Big Oil’s Windfall Profits – My attempt to get to some of the truth. It’s not always easy with all the political spin out there.
Before you send hate mail, I’m not a supporter of the big oil companies. Yet what really disturbs me is how they have been portrayed as evil for “Record Profits.”
None of the news reports that I’ve read talked about the record amount of taxes these companies have paid. So I decided to do a little myself, it’s pretty easy since they are all publicly traded companies. I took just Exxon Mobile:
In the last Quarter they made:
22,206,000,000.00 that’s twenty-two billion two hundred and six million dollars. Now that is an impressive amount.
The also paid during that same quarter:
10,526,000,000.00 that’s ten billion five-hundred and twenty-six million dollars in Income taxes or 47.4 percent.
Or to look at it another way they paid in taxes after all other expenses:
117,333,333.00 one hundred seventeen million three hundred thirty-three thousand and three hundred and thirty-three dollars a day in taxes.
If you ask me that is a lot of tax revenue and this does not even count the taxes we pay at the pump.
I’ve seen reports that we consume approximately 400,000,000 that’s four hundred million gallons of gasoline alone per day in the U.S.
With statistics that show the the average U.S. Gas tax rate at 49.4 cents Fed – State and Local we find:
Gas generates in the U.S everyday approximately 197,600,000.00 dollars in tax revenue.
We’ve no doubt heard that with the decrease in driving they are already looking to raise the federal gas tax another 10 cents doesn’t sound like much does it.
The question we all need to be asking ourselves is, when we do finally move away from the fossil fuels where will our government with it’s insatiable appetite get the revenue it needs to sustain this spending spree.
Will they begin to charge us for the sunshine we receive to generate the electricity from our solar panels? From the wind that blows across our property?
So in my opinion it doesn’t really matter who gets elected they will continue to drill and produce more oil and revenue for the government.
This will continue until the come up with a plan to replace the tax revenue from oil with a new tax for energy produced by renewable energy sources.