The gulf is an environmental disaster and gas prices are going up. Big Oil is girding its loins against Obama's Plouffian onslaught As the president dodges and lectures tonight, here's a little perspective on Big Oil's "obscene" profits.
$ Profit from a gallon of gas: Around 10%
$ Average tax on a gallon of gas: 15% - 20%
Profit is shared between the oil company, transporter, and gas station. The gas station gets almost no profit at all, which is why they have all morphed into convenience stores. Free market innovation! Tax is federal, state and local.
The Tax Foundation points out that Big Oil is paying record taxes as well. What the demagogic politicians don't tell us is that Uncle Sam's cut of those record profits is almost 50%! Add in all taxes big oil paid to all governments, and one sees that governments are making more money off of petroleum than the oil companies are!
Here's the chart from the tax foundation. My HTML skills aren't the best, so if the chart is unreadable just go to the tax foundation's web site:
Here's the chart from the tax foundation. My HTML skills aren't the best, so if the chart is unreadable just go to the tax foundation's web site:
"Big Oil" made $20 Billion in net profits in the first quarter of 2008. "Big Government" made $47 Billion. Who's calling who obscene?
* I originally wrote this during the gas price spike of '08, but the basic facts have not changed.
5 comments:
Silver,
To read the chart better all one has to do is click on it and it enlarges. Great post.
An aside, the profit margin is the same for tobacco products particulariliy cigarettes.
Who's calling who obscene?..as usual Silver..the hypocrisy is obscene!
"Big Oil" made $20 Billion in net profits in the first quarter of 2008. "Big Government" made $47 Billion. Who's calling who obscene?
Yep.
Sadly, most Americans aren't learning about these stats. Instead, they're "going with their gut" and sucking down BHO's demonization of Big Oil.
And WE THE PEOPLE just keep on bending over instead of rising up and throwing off this obscene beast of a government.
Well, then ... I guess Big Government stands to reap more than Big Oil for standing by, aimlessly, while no one plugs my damn hole.
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