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Oil Price Gouging, But It's NOT Just The Oil Companies

Discussion in 'Economy' started by Annie, Oct 30, 2005.

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Oct 30, 2005 #1

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Annie Diamond Member

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Anyone surprised?

http://taxprof.typepad.com/taxprof_blog/2005/10/gas_taxes_excee.html

Gas Taxes Exceed Oil Companies' Profits

Tax_foundation_9With BP, Exxon-Mobil, and Shell reporting record profits, the Tax Foundation reminds us in its latest Fiscal Fact that the biggest beneficiaries of gasoline sales are federal and state governments, not the oil industry:

High gas prices and strong oil company earnings have generated a rash of new tax proposals in recent months. Some lawmakers have called for new windfall profits taxessimilar to the one signed into federal law in 1980 by President Jimmy Carterthat would tax the profits of major oil companies at a rate of 50%. Meanwhile, many commentators have voiced support for the idea of increasing gas taxes to keep the price of gasoline at post-Katrina highs, thereby reducing gas consumption. However, often ignored in this debate is the fact that oil industry profits are highly cyclical, making them just as prone to busts as to booms. Additionally, tax collections on the production and import of gasoline by state and federal governments are already near historic highs. In fact, in recent decades governments have collected far more revenue from gasoline taxes than the largest U.S. oil companies have collectively earned in domestic profits....

[F]ederal and state taxes on gasoline production and imports have been climbing steadily since the late 1970s and now total roughly $58.4 billion. Due in part to substantial hikes in the federal gasoline excise tax in 1983, 1990, and 1993, annual tax revenues have continued to grow. Since 1977, governments collected more than $1.34 trillion, after adjusting for inflation, in gasoline tax revenuesmore than twice the amount of domestic profits earned by major U.S. oil companies during the same period:

chart at site.
Click to expand...
Oct 31, 2005 #2

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manu1959 Left Coast Isolationist

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a call BS....they virtually lost money for 18 years....they finally get their shit together and make some money and now they are gouging....
Oct 31, 2005 #3

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Annie Diamond Member

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manu1959 said:

a call BS....they virtually lost money for 18 years....they finally get their shit together and make some money and now they are gouging....
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Why don't the conservatives get pissed at the government? What about the liberals?
Oct 31, 2005 #4

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manu1959 Left Coast Isolationist

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Kathianne said:

Why don't the conservatives get pissed at the government? What about the liberals?
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where do their pay checks come from.....no sense biting the hand that feeds them
Oct 31, 2005 #5

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Annie Diamond Member

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manu1959 said:

where do their pay checks come from.....no sense biting the hand that feeds them
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Yah, that is what I was thinking.
Oct 31, 2005 #6

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manu1959 Left Coast Isolationist

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Kathianne said:

Yah, that is what I was thinking.
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pays for all their pork barrell crap as well which gets the re-elected....tobacco industry helps foot the bill as well....
Oct 31, 2005 #7

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Annie Diamond Member

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manu1959 said:

pays for all their pork barrell crap as well which gets the re-elected....tobacco industry helps foot the bill as well....
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Can you think of another lobby as hated?
Oct 31, 2005 #8

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manu1959 Left Coast Isolationist

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Kathianne said:

Can you think of another lobby as hated?
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gun lobby?....booze?.....genetic engineering?....the BAR
Oct 31, 2005 #9

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Annie Diamond Member

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manu1959 said:

gun lobby?....booze?.....genetic engineering?....the BAR
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Not even close...
Oct 31, 2005 #10

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Kathianne said:

Can you think of another lobby as hated?
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Banking/Credit card lobby..But the people just don't know it yet.
They were the force behind the new Bankrupcy laws.

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