold pipe threading lathes to the oil field industry in Oklahoma for many many years. I have to listen to more shit about government than you will believe. Never, never did I hear the government made them cap wells, that is simply not true, hell they would have loaded the truck for Tim McVeigh if the government was doing that. It's not true.
Pipes rusting have nothing to do with anything. Pipes rust, the oil industry has sandards on pipes capacity to carry pressure, on the quality of threads. There is new pipe that looks old setting in the dirt, surplus pipe, abandoned pipe, used pipe, pipe that failed it's specifications. Pipe laying around does not mean anything, other than pipe is laying around.
The company does have to plug dry wells so a kid doesn't fall in like 25 years ago baby Jessie, and so gas doesn't leak out of it.
Sarge:
ReplyDeleteSpats? No, I go for Rolls Royce and dijon mustard.