Federal profiteering


The Federal government gets more profit from a gallon of gas than the oil companies do. And state governments usually get more than that.
I know, it's from an "unapproved" source, but this story at NewsMax is worth looking over.

The press sounded the alarm last year when the largest U.S. oil company, ExxonMobil Corp, announced profits of $36 billion. But according to the Tax Foundation, the biggest price gouging profiteer was the U.S. government, cashing in to the tune of $54 billion in oil and gas taxes.

"Tax collections on the production and import of gasoline by state and federal governments are already near historic highs," the think tank says. "In fact, in recent decades governments have collected far more revenue from gasoline taxes than the largest U.S. oil companies have collectively earned in domestic profits."

Since 1977, federal and state governments have collected more than $1.34 trillion in gasoline tax revenues in inflation adjusted dollars. That's "more than twice the amount of domestic profits earned by major U.S. oil companies during the same period," the Tax Foundation says.

Again, for the oil companies, the average profit per gallon of gas is 7 cents.

The Federal tax per gallon of gas is 18.4 cents.

State taxes on gasoline usually are higher. My own state of Arizona is 19 cents per gallon. Utah is 24.5 cents per gallon. California is 26.45 cents per gallon.

Ask yourself why if these Congressmen are so worried about the price you are paying at the pump, why don't they repeal the gas tax?

— NeoWayland

Posted: Thu - April 27, 2006 at 04:36 AM  Tag


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