Posted on 03/06/2022 9:52:37 PM PST by SeekAndFind
AAA announced that the U.S. average gas price is now slightly more than $4 per gallon. Gas is at its highest since 2008. But before gas prices took a jump due to the first Green New Deal War, being hosted this year by Ukraine and Russia, there was Bidenflation, supply chain fiascos, COVID-19 lockdowns, and Joe Biden’s turn toward windmills and Chinese solar panels to fuel cars and planes. And because he took America away from making most of its own energy, we suckers in the provinces are staring down the barrel of $7-per-gallon gas.
Even electric car maker and spaceship builder Elon Musk thinks outsourcing our gas needs is a really dumb idea.
Hate to say it, but we need to increase oil & gas output immediately.
Extraordinary times demand extraordinary measures.
— Elon Musk (@elonmusk) March 5, 2022
As night follows day, Democrats eventually will pivot to meaningless hearings and investigations into those darned greedy executives who make too much money on high gas prices! California congressional backbencher John Garamendi has already demanded an investigation. The hue and cry will grow louder at some point. But before you linger your gaze too long on their gaslight, you need to know who’s really making bank on gas.
Sure, oil companies make plenty of money off American gas buyers, but they’re not the greediest bunch out there. It turns out that the greedy executives hoovering up most of the money you spend for a gallon of gas aren’t Stetson-wearing Bubbas in Houston. No, the greediest ones are sitting in statehouses and governors’ mansions all over the country.
Every year the National Tax Foundation updates its list of greedy state governments that skim more money from every gallon of gas than Bubba.
(Excerpt) Read more at pjmedia.com ...
Taxes:
Federal Excise Tax: 18 cents per gallon
State Excise Tax: 51 cents per gallon
Sales Tax (estimated): 10 cents per gallonFees:
Low Carbon Gas Programs: 22 cents per gallon
Greenhouse Gas Programs: 15 cents per gallon
Underground Tank Storage: 2 cents per gallon
That means that if I fill up my 23-gallon gas tank in California, the state gets 26 bucks. Counties also take their own cut. Your tax mileage may differ.
Who’s the greedy one now?
If gas stations did this, they might be charged with profiteering, or John Garamendi would call for another useless investigation — which would mysteriously fall into the news memory hole the minute ADD reporters found something else to focus on.
Gas station owners, who usually own only one station, make more money on their mini-marts than on gas. Gas is practically a loss leader. Gas station owners make more on hot dogs, big gulps, and coffee than gas. By the time gas stations factor in their costs, such as labor, insurance, franchise fees, and credit card fees, they may make four to seven cents per gallon. It’s not nothing, but it’s not as much as the government takes for doing nothing to create or produce the product.
And what does Bubba the executive at the oil company make? According to the Natural Resources Defense Council, Bubba makes $1.12 for overhead, pumping the oil, and getting the oil to a refinery. Refiners make about five cents a gallon. The oil tankers and pipeline operators make a penny a gallon.
Add on costs look like my electric bill!
Well Vicky, right now it’s only Biden and Pooty Pooh who are cleaning up from all the gouging going on.
Okay, so now we’ve killed the Keystone pipeline.
We’ve refused to issue new permits to drill.
We’ve sold our soul to Russia.
And now...
We’re going to start blaming the people who have not been
able to run a free enterprise version of business, so that
the government can swoop in and nationalize the oil
industry?
Wow, what a swell idea.
Generally it’s a good idea to look at an industry that
is fairly level, and pick on people for not doing the
right thing. You don’t go after people who can’t do
the right thing, and screw them over.
Don’t beat me anymore, Boss! I confess I’m one of those greedy capitalists who owns them damn oil and energy stocks.
Not the Briar Patch!! Noooo!!!!!
BTTT
I asked CA freepers what they paid in 2008 when crude hit over $140. Most said about $4.35. Today they are paying $5. So it’s taxes jacking prices to new recotds.
Well no kidding, Why do ya think they call them greedy marts? If they'll jack up the price of a hot dog, they'll do it to gas as well.
Which greedy politicians?
Joe Biden
Nancy Pelosi
Kamala Harris
More than 20% of oil is originally pumped from Persian Gulf and Russian wells.
Every drop from the Gulf is either owned by a royal family or a national government.
Superficially, most of Russian oil is owned by oligarchs, but ALL of them ultimately report to Vladimir Putin.
There’s a helluva lot more headroom to jack the price of soda and hot dogs than gasoline.
You may not know, but the major refiners typically only notch single-digit profits, and you can bet they’re not settling for being the lowest-compensated parties in the gasoline food chain.
The actual producers make most of the markup between production cost and producers price, ie, the spot price of petroleum or futures contracts. All the US oil majors are up bigtime.
The truckers are going to be SCREWED, how in the hell will they be able to afford this BS!!!
Even IF we take the house and senate what the hell good will that do they can’t over ride Bidens executive order of closing our pipelines!!
IMHO, the WH is/will be in panic mode. During the SOTU gas was still “cheap” in may area, maybe $3.50 range and really wasn’t discussed and was brushed under the rug.
Now, almost everywher is over $4.00/gal or even $5 in places like CA.
They did the “stunt” of the release of a few days of oil from the SPR, hoping prices would go down. They are/will be backed into a corner soon as
a)people won’t tolerate this and it will hurt them ion the mid-terms, just like Covid was, so they called it over
b) sustained high prices will cause a recession. A few weeks, it will hurt but might not stop you Friday date night dinner. If it continues for much longer, say a month or even into the busy summer travel season, they will have to do something as elections are getting closer.
I have a feeling we may see a reversal on drilling, pipelines, etc. just like the reversal son re-funding the police.
I expect freight rates will increase. Everyone will be screwed by rising prices in general.
Most of the refiners are owned or part-owned by an oil major, who also own producing assets (oil leases with wells, or an interest in others that do that), they are diversified. Some parts of all that certainly do make a lot on rising oil prices.
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