Posted on 04/01/2008 7:04:07 PM PDT by Olydawg
April 1, 2008 -- Did you know that the state of California makes 64 cents in taxes on a gallon of gasoline while the oil companies make only eight cents of each dollar in gasoline sales, or 24 cents if gasoline is three dollars a gallon? Or that the federal government makes 18 cents per gallon?
No, this is not an April Fool’s joke. This is the truth. In general, states average 29 cents per gallon in taxes on a gallon of gas.
So who’s really gouging the American public? If politicians are really concerned about the rising cost of gasoline, why don’t they cut or temporarily suspend the taxes?
Well, there’s no need to when you can make scapegoats out of the oil companies. Today’s Congressional hearing with major oil executives would have made Joseph Stalin proud for their show trial histrionics.
We got a real eyeful today of the rampant ignorance in the Congress on energy issues and what America needs to do to get its energy house in order.
Edward Markey, a Massachusetts Marxist, led the charge, saying, “On April Fool’s Day, the biggest joke of all is being played on American families by Big Oil.” No, Mr. Markey, the biggest joke is that someone of your caliber is actually a United States Congressman.
Markey hammered the oil companies on the tax breaks the industry receives, which are half the government’s $35 billion subsidy of ethanol. And he wants the oil companies to invest more in renewable fuels, not realizing they can in no way generate the quantity of energy needed to replace oil.
“Why is Exxon Mobil resisting the renewable revolution,” posed Markey to Exxon Mobil senior vice president J. S. Simon.
Simon pointedly noted that Exxon Mobil is spending $100 million on research into alternative energy technologies, but that they “just do not have an appreciable impact” on the current challenge of meeting growing energy demands worldwide.
Meanwhile, oil companies face severe limitations on domestic exploration and production, forcing them to pay top dollar for imported oil and refined gasoline. With 85% of the country’s coastal waters off limits to drilling, and the Arctic National Wildlife Refuge locked up tighter than a drum, there’s no relief in sight for beleaguered American motorists and truckers.
When some of the congressmen raised the specter of new taxes on the industry to fund alternate energy research, Simon noted that “imposing punitive taxes on American energy companies, which already pay record taxes, will discourage the sustained investment needed to continue safeguarding U.S. energy security.”
For the record, over the past five years, Exxon Mobil’s tax bill exceeded its U.S. profits by $19 billion.
So who's gouging who?
Excellent read. This pretty well sums it up.
Just admit it. You think oil companies are liars without having a shred of evidence to support that.
for what are the taxes used ? to fix roads ? cut taxes and the roads don’t get fixed...now what ?
think class warfare
That may be what you think I said what I think. Their profits have been outlandish and the salaries to their executives are even more so. So I would not lose one bit of sleep over their exit.
Shirley, you’re not actually defending oil companies charging us $4/gallon.
Tell me you’re not.
Oil companies’ scalping version of free enterprise, is colliding face-on, into the American consumer’s need to get to work.
They’re on the wrong side of renewable energy. They’re on the wrong side of fuel-efficiency. They’re on the wrong side of terrorism.
They’re on the wrong side.
Sadly, or president is too.
I'm only pointing out that government is to blame as well with excessive taxes, and regulations. By the way, what is the right side of renewable energy for a publicly traded company?
What little I heard sounded like a referendum on “Global warming.” Quacks all over the place, there are.
Their profits are far less than other sectors of the economy. They’re a convenient whipping boy, and you are their useful tool.
Keep up with the socialist manifesto!
You can turn the US into Venezuela if you try hard enough.
There's daily proof of government greed and excessive spending, but let's not shed a tear for the oil companies.
I will not cry when they start using the executives for telephone pole decorations.
It is surprising to me how so many freepers are totally ignorant when it comes to energy companies. They have been fed sheep droppings by the democrats/msm and swallowed hard.
Great post.
http://www.freerepublic.com/focus/f-bloggers/1995266/posts
Who’s Gouging Who?
The Forgotten Street ^ | April 1, 2008 | John Hawkins
Posted on 04/01/2008 7:04:07 PM PDT by Olydawg
April 1, 2008 — Did you know that the state of California makes 64 cents in taxes on a gallon of gasoline while the oil companies make only eight cents of each dollar in gasoline sales, or 24 cents if gasoline is three dollars a gallon? Or that the federal government makes 18 cents per gallon?
No, this is not an April Fool’s joke. This is the truth. In general, states average 29 cents per gallon in taxes on a gallon of gas.
So who’s really gouging the American public? If politicians are really concerned about the rising cost of gasoline, why don’t they cut or temporarily suspend the taxes?
Yes, org.whodat wants to crucify oil company employees.
Maybe he wants to crucify the executives of Big Gold, or Big Corn, or whatever commodity seems to be too high for his comfort level.
People like org.whodat would be more comfortable living in the Soviet Union back in the 1970s. There the prices were set by the government.
There wasn’t much for sale, but at least the price was stable.
“They’re on the wrong side of renewable energy. They’re on the wrong side of fuel-efficiency. They’re on the wrong side of terrorism.”
How are they on the wrong side of terrorism? I guess this is a poke at Middle Eastern Oil? Even though 75% of our oil comes from Venezuela (not a great place by any stretch, but still not Islamofacist), with the next highest percentage coming from Canada?
I’m sure tapping into America’s oil fields would be great if the tree huggers would let them.
The wrong side of ‘renewable energy’? I’ll leave that alone... frankly, my 4barrel V8 doth love fuel (high-test) and passing hybrid go-carts. I love my big American vehicle. But, this is not a daily driver; so my American 4x4 EXT pick-em up truck will have to suffice.
While I think there is greed in the Oil Companies... people pay it. The price first jumped over $100 a barrel on a joke...by some idiot that just wanted to see it happen. As long as there is some genius that says $100 pb is A-Ok then we are going to get $100 a barrel.
Of course yesterday truckers attempted slow-downs and mini strikes to protest. What would have been really fun is if tanker trucks carrying fuel just decided it didn’t need to get delievered... and directly affected the oil companies.
I say drill Alaska, and Texas, Pennsylvania etc etc, or just come out with it and really start pumping crude from foreign lands we are in... like Iraq. We get accused of that anyhow.
But, sounds like you’re on the wrong side of capitalism. Mayhaps if there was a grass roots effort that says you know what, the company that reduces its price is where I’ll fill up and pit the companies between themselves. If Exxon’s price dropped $1 a gallon....consumers would flock to them....their demmand would go thru the roof. And they could say you know what....you drop the price to say $50 or $60 a barrel and I’ll buy XXX amount - My demmand just went through the roof.
And don’t go foolin that these gas taxes really get used as intended. The gov’t would tax the air you breath if they could find a way to monitor it. Of course I might be willing to support something like that the next time oxygen thieves like Pelosi start hypervenilating over useless “issues.” We’d also make a mint off gasbags like Michael Moore and Sheehan. /sarc
BUSH’S FAULT......HALIBURTON.
Aren't you on the wrong forum jerk-off. The above language is only fitting for DailyKos or DU underground. Get the hell outta here and go drink some Gore Kool-Aid or start slamming ethanol to relieve your sickness.
Do you think government really isn’t collecting the taxes shown in the SEC fillings?
ExxonMobil 2007
Revenue $404.6 Billion
Profit $40.6 Billion (10.0%)
Taxes $102.5 Billion (25.3%)
Sales-Based taxes $31.728B
Other taxes and duties $40.953B
Income taxes $29.864B
2007 Financial & Operating Review
http://www.exxonmobil.com/corporate/files/news_pub_fo_2007.pdf
Page 16
- - - - - - - - -
ConocoPhillips 2007
Revenue $194.5 Billion
Profit $11.9 Billion (6.1%)
Taxes $30.4 Billion (15.6%)
Taxes other than income taxes $18.990B
Income taxes $11.891B
2007 Annual Report
http://www.conocophillips.com/NR/rdonlyres/3838234F-F20C-4BCE-AE8D-78DE29D67455/0/07RevisedARfinal.pdf
Page 60
- - - - - - - - -
Chevron 2007
Revenue $220.9 Billion
Profit $18.7 Billion (8.5%)
Taxes $35.7 Billion (16.2%)
Taxes other than income taxes $22.266B
Income taxes $13.479B
2007 Annual Report Supplement
http://media.corporate-ir.net/media_files/irol/13/130102/reports/CVX_ARsupp07.pdf
Page 3
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