Thursday, April 27, 2006
Who Profits at the Pump?
Over the past quarter century, oil companies directly sent more than $2.2 trillion in taxes, adjusted for inflation, to state and federal governments — three times what they collectively earned in profits over the same time period. Yet some politicians say this is not enough and are proposing a new “windfall profits” tax to raise billions more for federal coffers.
...Today, Americans pay an average of 45.9 cents in taxes per gallon of gas. The federal gas tax is 18.4 cents per gallon while the average state and local tax is 27.5 cents. ...
Exxon Mobil president says they make only nickel a gallon profit
DALLAS _ Exxon Mobil Corp. Chairman Lee Raymond said that no matter how high gasoline prices may be at the pump, oil companies like his take no more than 3 to 5 cents per gallon in profit.
"Most of the cost of the price of gasoline at the pump is for taxes and the purchase of crude oil...
What do oil companies make on a gallon of gasoline?
An industry-wide study in the late 1990s showed that oil industry profits amounted to an estimated 7.3 cents on each gallon sold. More recently, ConocoPhillips reported that during the third quarter of 2005 earnings from its U.S. refining and marketing operations amounted to 9 cents per gallon....