But FactCheck.org examined these claims and concluded that "the 7-cents-per-gallon figure grossly underestimates the industry's earnings. It includes only earnings from the sale of gasoline and not earnings on producing and selling crude oil. There are no independent figures on how much oil companies earn on a gallon of gasoline." According to Energy Information Administration economist Neal Davis, trying to determine such a figure would be "heroic at best" and "sadly misinformed ... at worst."
So does the government really "rake in a larger profit at the pump" than oil companies? The federal government certainly doesn't. According to the Congressional Research Service, the five major oil companies made almost $133 billion in profits in 2011. Exxon alone made more than $41 billion. By contrast, the federal gas tax generated $24 billion in revenue for the Highway Trust Fund in 2011.