Skip to comments.Gasoline Taxes Per Gallon Are Almost 7 Times ExxonMobil's Profit: 42 cents vs. 7 cents for Q1
Posted on 04/30/2011 10:17:21 AM PDT by Clint Williams
Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
This is from his site: Carpe Diem
The map above from API shows gasoline taxes by state (combined local, state and federal), which range from a low of 26.4 cents per gallon in Alaska to a high of of 66.1 cents per gallon in California, averaging 48.1 cents per gallon across all states. How does that compare to oil company industry profits per gallon?
According to this post on Exxon Mobil's Perspective Blog , "For every gallon of gasoline, diesel or finished products we manufactured and sold in the United States in the last three months of 2010, we earned a little more than 2 cents per gallon. Thats not a typo. Two cents."
Update: ExxonMobil is now reporting that for its retail gasoline operations in the U.S., it made an average profit of 7 cents per gallon during the first quarter of 2011.
The chart below shows the difference graphically:
The perfect sweetheart deal.
They need to at least end the additional tax on diesel fuel that was started during the Clinton administration. I forget how much it is, something like six or seven cents higher than on gasoline, but until it started diesel cost less per gallon than gasoline. In fact, it cost a good bit less than just the difference in taxes for a long time. They should be rewarding people for using diesel engines, not penalizing them.
If they want to do away with the subsidies for the oil companies, I hope the spineless, gutless, gonad deprived Re-puke-licans add foreign oil companies and nations to the list. Tell Petrobas and Saudia Arabia to pound sand and kiss a pig.