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We also print money out of thin air, with nothing to back it up, therefore increasing the money
supply used to buy oil to infinite levels, while oil itself is a finite commodity. Big oil might
like this idea, but they don't run the Treasury or the Federal Reserve. |
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It is important to note in this debate that the big oil companies average about a 9% profit margin
on each gallon of gas sold in the US. The average tax on a gallon of gas ranges from 45-50% per
gallon. The rest goes to the costs of drilling for oil, refining it, and shipping a finished
product to the pump.
In other words, Big Oil only sees about $2 per gallon, and of that only about 18 cents is profit.
Is Big Oil responsible for high prices at the pump? No.
Big Government is. Now, I would have no issue with a gas tax, but when you consider income tax, sin
tax, estate tax, property tax, social security, medicare/medicaid, and all the other
tax-for-the-hell-of-it taxes levied on American consumers by the Government at local, state, and
federal levels, you can't help but wonder what their profits are.
Do I get upset because Exxon profited $10B in a month? Sure, but not because they shouldn't. It
upsets me because I'm jealous! That's a lot of money I could do cool things with!
Now, do the math. If Big Oil is seeing about $2 per gallon, that means that Big Gov't is also
seeing about $2 per gallon. I understand the break down of what happens with the Big Oil share, but
I never hear anything about what happens with the Big Gov't share. Why?
A 9% profit margin seems pretty fair to me. I can think of plenty of other businesses that do much
better than that. I am not convinced that Big Oil is the issue here.
I would like to see both McCain and Obama discuss this aspect of the "crisis at the pumps". |
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27 Jun 2008 04:46
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