China swoops up 80% of Iraq's Oil

[tay]

Isn't America generous? It spent trillions of dollars to make Iran the dominant power in the region and to allow China to stitch up Iraq's oil reserves

And now, a decade later, Iraq is on the verge of becoming the world's second-largest oil producer. Oh boy, all those years of war and suffering are finally paying off. Sure, that is if you're China.


Iraqi oil: Once seen as U.S. boon, now it’s mostly China’s | McClatchy

 

[Walter]

Who should they sell it to?

 

[Historic]

Did anybody really want the US to push for the oil in Iraq instead of pushing for local alternatives? War aside....I am under the impression that what the US did for Iraq was guarantee that it was strong enough to simply not lose itself in the negotiations of selling that oil...since we all know how industry overwhelms weak governments to walk away with all the profit. The US didn't need the oil but it needed a strong friend in the middle east and all those divided small factions that are fighting for ruling power over there had no idea how to handle the foreign interest in their oil in today's dwindling reserves world. Iraq would of been annihilated by and raped by anyone stronger than it to get at it. Especially considering the Sharia financing laws most of the middle east is subject too.

Let China have it...we need alternatives regardless of all the opinions about what happened there.

 

[Tecumsehsbones]

It doesn't matter if China gets its oil from Iraq, or if China gets its oil from Texas and then the U.S. turns around and gets its oil from Iraq.

Oil is pretty fungible.

 

[Highball]

There is more oil being produced by the US in its territories than Iran can process in a week. I hope the US will buy its own petroleum products before shipping from any Gulf source.

 

[Historic]

I agree with you Highball, and better yet, buy the oil from itself and then impose a massive corporate tax on the transaction. Between the locality reducing the price and the tax grab we should be able to lower the price at the pump and/or on the hydro bill. Giggle.

 

[Tecumsehsbones]

There is more oil being produced by the US in its territories than Iran can process in a week. I hope the US will buy its own petroleum products before shipping from any Gulf source.

Not gonna happen. Every refinery brings in oil from whatever source happens to be cheapest at the moment, every refinery sells oil to wherever it happens to get the best price at the moment. There's no such thing as "American oil" or "Canadian oil" or "Iraqi oil." There is a world supply of oil. It funnels into various refineries, and is distributed out as petroleum products.

The idea of "national oil" is just a trick to keep the rubes in a tizzy.

 

[Historic]

Excellent post Tecumsehsbones.

 

[Walter]

buy the oil from itself and then impose a massive corporate tax on the transaction. Between the locality reducing the price and the tax grab we should be able to lower the price at the pump and/or on the hydro bill. Giggle.

The US already has the highest corporate taxes in the world.

 

[Tecumsehsbones]

The US already has the highest corporate taxes in the world.

No, the U.S. has one of the highest corporate tax rates in the world. The rate is not what corporations pay.

Here's an example. Let us say you have an annual income of 100,000. You have your choice of paying a 40% tax rate with 50,000 in deductions, or a 25% tax rate with no deductions.

Which would you prefer?

 

[Historic]

Ahhhh corporate taxes. The difference between what we want and what we get, deductions. To me it is crazy to waste so much money carrying a system of rates and deductions. Micro management at its finest. I would pick the 25% because it is the only way to justify paying taxes, no brainer. At least for me. Not only is a flat rate cost effective in terms of implementation but it actually puts tax dollars in the coffer...bear with me as I am seriously dyslexic with numbers to a point of futility...but with 40% tax rate and $50,000 in deductions you pay $10,000?

 

[Tecumsehsbones]

Ahhhh corporate taxes. The difference between what we want and what we get, deductions. To me it is crazy to waste so much money carrying a system of rates and deductions. Micro management at its finest.

Well, some would say that management of the economy is part of the government's job.

The theory goes like this. If you have certain behaviour you want to encourage, you can go about it two ways ("you" being the government). You can provide a direct subsidy, such as food stamps, housing subsidies, school voucher, &c., or you can provide a tax deduction for participation in the desired activity. Generally the tax deduction is cheaper.

I would pick the 25% because it is the only way to justify paying taxes, no brainer. At least for me. Not only is a flat rate cost effective in terms of implementation but it actually puts tax dollars in the coffer...bear with me as I am seriously dyslexic with numbers to a point of futility...but with 40% tax rate and $50,000 in deductions you pay $10,000?

Well, your principle just cost you 5000. The answer to your question is 40% of 50,000 is 20,000.

 

[Historic]

Well, some would say that management of the economy is part of the government's job.

The theory goes like this. If you have certain behaviour you want to encourage, you can go about it two ways ("you" being the government). You can provide a direct subsidy, such as food stamps, housing subsidies, school voucher, &c., or you can provide a tax deduction for participation in the desired activity. Generally the tax deduction is cheaper.Hi, I can't disagree that it is a government's job to manage the economy but I am not sure if I agree with the level of micro management it currently requires. It is hard to remove redundancy when things are so complicated.

I guess that by taking the savings of so many people from those banks in Cyprus we are seeing an example of the "encouraging certain behavior" of which you speak? I understand the validity of that position but I do think the wrong kind of behavior is being encouraged by such a complicated structure. Too many ways to avoid paying....

Well, your principle just cost you 5000. The answer to your question is 40% of 50,000 is 20,000.

Can you write the equation?

 

[petros]

Not gonna happen. Every refinery brings in oil from whatever source happens to be cheapest at the moment, every refinery sells oil to wherever it happens to get the best price at the moment. There's no such thing as "American oil" or "Canadian oil" or "Iraqi oil." There is a world supply of oil. It funnels into various refineries, and is distributed out as petroleum products.

The idea of "national oil" is just a trick to keep the rubes in a tizzy.

Yes there are such things.

 

[Tecumsehsbones]

Well, some would say that management of the economy is part of the government's job.

The theory goes like this. If you have certain behaviour you want to encourage, you can go about it two ways ("you" being the government). You can provide a direct subsidy, such as food stamps, housing subsidies, school voucher, &c., or you can provide a tax deduction for participation in the desired activity. Generally the tax deduction is cheaper.Hi, I can't disagree that it is a government's job to manage the economy but I am not sure if I agree with the level of micro management it currently requires. It is hard to remove redundancy when things are so complicated.

I guess that by taking the savings of so many people from those banks in Cyprus we are seeing an example of the "encouraging certain behavior" of which you speak? I understand the validity of that position but I do think the wrong kind of behavior is being encouraged by such a complicated structure. Too many ways to avoid paying....

Sure. Simple is better. A former chairman of some big American government financial regulatory agency (mighta been the Fed) said "complexity trumps transparency every time".

Well, your principle just cost you 5000. The answer to your question is 40% of 50,000 is 20,000.

Can you write the equation?

Sure.

100,000 (income) x 0.25 (that's the 25% rate) = 25,000

100,000 (income) - 50,000 (deductions) = 50,000. 50,000 x 0.40 (the 40% rate) = 20,000

25,000 - 20,000 = 5000

 

[petros]

Is Basrah Light a good beer?

 

[Historic]

Sure. Simple is better. A former chairman of some big American government financial regulatory agency (mighta been the Fed) said "complexity trumps transparency every time".

If you can't stun them with brilliance baffle them with bull*...I love it!

Thank you kindly for posting the equation...even calculators don't save me. I'll never stop trying though to make sense of numbers.

 

[petros]

Some of the products made from oil. Some can only be made with certain grades of oil unique to a region.

Air conditioners, ammonia, anti-histamines, antiseptics, artificial turf, asphalt, aspirin, balloons, bandages, boats, bottles, bras, bubble gum, butane, cameras, candles, car batteries, car bodies, carpet, cassette tapes, caulking, CDs, chewing gum, cold, combs/brushes, computers, contacts, cortisone, crayons, cream, denture adhesives, deodorant, detergents, dice, dishwashing liquid, dresses, dryers, electric blankets, electrician’s tape, fertilisers, fishing lures, fishing rods, floor wax, footballs, glues, glycerin, golf balls, guitar strings, hair, hair colouring, hair curlers, hearing aids, heart valves, heating oil, house paint, ice chests, ink, insect repellent, insulation, jet fuel, life jackets, linoleum, lip balm, lipstick, loudspeakers, medicines, mops, motor oil, motorcycle helmets, movie film, nail polish, oil filters, paddles, paint brushes, paints, parachutes, paraffin, pens, perfumes, petroleum jelly, plastic chairs, plastic cups, plastic forks, plastic wrap, plastics, plywood adhesives, refrigerators, roller-skate wheels, roofing paper, rubber bands, rubber boots, rubber cement, rubbish bags, running shoes, saccharine, seals, shirts (non-cotton), shoe polish, shoes, shower curtains, solvents, spectacles, stereos, sweaters, table tennis balls, tape recorders, telephones, tennis rackets, thermos, tights, toilet seats, toners, toothpaste, transparencies, transparent tape, TV cabinets, typewriter/computer ribbons, tyres, umbrellas, upholstery, vaporisers, valium, vitamin capsules, volleyballs, water pipes, water skis, wax, wax paper and zebras.

 

[Historic]

Tax reform likely to come in baby steps, not big changes - News - MSN CA

Another common reform proposal is to change the progressive tax system to one based on a flat rate, where everyone pays the same rate regardless of income. After the collapse of the Soviet Union, Russia and a number of countries in Eastern Europe instituted flat rates.

Here are a few countries listed that use a simpler tax structure for comparison reading.

 

[petros]

Why are tyou talking taxes in an Iraq oil thread?