[Rsquared]

Originally Posted by jyl

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
bb
Still not even close.

Disdain for the govt is fine but let's get the numbers right.

What about income taxes? That will get the govt above 70% of oil co profits and the govt doesn't have to do all that messy drilling and stuff.