Big Oil Pays Big Taxes

The windfall profit tax implemented during the Carter administration reduced domestic oil production by 3%-6% and increased foreign oil imports by 8%-16%.

Americans pay $0.18/gal. in federal gasoline tax and on average $0.28/gal. in state gasoline tax.

From 1977 to 2004, federal and state governments, in 2005 dollars, collected $2.2 trillion in income taxes from oil companies and taxes at the pump.

The oil industry pays 39% in taxes, even after deductions and credits compared to an average of 33% for other industries.

In 2005 the Big Three - Exxon Mobil, Chevron, ConocoPhillips - paid more in taxes than the GDP of 150 countries.

Ultimately, individuals are the ones really paying taxes and placing additional taxes on corporations simply means that the consumers of oil products will pay more for them.

Additional taxes will not reduce the price at the pump. And there is no ready-to-eat microwave solution to the high price of energy.

"Government is not a solution to our problem, government is the problem." - Ronald Reagan

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Looks like the federal and state governments have been reaping a windfall from the success of oil and gas companies for decades.

 

Because in today's "victim mentality" society, Hope of Glory, if people don't like the impact of something on their lives then somebody besides themselves must be to blame for it.

 

That's right and until we get the size and scope of government down it will be difficult to stop the government from extorting money from us and from the corporations that make a profit.

 

There was a study I was reading about in The Oil Daily a couple of weeks ago that pointed out that when you add in the cost of defense to keep the sea lanes open, etc., that the cost of gasoline is several dollars per gallon higher than what we pay at the pump.