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Sunday, October 30, 2005

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” taxes—similar to the one signed into federal law in 1980 by President Jimmy Carter—that 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 revenues—more than twice the amount of domestic profits earned by major U.S. oil companies during the same period:

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» State and Federal Treasuries "Profit" More from Gasoline Sales than US Oil Industry from The New Editor
From The Tax Foundation: (via TaxProf Blog and Instapundit) Since 1977, governments collected more than $1.34 trillion, after adjusting for inflation, in gasoline tax revenues—more than twice the amount of domestic profits earned by major U.S. oil compan [Read More]

Tracked on Oct 30, 2005 12:28:57 PM

» Gas Taxes Greater than Profits from Estate Legacy Vaults Blog
Governments collect more in gas taxes than the largest US oil companies earn in profits. Since 1977, governments collected more than $1.34 trillion, after adjusting for inflation, in gasoline tax revenuesmore than twice the amount of domest... [Read More]

Tracked on Oct 30, 2005 3:21:11 PM

» Gouging Guile� from Mind in the Qatar
Why would you take the MSM's word for it? As night follows day, the howls of righteous indignation can now be heard eminating from Capitol Hill, and generally anywhere an enterprising politician can be found. [Read More]

Tracked on Oct 30, 2005 4:20:49 PM

» Lesson 1: Profits are Better than Taxes from jaceonline
In this case, it's not the taxes that bother me the most (although they do bother me). It's the way that tax hikers use "record profits" as a reason for raising taxes. As if profits are a social problem that must be curbed by government intervention,... [Read More]

Tracked on Oct 30, 2005 6:12:47 PM

» Mis-directed Anger from HoWeCogitate
I work one mile from my home, and my longest drive each week is to church (11 miles, soon to be 8 miles), so gas prices aren't a real big deal to me personally. I know most people drive [Read More]

Tracked on Oct 30, 2005 8:23:40 PM

» Mis-directed Anger from HoWeCogitate
I work one mile from my home, and my longest drive each week is to church (11 miles, soon to be 8 miles), so gas prices aren't a real big deal to me personally. I know most people drive more [Read More]

Tracked on Oct 30, 2005 8:31:51 PM

» The price of Gasoline from Synthstuff - music, photography and more...
Very interesting news from the TaxProf Blog: Gas Taxes Exceed Oil Companies ProfitsWith 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 a... [Read More]

Tracked on Oct 30, 2005 9:21:59 PM

» Daily News For October 31, 2005 from Right Wing News
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» Daily News For October 31, 2005 from Right Wing News
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» Don't tell Chuck Schumer from Alarming News
Instapundit: WHO'S GETTING THE MOST FROM YOUR GASOLINE DOLLARS? TaxProf reports: "Since 1977, governments collected more than $1.34 trillion, after adjusting for inflation, in gasoline tax revenues—more than twice the amount of domestic profits earned ... [Read More]

Tracked on Oct 31, 2005 7:32:01 AM

» Don't tell Chuck Schumer from Alarming News
Instapundit: WHO'S GETTING THE MOST FROM YOUR GASOLINE DOLLARS? TaxProf reports: "Since 1977, governments collected more than $1.34 trillion, after adjusting for inflation, in gasoline tax revenues—more than twice the amount of domestic profits earned ... [Read More]

Tracked on Oct 31, 2005 7:33:48 AM

» Tax & Spend from amcgltd
While everyone in the media and in government are wailing away about record oil company profits, hardly anyone is mentioning who the real beneficiary is: With BP, Exxon-Mobil, and Shell reporting record profits, the Tax Foundation reminds us in... [Read More]

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» The REAL Gas Price Gougers from Hard Starboard
....are NOT the "Big Oil" companies: [T]he biggest beneficiaries of gasoline sales are federal and state governments, not the oil industry. [F]ederal and state taxes on gasoline production and imports have been climbing steadily since the lat... [Read More]

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» The REAL Gas Price Gougers from Hard Starboard
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Tracked on Oct 31, 2005 9:02:03 AM

» The REAL Gas Price Gougers from Hard Starboard
....are NOT the "Big Oil" companies: [T]he biggest beneficiaries of gasoline sales are federal and state governments, not the oil industry. [F]ederal and state taxes on gasoline production and imports have been climbing steadily since the late ... [Read More]

Tracked on Oct 31, 2005 9:04:06 AM

» Big oil company profits from Mike's Noise
... apparently they go straight to your neck. Seriously, should we be concerned now that virtually all of the major US oil producers have reported hefty third quarter profits? [Read More]

Tracked on Nov 1, 2005 2:58:43 PM

» Big oil company profits from Mike's Noise
... apparently they go straight to your neck. Seriously, should we be concerned now that virtually all of the major US oil producers have reported hefty third quarter profits? [Read More]

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» Gas Price Gouging - The Real Culprit from AlabamaWatch.com
I came across this article on TaxProf that tells the tale about who is really doing the gouging at the pumps. The skinny version is that we are being gouged by the government far more than by oil companies. Since 1977, governments collected more t... [Read More]

Tracked on Nov 3, 2005 5:30:05 PM

» Gasoline Taxes > Oil Company Profits? from The Fire Ant Gazette
The Tax Foundation reports that state and federal governments routinely collect more in gasoline taxes than oil and gas companies make from their combined domestic production. [Read More]

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» So They ARE Gouging Gasoline Consumers from Texas Rainmaker
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» Gasoline Taxes > Oil Company Profits? from The Fire Ant Gazette
The Tax Foundation reports that state and federal governments routinely collect more in gasoline taxes than oil and gas companies make from their combined domestic production. [Read More]

Tracked on Jan 28, 2007 6:53:34 PM