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:
Sure puts things in perspective.
Yup. And the unwashed masses just lap up that the “greedy oil companies need to pay their fair share”.
And all they had to do for that $0.48/gallon was to demand it and collect it.
Such a deal.
Medieval serfs got to keep 1/3 of what they brought in. We’ve come to the end of the road to serfdom, and are pressing onward.
If Exxon Mobile can survive and be as big as it is on $.07 profit, why is government broke when they collect $.48 per gal PLUS all the other taxes that are in many cases on average a greater percentage as the tax/cost on gasoline?
“Yup. And the unwashed masses just lap up that the ‘greedy oil companies need to pay their fair share’.
They used to post the amount of tax per gallon on the pumps here in California. Now I know why that is no longer required. Also, as the price per gallon goes up the 9% sales tax goes up.
Government's response: This is proof that we need more than $.48 per gallon.
Hmmm. Any idea how much total dollars are brought in each year and decade to the US treasury for combined energy sources?
What I want to know is how the highways can all be going to hell in a hand basket when gasoline taxes are so high. What percentage of gasoline taxes actually end up spent on the highways?
Not only is the tax on gasoline way out of hand, we pay tax on a full gallon of gasoline but only get 85 or 90 percent gasoline. What a ripoff all the way around. Tax us, give the tax money to democrat fascist pals in the ethanol club, then tax us on the ethanol as if it’s a one to one replacement for gasoline. Adjust the figures on that map to reflect what percentage of the fuel you get at the pump is actually gasoline rather than ethanol and you have the real tax per gallon of gasoline.
Very good info.
Those figures are not exactly true!
Mostly smoke and mirrors.
I’ve long known this, and talked about it.
If the GOP gave a crap about us, they would have proposed and followed through with a vote to cut the taxes out.