Poll Shows "Incredible" 80% Of US Voters Support Windfall Tax On Big Oil

[skews13]

New survey data out this week shows that U.S. voters—regardless of party affiliation—overwhelmingly support a windfall profits tax on U.S. oil corporations that are usingRussia's war on Ukraine to hike prices at the pump.

"GOP and industry disinformation is failing to convince people—voters know Big Oil is to blame."

According to polling results released by the League of Conservation Voters, 80% of U.S. voters—including 73% of Republicans—support "placing a windfall profits tax on the extra profits oil companies are making from the higher gasoline prices they are charging because of the Russia-Ukraine situation."

Poll shows 'incredible' 80% of US voters support windfall tax on big oil

New survey data out this week shows that U.S. voters—regardless of party affiliation—overwhelmingly support a windfall profits tax on U.S. oil corporations that are using Russia's war on Ukraine to hike prices at the pump."GOP and industry disinformation is failing to convince people—voters know...

www.rawstory.com

Yep, they know who's to blame.

 

[EvilCat Breath]

This is disinformation in a big way. Very few don't know that all tax is passed on to the consumer. A windfall tax is also known as a "crush you" tax.

 

[1srelluc]

 

[Hang on Sloopy]

New survey data out this week shows that U.S. voters—regardless of party affiliation—overwhelmingly support a windfall profits tax on U.S. oil corporations that are usingRussia's war on Ukraine to hike prices at the pump.

"GOP and industry disinformation is failing to convince people—voters know Big Oil is to blame."

According to polling results released by the League of Conservation Voters, 80% of U.S. voters—including 73% of Republicans—support "placing a windfall profits tax on the extra profits oil companies are making from the higher gasoline prices they are charging because of the Russia-Ukraine situation."

Poll shows 'incredible' 80% of US voters support windfall tax on big oil

New survey data out this week shows that U.S. voters—regardless of party affiliation—overwhelmingly support a windfall profits tax on U.S. oil corporations that are using Russia's war on Ukraine to hike prices at the pump."GOP and industry disinformation is failing to convince people—voters know...

www.rawstory.com

Yep, they know who's to blame.

Hey Chuck and Duck. Long time no Chuck ass wipe

Gas station owners are still suffering because of your Covid bull shit and torture

The fuck up you cheated in is the reason

 

[Meister]

New survey data out this week shows that U.S. voters—regardless of party affiliation—overwhelmingly support a windfall profits tax on U.S. oil corporations that are usingRussia's war on Ukraine to hike prices at the pump.

"GOP and industry disinformation is failing to convince people—voters know Big Oil is to blame."

According to polling results released by the League of Conservation Voters, 80% of U.S. voters—including 73% of Republicans—support "placing a windfall profits tax on the extra profits oil companies are making from the higher gasoline prices they are charging because of the Russia-Ukraine situation."

Poll shows 'incredible' 80% of US voters support windfall tax on big oil

New survey data out this week shows that U.S. voters—regardless of party affiliation—overwhelmingly support a windfall profits tax on U.S. oil corporations that are using Russia's war on Ukraine to hike prices at the pump."GOP and industry disinformation is failing to convince people—voters know...

www.rawstory.com

Yep, they know who's to blame.

A poll shows? First you have to establish that fact, In the past, after several attempts it was never established that there was a windfall
for the oil companies.
The fed nets a hell of a lot more on a gallon of gas than the oil companies do.
Skewed, pull your head out of your ass for once.

 

[Meister]

New survey data out this week shows that U.S. voters—regardless of party affiliation—overwhelmingly support a windfall profits tax on U.S. oil corporations that are usingRussia's war on Ukraine to hike prices at the pump.

"GOP and industry disinformation is failing to convince people—voters know Big Oil is to blame."

According to polling results released by the League of Conservation Voters, 80% of U.S. voters—including 73% of Republicans—support "placing a windfall profits tax on the extra profits oil companies are making from the higher gasoline prices they are charging because of the Russia-Ukraine situation."

Poll shows 'incredible' 80% of US voters support windfall tax on big oil

New survey data out this week shows that U.S. voters—regardless of party affiliation—overwhelmingly support a windfall profits tax on U.S. oil corporations that are using Russia's war on Ukraine to hike prices at the pump."GOP and industry disinformation is failing to convince people—voters know...

www.rawstory.com

Yep, they know who's to blame.

You always use a lame obscure poll.
LCV? "Our Earth is worth fighting for"? Once again

 

[pknopp]

Odd they would support a tax on oil but not on those running the price of oil up.

 

[Sunni Man]

All a so called "windfall tax" would do is increase prices at the pump for the consumer.
And give the government even more billions to throw away on useless social programs and hand out to foreign countries that hate us. ...

 

[JoeMoma]

This is disinformation in a big way. Very few don't know that all tax is passed on to the consumer. A windfall tax is also known as a "crush you" tax.

Yep, it will simply drive gas prices even higher.

 

[Meister]

I know this is from an old source, but when this issue came up in the past, there studies done on it.
I imagine things haven't changed all that much.

America's largest oil and gas companies recently announced their earnings reports for the first quarter of 2011. The figures were eye-popping: Exxon Mobil alone posted $10.7 billion in profits. Chevron and ConocoPhillips --the next two biggest U.S. firms in the industry--posted smaller but still impressive numbers of $6.2 billion and $3 billion, respectively.


All these results reflected large increases from last year's numbers.

The expected political backlash came quick and hard. President Obama publicly pressed for new taxes. In reference to the Royal Wedding, the Democratic Congressional Campaign Committee sarcastically invited Americans to the "R-Oil wedding."

Of course amid all the political posturing, none of these legislators stopped to ask why oil industry earnings had jumped--or what these new figures actually mean for Americans who not only buy gasoline but also are broad-based investors. Nor did the sound-bite artists consider the industry's inherent price cycle and why economists link profits to economic coordination and growth.
Political unrest in Egypt, Libya and other oil-rich countries has led to fears about the supply of crude oil, the essential component of car-ready gas, and driven up its market value. In fact, the price of crude oil jumped 16% in the first quarter, and today hovers at or above $100 per barrel.
Industry profit margins are cyclical too. But on average, between 2006 and 2010, the largest oil companies averaged a profit margin of around 6.5%. This pales in comparison to profit margins in just about every other industry. The pharmaceutical industry, for example, routinely averages a profit margin of about 16%. The soft drink market is even more lucrative.

At the gas tank integrated oil companies make about 7 cents per gallon. Meanwhile, the government extracts more than 48 cents, on average, per gallon. That's right: Uncle Sam takes nearly seven times more out of drivers' wallets via taxation than "Big Oil."

Oil Company Earnings: Reality Over Rhetoric

Oil companies' profit margins are really quite pedestrian.

www.forbes.com

Oil & Gas Profit Trends​

By the broadest measure used to calculate the gross domestic product, aggregate corporate profits from petroleum and coal products increased to a seasonally adjusted annual rate of $11.2 billion in Q3 2021, from $2.7 billion in Q2 2021 and losses at a $55.6 billion annual rate in Q3 2020. Those figures include midstream profits from shipping and storing crude and downstream income from refining it in addition to the profits of the upstream oil and gas drillers.5


Meanwhile, the reported net profits of 41 large publicly traded oil and gas producers and refiners, also in Q3 2021, totaled $16.7 billion, compared with a loss of $16.7 billion a year earlier.6

Chevron Corporation (CVX) alone reported Q4 2021 earnings of $5.1 billion and annual fiscal 2021 earnings of $15.6 billion. Chevron had $29.2 billion in annual cash flow from operations, free cash flow of $21.1 billion and spent $11.6 billion on dividends and share repurchases.7



Industry critics contend oil industry profits would be better spent on lowering energy prices, with direct subsidies or through investments in increased production.89 Energy company investors have strongly disagreed, often pressing for increased share repurchases and dividends.10

Oil and Gas Drilling Profit Margin​

In Q4 2021, the average net margin for oil and gas production was 31.3% according to CSIMarket. That was up from 3.2% in Q3, -1.4% in Q2 and -22% in Q1, for a 12-month trailing average of 4.7%.2




A different online data set based on fiscal year 2020 accounting data calculates the average net profit margin for the oil and gas production and exploration sector at about 2.8%.34

Average Profit Margin for Oil & Gas Drilling Sector Companies

Oil industry profit margins can be volatile, ranging widely with energy prices. We look under the hood.

www.investopedia.com

Hit me up if you want to see more.
I laugh when I hear windfall profits from the oil industry.

 

[pknopp]

Political unrest in Egypt, Libya and other oil-rich countries has led to fears about the supply of crude oil

With all those "fears" being unfounded.

 

[Meister]

Political unrest in Egypt, Libya and other oil-rich countries has led to fears about the supply of crude oil

With all those "fears" being unfounded.

The cartel countries raised those prices per barrel, not the oil companies.

 

[pknopp]

The cartel countries raised those prices per barrel, not the oil companies.

No, the markets did.

 

[Meister]

No, the markets did.

It's a blend, supply side does have an effect controlled by the countries.
But, it's not controlled by the oil companies.

 

[Toddsterpatriot]

New survey data out this week shows that U.S. voters—regardless of party affiliation—overwhelmingly support a windfall profits tax on U.S. oil corporations that are usingRussia's war on Ukraine to hike prices at the pump.

"GOP and industry disinformation is failing to convince people—voters know Big Oil is to blame."

According to polling results released by the League of Conservation Voters, 80% of U.S. voters—including 73% of Republicans—support "placing a windfall profits tax on the extra profits oil companies are making from the higher gasoline prices they are charging because of the Russia-Ukraine situation."

Poll shows 'incredible' 80% of US voters support windfall tax on big oil

New survey data out this week shows that U.S. voters—regardless of party affiliation—overwhelmingly support a windfall profits tax on U.S. oil corporations that are using Russia's war on Ukraine to hike prices at the pump."GOP and industry disinformation is failing to convince people—voters know...

www.rawstory.com

Yep, they know who's to blame.

Using the war to raise prices? LOL!

Liberals never were very good at economics.

Yep, they know who's to blame.

Idiots are to blame, but enough about the Dems.

 

[Toddsterpatriot]

Odd they would support a tax on oil but not on those running the price of oil up.

I'd support a tax on stupid dems.

 

[Toddsterpatriot]

Political unrest in Egypt, Libya and other oil-rich countries has led to fears about the supply of crude oil

With all those "fears" being unfounded.

When you see unfounded fears, you should sell short.

Please post your results here.

 

[Toddsterpatriot]

No, the markets did.

Not the producers?

 

[pknopp]

When you see unfounded fears, you should sell short.

Please post your results here.

Remember when we all had to walk because there was no oil available? No? Me either.

 

[pknopp]

Not the producers?

Markets. In theory producers could but it's the markets. Need is being met.