Interesting facts from GOPUSA THELOFT:
The same things apply to the gas situation and “big oil.” I am a fan of sports cars, so when I travel, I often pick up a magazine such as Car and Driver. In this month’s issue, the Editor-in-Chief Csaba Csere, wrote an interesting article pointing out some of the facts and figures that the liberals conveniently fail to mention.
A barrel of crude oil contains 42 gallons and currently costs (at time of publishing) about $130. That means the raw material costs $3.10 a gallon. For finding the oil, getting it out of the ground, transporting it to a refinery, turning it into gasoline, and distributing that gasoline, ExxonMobil cleared about 58 cents per gallon in 2007, based on figures in its annual report. Of that 58 cents, Exxon paid about 25 cents in federal income tax. The feds also collected 18.4 cents of excise tax per gallon. Meanwhile, the state of Michigan collects 19.875 cents per gallon of “excise and environmental” taxes, along with 24 cents of sales tax (at $4 per gallon). So, ExxonMobil nets 33 cents per gallon, while our federal and state governments take 87 cents per gallon.
So, who profits more from high oil prices? Big oil or big government?
Very interesting stats. Should be printed up and posted on every gas pump in the country.