Exxon Mobil (click title to entry - thank you) Chairman and Chief Executive Rex Tillerson, foregound, accompanied by fellow oilmen, testifies before the Senate Finance Committee. (J. Scott Applewhite, AP / May 13, 2011)
$22 billion US over ten years. Are they going to pay it back? Because GM and Chrysler are paying their bailout back to the USA taxpayer.
It is called CORPORATE WELFARE.
General Motors received 4 billion dollars (click here) in bailout funds from the US government in December of 2008. The urgency was per GM’s statement that it needed the funds before the end of 2008 to avoid going into bankruptcy. The second installment of 5.4 billion dollars will be available to GM on January 16, 2009. GM will use most of its loan to pay down debt owed to suppliers. As of January 16th, GM will have received a total of 9.4 billion dollars in bailout funds.
There could be an additional 4 billion dollars in February made available from the same 700 billion dollar Wall Street bailout fund. Congress has not yet approved the second half of Wall Street bailout, equal to 350 billion dollars. The additional 4 billion dollars for the auto industry would come from the second half of this bailout through the TARP program if approved.
Chrysler is the second major recipient of this automotive bailout money. In the first week of 2009, Chrysler received 4 billion dollars in bailout funds. Chrysler is not currently slated to receive more bailout funds, but has expressed that it will likely need additional assistance to weather the 2009 market....
I do believe the petroleum industry has outlived its usefulness and it is why they are so hungry for government money.
..."Given profits of $35 billion in just the first quarter alone, it's hard to find evidence that repealing these subsidies would cut domestic production or cause layoffs," Senate Finance Committee Chairman Max Baucus (D-Mont.) told the oilmen....
For decades the USA has known the petroleum supply on Earth was FINITE, yet in spite of that reality, the Oil Barrons Ball went on and on and on.
Oil prices were going to come to this. They just were. It is time to realize 'going to the extremes' though Oil Sands exploitation in Canada and hydraulic fracturing in the USA and globally is only prolonging the pain of exploitation. The party had to end sometime.
$22 billion US over ten years. Are they going to pay it back? Because GM and Chrysler are paying their bailout back to the USA taxpayer.
It is called CORPORATE WELFARE.
General Motors received 4 billion dollars (click here) in bailout funds from the US government in December of 2008. The urgency was per GM’s statement that it needed the funds before the end of 2008 to avoid going into bankruptcy. The second installment of 5.4 billion dollars will be available to GM on January 16, 2009. GM will use most of its loan to pay down debt owed to suppliers. As of January 16th, GM will have received a total of 9.4 billion dollars in bailout funds.
There could be an additional 4 billion dollars in February made available from the same 700 billion dollar Wall Street bailout fund. Congress has not yet approved the second half of Wall Street bailout, equal to 350 billion dollars. The additional 4 billion dollars for the auto industry would come from the second half of this bailout through the TARP program if approved.
Chrysler is the second major recipient of this automotive bailout money. In the first week of 2009, Chrysler received 4 billion dollars in bailout funds. Chrysler is not currently slated to receive more bailout funds, but has expressed that it will likely need additional assistance to weather the 2009 market....
I do believe the petroleum industry has outlived its usefulness and it is why they are so hungry for government money.
..."Given profits of $35 billion in just the first quarter alone, it's hard to find evidence that repealing these subsidies would cut domestic production or cause layoffs," Senate Finance Committee Chairman Max Baucus (D-Mont.) told the oilmen....
For decades the USA has known the petroleum supply on Earth was FINITE, yet in spite of that reality, the Oil Barrons Ball went on and on and on.
Oil prices were going to come to this. They just were. It is time to realize 'going to the extremes' though Oil Sands exploitation in Canada and hydraulic fracturing in the USA and globally is only prolonging the pain of exploitation. The party had to end sometime.
