Not correct.
US gasoline consumption/day = 388.6MM gal/day = 141.8BN gal/yr
Federal gasoline excise tax $0.184/gal
0.184 * $141.8BN =
$26.1BN Fed gas tax/yr
vs
Profits of US integrated oil companies in 2007 =
$127.99BN
http://www.eia.doe.gov/basics/quickoil.html
http://www.eia.doe.gov/bookshelf/brochures/gasolinepricesprimer/
http://fpc.state.gov/documents/organization/103679.pdf
Granted, if you include total state taxes on gasoline, you can roughly double that $26.1BN. And the $127.99BN integrated oil company profit includes $45BN from Royal Dutch Shell and BP, some of which (maybe 1/3?) was earned outside the US.
So make those adjustments if you like.
$26.1BN * 2 =
$52.2BN total federal, state, local tax on gasoline
vs
$127.99 - ( $45BN * 0.33 ) =
$112.9BN total integrated oil company profit less amounts earned ex-US
Still not even close.
Disdain for the govt is fine but let's get the numbers right.
Quote:
Originally Posted by Porsche-O-Phile
The only ones that make more $$$ off the high price of gas/oil than the oil companies is the government.
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