Observer Posted April 27, 2006 Share Posted April 27, 2006 Gov't Gas Taxes Exceed Oil Company Profits While the media continues to blame the big oil companies for gouging U.S. motorists as they collect record breaking profits, the windfall profits raked in by the government in the form of energy tax revenue actually dwarf the oil companies' jackpot. 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. Still, despite government tax gouging on oil industry revenue, Democrats like Sen. Charles Schumer want to raise energy taxes even more - complaining that oil company profiteering is simply just unconscionable. To read more about how the government has become America's number one oil profiteer, go to: http://taxprof.typepad.com/taxprof_blog/20...axes_excee.html Link to comment Share on other sites More sharing options...
Guest Sideliner Posted April 27, 2006 Share Posted April 27, 2006 Bush is ready to raise the windfall profits tax too! Link to comment Share on other sites More sharing options...
Voted4Dubya Posted April 28, 2006 Share Posted April 28, 2006 Forgive me for being ignorant Sideliner, but what is the price windfall tax? Link to comment Share on other sites More sharing options...
sppunk Posted April 28, 2006 Share Posted April 28, 2006 J directed me to post this. Oh, and hello kids. The average per-gallon profit for Exxon: 10 cents. Average per-gallon tax: 50 cents. Hate the government, not the companies who are meeting supply and demand. Link to comment Share on other sites More sharing options...
BearBryant Posted April 28, 2006 Share Posted April 28, 2006 Originally posted by SidelinerBush is ready to raise the windfall profits tax too! Not so sure about that. Link to comment Share on other sites More sharing options...
OBTS Posted May 1, 2006 Share Posted May 1, 2006 I just wrote my congressman--asking him to support a meausure for price controls at the pump. I'm sick and tired of hearing about record quarterly profits of Exxon, Conoco, etc--while the price of a fill-up has doubled. It's time for these Big Oil companies to pay back the Americans they have raped for the past 4 years. Link to comment Share on other sites More sharing options...
Observer Posted May 1, 2006 Author Share Posted May 1, 2006 So OBTS is for communism... or is it socialism? If you are opposed to oil company profits I guess you don't expect to make any money this year? How about your 401K? If you are opposed to the oil company profits... did you ask your congressman to eliminate ALL profits above the horrible level of the oil company profits? 8%.... as an industry.... Have you even taken to time to look at the fact that their "record" profit margin is barely at the average for ALL industries.... Have you taken the time to look at the fact that if gas had kept up with normal inflation you would be paying $7 per gallon plus? Keep your line of logic going and we will all be living in a communist state soon! Link to comment Share on other sites More sharing options...
Voted4Dubya Posted May 1, 2006 Share Posted May 1, 2006 Observer....? OBTS is the farthest thing from a socialist or communist you will ever meet...so I think it would be safe to say he isn't for communism. Let me ask you something. President Bush is fixing to start an investigation into gas prices. Do you think he is a communist too? You sure do like to go around labeling people. Link to comment Share on other sites More sharing options...
OBTS Posted May 1, 2006 Share Posted May 1, 2006 Far from it observer...but nice trying to box me into a corner!!! We aren't talking about Lowes overcharging for lawn fertilizer here. Gasoline is a required commodity--without it, our nation would crash rapidly. What I'm talking about (and what I requested Mr. Gohmert to support) is a short term cap on prices at the pump, while Congress deals with and works out the kinks of a REAL alternative fuel program. We cannot continue our dependence on foreign oil unless we are willing to pay what the Europeans pay for a gallon of gas. We are not set up with busses and public transport in rural East Texas. And the bottom line--we are being gouged. The government has allowed these super mergers and has reduced competition. It is now time for the government to support average Americans. The government is of the people, by the people and for the people. If it cannot protect the very people that it was intended to...what good is it? Link to comment Share on other sites More sharing options...
Voted4Dubya Posted May 1, 2006 Share Posted May 1, 2006 Originally posted by OBTSFar from it observer...but nice trying to box me into a corner!!! Observer likes to do that, he's our resident know-it-all:whome: Link to comment Share on other sites More sharing options...
Observer Posted May 1, 2006 Author Share Posted May 1, 2006 First lets start with voted... I take that as a compliment from you... since you tend to shoot more from the hip and I tend to do the research... You are one that will never admit when wrong, even when the evidence is stacked up to the point that you can't see out of the box you have built yourself into.... ++++++ Now... The goverment has more than allowed the mergers... they have FORCED them... in order to survive the poor profits and high regulation the small guys had to sell out... no way to survive... now that margins are up to a survivable level (wow they are record levels)..... you guys want a cap... This is a boiling frog thing... if the price had gone up twenty cents a year you wouldn't be screaming... but because gas has not kept up with inflation and has jumped (not even to the point of catching up with inflation) everybody is in an uproar.... I didn't hear you guys going in front of your congressman to ask for reduction in restrictions so that refineries could be built 10 years ago.... I didn't see you guys complaining that the government was pushing little guys out when the gas price was below $2 a gallon.... It is hypocritical to have reaped the rewards of low gas prices for years.... and to now complain about a price that is well below where it could be... As far as it being necessary.... Sure it is... but no more so that 10 years ago.... Just put the inflation rate of milk or heck... bottled water on it since 1970.... If you wish to put a margin on the oil companies... expect the same for whatever industry you are in.... Remember the government rarely gives up a tax or a regulation... they simply take the idea and put it on more categories.... Link to comment Share on other sites More sharing options...
BearBryant Posted May 1, 2006 Share Posted May 1, 2006 Originally posted by ObserverSo OBTS is for communism... or is it socialism? If you are opposed to oil company profits I guess you don't expect to make any money this year? How about your 401K? If you are opposed to the oil company profits... did you ask your congressman to eliminate ALL profits above the horrible level of the oil company profits? 8%.... as an industry.... Have you even taken to time to look at the fact that their "record" profit margin is barely at the average for ALL industries.... Have you taken the time to look at the fact that if gas had kept up with normal inflation you would be paying $7 per gallon plus? Keep your line of logic going and we will all be living in a communist state soon! Good point. Well said. Link to comment Share on other sites More sharing options...
BearBryant Posted May 1, 2006 Share Posted May 1, 2006 Originally posted by Voted4DubyaObserver....? OBTS is the farthest thing from a socialist or communist you will ever meet...so I think it would be safe to say he isn't for communism. Let me ask you something. President Bush is fixing to start an investigation into gas prices. Do you think he is a communist too? You sure do like to go around labeling people. Wait a minute. I've seen you label people as rightwingers, hillbillys, rednecks, racists, etc... The least you could be is honest. Link to comment Share on other sites More sharing options...
OBTS Posted May 1, 2006 Share Posted May 1, 2006 Originally posted by ObserverIf you wish to put a margin on the oil companies... expect the same for whatever industry you are in.... Funny you should say that! As a teacher, I'm in the most overregulated business in the history of mankind!!! Link to comment Share on other sites More sharing options...
Observer Posted May 2, 2006 Author Share Posted May 2, 2006 OBTS As a teacher you work for the Government.... Thus you have more Government rules by default... Link to comment Share on other sites More sharing options...
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