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Friday, July 25. 2008

Oil

State and federal governments in the US "make" more money in "profits" per gallon of gas and oil sold via taxes than the oil companies do.

Our governments are addicted to "big oil." Doubt me? Do the research yourself.

I happen to love gas and oil, but I do not love the taxes on it.

Posted by The Barrister at 16:50 | Comments (5) | Trackbacks (0)

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Barrister ... you are so correct on these data. Just checked with my in-house expert on oil companies [40 years at Exxon] and he says that, depending on where the retailer got his product, approximately 8 % of the cost per gallon is profit, for the retailer and the oil company he bought it from, and at least 28% of the price per gallon is federal and state taxes.

That's why it is so annoying to me when Congress blabbers about "excessive oil company profits." The average profit to manufacturing companies, no matter what they make, is more than 10% after all bills are paid. And, as you point out, the governments, state and federal, are taking in more than three times as much per gallon as the producers and marketers of the oil products.

But they don't want us to know that.

Marianne
#1 Marianne Matthews on 2008-07-25 17:31 (Reply)
I do not like taxes also.These taxes seems o.k.though ,as taxes go,,,,,, it keeps our roads, bridges and the gettin around stuff workin. At least I think most of the $$$ stay in the USA... Plus it helps the the" hard workin",less educated (but not stupid), of my fellow men and women get a decent pay paycheck,hopefully.....
40 yrs.Expert at Enron????????
#2 Liberal Redneck on 2008-07-26 01:53 (Reply)
Got Exxon confused with Enron,My mistake..
#3 Lib.Red on 2008-07-26 02:05 (Reply)
The Washington Post just had an BIG article (Sunday, July 27) on the cost components of a gallon of gasoline (sorry-no link-I'm not savvy enough to figure it out). They had a pie chart showing the proportions of the following items:
Raw material (crude oil) 54%
Refining and profits 17%
Marketing and research 15%
Taxes 14%

The pie chart cleverly (?) combined the cost of making gasoline with profit to make it appear that the oil companies earn more money from a gallon of gasoline than the government steals from it.

And I even question the 54% figure for the cost of the crude oil. If the crude oil costs $126 per barrel (42 gallons per barrel), that works out to a cost of $3 per gallon of crude oil; at $4 per gallon of gasoline, that $3 worth of the raw material appears to me to be 75% of the cost of a gallon of gasoline.
#4 DC Juggler on 2008-07-28 12:34 (Reply)
DC Juggler ... which would mean that the Washington Post was wrong. Not the first time this has happened, may I remind you. Willful ignorance is rampant in Washington.

Marianne
#5 Marianne Matthews on 2008-07-28 16:41 (Reply)

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