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Show Notes

March 14

Hour 2 Topics

EV Part One
“Subsidies,” Loopholes,” and “Write-offs”
Jersey Joe called in about the 5 Trillion going to the oil companies
John from Cheyenne called in oil prices and the reporting of CNBC etc. 
Denver IT Security / comments
Richard Rush: Tom Brady and the NFL   
Car Review: 2022 BMW M240i xDrive Coupe
Car Review: 2022 Hyundai Kona Electric
General comments on EVs

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Hour 1 Show Notes

Covid Cases

Sent in From Jersey Joe
John’s Comments

In January of 2021, the 7 day average Covid case rate peaked at 256,703 cases per day and the 7 day average daily death rate associated with that case spike peaked at 3,359.  That was a case fatality rate of 1.4%. 

Fast forward to January of 2022 where the 7 day daily case rate peaked at 820,512 in January (3.2 X the January 2021 peak case rate) but the 7 day average daily death rate DECLINED by 19% to 2,717 yielding a case fatality rate of 0.33% (and still declining) 

https://www.worldometers.info/coronavirus/country/us/ 

Possible Reasons? 

  • More vaccinated people experience milder infection symptoms 
  • Many of the most vulnerable already succumbed to a prior infection 
  • Omicron strain is less virulent than the Delta strain 
  • Better anti-viral drugs are available. 

 Whatever the reasons, it is safe to say that Covid as a pandemic is well on its way to being over. 

Joe O’Dea Event


John’s comments

The Joe O’Dea for Senate campaign event at the World Famous Grizzly Rose!  

Joe and Celeste are excited to invite you to join us on Saturday, March 19th. Please see the full invitation below and use oureventbrite link here to RSVP and claim your free tickets today!  

Please note there is a $10 door cover for all guests to enter the Grizzly Rose. Ask for the Joe O’Dea for Senate room upon your arrival.  

Questions? Please contact Quinn at (720) 335-9891.  

Complete Madness in the Biden Administration

Jarrett Stepman – Daily Signal 

Interview 

The administration and media are working overtime to pin the high energy cost and inflation entirely on Putin:  https://www.nbcnews.com/think/opinion/biden-blames-putin-his-ukraine-war-inflation-rate-high-gas-ncna1291691. They are hoping Americans will forget what things were like just a month ago.  This media spin is intentional, it’s just more obviously bad now that we have a serious war in Europe. 

Hour 2 Show Notes

“Subsidies,” Loopholes,” and “Write-offs”

Sent in by Jersey Joe
Explained further by John

Democrats, politicians, and Liberals love to complain and rail against things they refer to as “Subsidies,” Loopholes,” and “Write-offs” given to or used by the oil and gas industry.
Now, in reality, what is an actual subsidy? An actual subsidy is when a government entity either sends the producer of a product (or the consumer of that product) a check or pays for a portion of that product by allowing the producer or consumer a dollar for dollar reduction in taxes owed to the government. Examples of actual subsidies are tax credits you get for things like buying an electric vehicle or installing solar panels on your home. It doesn’t matter whether the government actually sends you a check for their portion of that purchase at the time you buy that product or if your tax refund at the end of the year is increased by that same amount. The impact on your bank account is the same.
Now, what about the alleged “subsidies” that oil and gas companies supposedly receive? Are they truly “subsidies”? Well, let’s take a closer look.
If an oil company writes a check to a landowner for $10 million to purchase the mineral rights to the oil under the owner’s land, the IRS says that $10 Million payment is not an expense that can be claimed as a cost of doing business in that tax year because all you have done is exchanged a cash asset for an oil lease asset which is not an operating expense.
However, if you start to pump oil from that land and it is estimated that in 10 years all of that oil will be gone, then after 10 years, that $10 million oil lease will now be worthless, so the IRS will let you deduct $1 million per year as an operating expense for the next 10 years. Liberals like to call that $1 million per year allowance a “subsidy” even though it is no different than Ford depreciating the cost of a piece of machinery over a similar 10 year period and recording one-tenth of the original purchase cost of that piece of machinery as an operating expense every year for 10 years.
The same accounting applies to the drilling of a new oil well. Most people incorrectly assume that if an oil company spent $5 million to drill a new oil well this year that they could claim that $5 million as an operating expense and reduce their taxable net income by that $5 million dollar figure. Not so according to the IRS regulations.
Just like the piece of machinery purchased by Ford, the IRS requires the oil company to depreciate the cost of that oil well over the estimated life of the well and only allows them to recognize either one-fifth or one-tenth of the original cost to drill that well each year for the next 5 to 10 years. Democrats also call that depreciation allowance (a real cost to the company) a “subsidy” because it reduces the income taxes the company has to pay that year but ignores the fact that they were not able to claim any of the money they spent in the year they wrote the actual check as an operating expense.

Hour 3 Show Notes

Biden’s Energy Policies Enable  Putin’s Russia While UN Decries Global Threat from Climate Change 

Bonner R. Cohen – https://www.cfact.org/
Interview

The Biden Administration is hurting America’s Energy Independence

As Vladimir Putin’s forces unleash mayhem on Ukrainian cities and villages, the United Nations has chosen this moment in history to warn the world of impending doom – not from Putin’s tanks and missiles, but from manmade climate change.

“Climate change is killing people,” said Helen Adams, King’s College London and co-author of the latest UN report on climate change, released four days after Russian tanks rolled into Ukraine. 

The Biden administration shares this view.

It takes a lot of money to invade a country the size of Ukraine, and the Biden administration has been bankrolling Russia and China by suppressing fossil-fuel production in the U.S., thereby driving up the global price of oil and natural gas to the benefit of oil and gas exporter Russia and to the benefit of China, which has a tight grip on the materials that go into wind turbines and solar panels  

Biden is determined to force-feed Americans in the name of combating climate change.

In doing so, Biden has redirected petrodollars to Putin’s war machine and strengthened an ascendant China. https://www.cfact.org/2022/03/02/un-doubles-down-on-climate-as-putins-tanks-roll/

BIO: Bonner R. Cohen is a senior fellow with the National Center for Public Policy Research, a position he has held since 2002.  Prior to joining The National Center, he was a senior fellow at the Lexington Institute and the Washington editor of The Earth Times.  Dr. Cohen is the author of The Green Wave: Environmentalism and its Consequences, published by the Capital Research Center in 2006.  Together with Steve Milloy, he co-edited American Values: An Environmental Vision, published by Environmental Analysis Policy Network in 1996. Dr. Cohen received his Ph. D. summa cum laude from the University of Munich and his B.A. from the University of Georgia.  Mr. Cohen is currently a senior political analyst at CFACT. 

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EV stats 03_14_2022

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