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Additionally the EPA with their regional and seasonal gasoline formulas are killing our economy.
If you look at these numbers you realize the 4 billion$$$ figure is meant to elicit an emotional response.
WOW! 4 billion$$$ !!!!
Sounds outrageous until you consider some other numbers.
Then you have to ask what does the government do with all that money collected in tax, rent, royalties, etc?
That 4 billion 'rapper refrain' seems nothing but class warfare. the eqivalence of half a billion$$$ wasted just on Solyndra, without remorse, was considered a worthwhile investment. the Obama administration has no concept of financial equivalence as defined by the rest of the country. Under the guise of a quantitive argument, 4 Billion$$$ is used simply to evoke an emotional reaction.
Keep the perspective whenever the scent of class warfare rears it's head
"Major energy producers pay at least their fair share and are a tremendous source of public revenue.
Income Taxes $1 Trillion Total income taxes paid or incurred by major energy producers from 1980 through 2009.1
$376 Billion Total income taxes paid or incurred for the five years from 2005 to 2009 with over $110
billion paid to U.S. taxing authorities.1
$35.7 Billion Income taxes paid or incurred in 2009 alone by major energy producers. 1
41.1 percent U.S. oil and gas industry’s 2010 income tax expenses as a share of net income.
26.5 percent All non-oil and gas S&P Industrials income tax expenses for 2010.
Non-Income and Excise Taxes
$362 Billion Excise taxes paid on petroleum products to U.S. taxing authorities by the oil and
natural gas industry from 2005-2009.2
$68 Billion Other non-income taxes paid to U.S taxing authorities from 2005-2009,
not including excise taxes collected and remitted on petroleum products.3
Rents, Royalties, and Fees
$30 Billion Land use fees paid to the U.S. government between 2008 and 2010, over $5
billion more than the 2009 budgeted discretionary spending for the Department of Energy. 4
$187 Billion From 1982 through 2010, the United States government collected rent,
royalty, and bonus payments from the oil and gas industry totaling more than $187 billion, with almost $96 billion having been received or accrued since 2001.5
So what does this all mean? America’s oil and natural gas industry pays over $86 million every day in rents, royalties, bonuses and income tax payments to the federal government. Calls to increase taxes on oil and natural gas companies would undermine revenues returned to the federal government.
Using two econometric models, a Wood Mackenzie study finds that from 2011 to 2025, increased access to resources generates $150 billion in additional government revenue; compared to increased taxes which decrease net revenues by $128 billion."
I want prices to be lower too. Agreed they dont need handouts. I don't know where you saw me say that or that I was in favor of that. I do know where you pulled it out of.
Do you know the profit percentage they make? Why risk a ton of money in order to make a .5 percent profit? I wouldn't. The idea is to make a high profit percentage.
Um, they've already made $5.8 billion dollars so far this year.
You do know they've been making record profits year after year after year?
PROFITS. Not revenue, PROFITS.
I dont think you understand what profit percentage they make. I know you dont understand that profitable companies hire people otherwise why tax them more? Do you hate companies that create jobs?
When a company that refines oil into gasoline earns 2-5 cents per gallon, and the government, which risked nothing and did nothing to produce that same gallon of gasoline earns about 40 cents per gallon, something is seriously wrong.
When a company that refines oil into gasoline earns 2-5 cents per gallon, and the government, which risked nothing and did nothing to produce that same gallon of gasoline earns about 40 cents per gallon, something is seriously wrong.
You have to look into the oil hating liberal brainwashed mind though........
Government=good
Oil Company=bad
That is the story they're told and they are sticking to it.
Profits are good. Ask every union member who has a pension or folks who have 401K's which all have interests in the evil oil industry.
Oil is a commodity just like corn, and just like corn, the more our farmers grow and put onto the global market, the greater the supply and the lower the cost to consumers.
But unlike corn, or wheat or cotton, when prices go up due to drought or fire, the dems in government aren't ignorant enough to tell the people to simply buy less cotton clothing and eat less food, they call for more subsidize for farmers so they can grow more wheat, corn and cotton.
Poor poor big oil, they are laughing all the way to the bank with record profits quarter after quarter, while people are struggling at the pump. So let's reward them with even more government handouts and tax breaks, great idea Rand
Exxon makes 2 to 7 cents profit per gallon on average. The United States government gets a minimum 18.4 cents per gallon regardless of private profits.
Obama and co. ran like Usain Bolt and cut the payroll tax to help the po folk in the US in these dire times. I wonder why they aren't running over and cutting that gas tax so folks can keep some more in their pocket?
Exxon makes 2 to 7 cents profit per gallon on average. The United States government gets a minimum 18.4 cents per gallon regardless of private profits.
You were saying?
First off you're conflating gasoline tax with corporate profits. But let's go with that... Suppose we took that $.18 in federal gas taxes and handed it over to the oil companies, are they suddenly going to build and maintain our highways and bridges? Better hope they do because you just took away a major funding mechanism for our transportation infrastructure.
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