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2009-02-28 Home Front Economy

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Posted by Fred 2009-02-28 10:33|| || Front Page|| [2 views ] Top

#1 The regret will be felt world wide.

Posted by newc">newc 2009-02-28 11:44|| 2009-02-28 11:44|| Front Page Top

#2 At first glance, it appears that independent producers who primarily operate within the U.S. stand to be hurt the most.

And this reduces our dependence upon foreign oil how?

OBAMA: In ten years, we can reduce our dependence so that we no longer have to import oil from the Middle East or Venezuela. Number one, we need to expand domestic production and that means telling the oil companies the 68 million acres that they currently have leased that theyre not drilling, use them or lose them.

Posted by Besoeker 2009-02-28 12:10|| 2009-02-28 12:10|| Front Page Top

#3 Follow the money.

Posted by g(r)omgoru 2009-02-28 12:43|| 2009-02-28 12:43|| Front Page Top

#4 From yesterday's investors' news letter by John Mauldin: "This week saw President Obama give us a budget with a projected deficit of $1.75 trillion dollars, and a massive tax increase on the "wealthy." But hidden in the details was an even larger tax increase on everyone. Obama wants to create a cap-and-trade program for carbon emissions. This is expected to generate $79 billion in 2012, $237 billion by 2014, and grow to $646 billion by 2019. These will be payments by energy (primarily utility) companies to the government. That will cause utilities to have to raise the prices they charge customers for energy. Such a level of taxation is eventually 4-5% of total US GDP. That is not small potatoes. And since the wealthy do not use all that much more power than the rest of us, it will affect the lower incomes disproportionately.

It will take money out of consumers' pockets and transfer it to the government. You can call it cap-and-trade, but it is a tax. And a huge one. Anything that will take 4% of GDP away from consumer spending is not business friendly. And by driving the cost of energy up, it will drive high-energy-using businesses away from the US to developing countries where energy is cheaper. It will make it even harder for people to save money and drive up costs for the elderly and retired. But it will make the environmental lobby happy."

Posted by Anguper Hupomosing9418 2009-02-28 13:34|| 2009-02-28 13:34|| Front Page Top

#5 For the short term, energy exploration and production has been slowing due to falling prices, but has overall been supportive of the economy. The above tax changes is sure to decrease jobs in the energy exploration and service areas, as well as equipment manufacturing.

A big hit to the U.S. economy over the next twelve months.

Posted by DoDo 2009-02-28 14:21|| 2009-02-28 14:21|| Front Page Top

#6 Add to this Sec Interior Salazar basically placing all shales Off Limits for even R&D work, and exploration.

Posted by OldSpook 2009-02-28 16:42|| 2009-02-28 16:42|| Front Page Top

#7 Next he will go after the electric companis, tax the crap out of them. Then he will brag about not increasing income tax and blame the high cost of energy on greedy corperations. Good god he is transparent.

Im glad my solar power is up.

Posted by 49 Pan 2009-02-28 23:58|| 2009-02-28 23:58|| Front Page Top

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