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Author	Topic: Government made more profit on gasoline than ExxonMobil in 3Q	Post a Reply Back to Topics

PD Moderator	Message Posted: Oct 31, 2011 10:50:34 AM Ignore PD Report Abuse That's right. In the third quarter, ExxonMobil, the largest oil company in the world, earned $10.3 billion dollars. Many people cry foul at how much money was earned. However, have you ever stopped to think how much money the government collects on gasoline? Let's do the math. The U.S. consumes we'll say an average of 9.2 million barrels of gasoline per day. That's about 386.5 million gallons of gasoline- everyday. Using numbers from the American Petroleum Institute, who tracks the average taxes paid per gallon, we know the average total combined tax per gallon in the U.S. is 48.8 cents per gallon, of which 18.4 cents goes to the Feds. Now, doing the math, various branches of government collect 48.8c/gal times 386.5 million... Visit GasBuddy Blog for full article

Moderator

Message Posted: Oct 31, 2011 10:50:34 AM

Ignore PD Report Abuse

That's right. In the third quarter, ExxonMobil, the largest oil company in the world, earned $10.3 billion dollars. Many people cry foul at how much money was earned. However, have you ever stopped to think how much money the government collects on gasoline?

Let's do the math. The U.S. consumes we'll say an average of 9.2 million barrels of gasoline per day. That's about 386.5 million gallons of gasoline- everyday. Using numbers from the American Petroleum Institute, who tracks the average taxes paid per gallon, we know the average total combined tax per gallon in the U.S. is 48.8 cents per gallon, of which 18.4 cents goes to the Feds.

Now, doing the math, various branches of government collect 48.8c/gal times 386.5 million...

Visit GasBuddy Blog for full article

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SavingInNC Champion Author North Carolina Posts:5,929 Points:1,119,215 Joined:Oct 2006	Message Posted: Dec 15, 2011 7:08:10 PM Ignore SavingInNC Report Abuse Surprise
fueldrinkerOH All-Star Author Cincinnati Posts:611 Points:530,830 Joined:Jun 2011	Message Posted: Nov 9, 2011 3:53:57 PM Ignore fueldrinkerOH Report Abuse And you can rest assured that every tax dollar collected is meticulously spent in a quality, cost saving manner. I don’t believe it either.......
kiosk12y Champion Author Tulsa Posts:3,714 Points:704,610 Joined:Mar 2011	Message Posted: Nov 8, 2011 4:40:17 PM Ignore kiosk12y Report Abuse someone always gonna get paid.
Bill8177 All-Star Author Tampa Posts:605 Points:865,205 Joined:May 2007	Message Posted: Nov 8, 2011 10:21:49 AM Ignore Bill8177 Report Abuse Wow
staarduster Champion Author North Carolina Posts:1,530 Points:333,245 Joined:Aug 2008	Message Posted: Nov 7, 2011 1:27:36 PM Ignore staarduster Report Abuse They hurriedly said, yes, we have roads to pay for. They did not deduct that cost, so profit is misstated. Terrible reporting, just trying to stir up more trouble. You really have to try the spirits these days in everything because most reports are lies meant to deceive.
clpassenubye Champion Author Los Angeles Posts:3,374 Points:776,930 Joined:Mar 2011	Message Posted: Nov 7, 2011 10:31:49 AM Ignore clpassenubye Report Abuse WTH!
Gas4Gore Champion Author Detroit Posts:2,529 Points:445,200 Joined:Jan 2010	Message Posted: Nov 3, 2011 4:45:31 PM Ignore Gas4Gore Report Abuse So why aren't the occupyers in Washington, D.C. in front of the White House. Oh that's right, they are waiting for free schooling and food and housing and down with cops and country and capitalism.
mrpc90 Champion Author Illinois Posts:8,213 Points:1,953,435 Joined:Dec 2004	Message Posted: Nov 2, 2011 6:01:33 AM Ignore mrpc90 Report Abuse And some people are so stupid, they still don't get it. Remember when Maxine Waters (a democrat) was threatening to "socializ..." the oil companies?
epf Champion Author Grand Rapids Posts:6,475 Points:1,919,035 Joined:May 2004	Message Posted: Nov 2, 2011 3:31:48 AM Ignore epf Report Abuse How did I miss this one?
doctorindyj Champion Author Santa Fe Posts:3,543 Points:865,285 Joined:Nov 2009	Message Posted: Nov 1, 2011 9:54:36 AM Ignore doctorindyj Report Abuse Well you have to remember that the oil companies have to compete against each other while the Government doesn't have to compete with anybody. They just take the taxes from whoever buys not just from an individual company. Also they should add in the income taxes that the oil companies pay on their profits.
drpepperTX Champion Author Texas Posts:9,165 Points:779,850 Joined:Apr 2011	Message Posted: Nov 1, 2011 9:36:02 AM Ignore drpepperTX Report Abuse Here's another little bit of info the haters ignore. Exxon makes $0.02 (that's right 2 cents) profit per gallon of gasoline sold. Their profit margin for the most recent quarter ending Sept 30, 2011 was 9.64%. Hardly the deceptive headline the other day that profits were up by 41%. But then again the class envy crowd doesn't pay attention to actual accounting figures. Exxon Profit Margin Exxon Makes 2 Cents Per Gallon Profit [Edited by: drpepperTX at 11/1/2011 11:38:08 AM EST]
remay Champion Author Houston Posts:7,083 Points:2,144,190 Joined:May 2006	Message Posted: Nov 1, 2011 7:12:54 AM Ignore remay Report Abuse fuzzy math - I doubt we aren't getting all the info...
JuicyQ69 All-Star Author San Bernardino Posts:661 Points:1,164,005 Joined:Apr 2009	Message Posted: Oct 31, 2011 11:55:33 PM Ignore JuicyQ69 Report Abuse I just don't understand...then why isn't our country in better shape? (at least a little)
CdnLynx Champion Author Ontario Posts:1,082 Points:538,640 Joined:May 2008	Message Posted: Oct 31, 2011 10:40:45 PM Ignore CdnLynx Report Abuse DrPepperTX, yes thanks I caught the AmericanThinker article and I read it over. Sent you response on your whiteboard. (apologize for few typos getting tired and rushing). Privacy is the controlling factor, however it would be nice if the U.S gov't, taxation/treasury dept, were to give the definable amount of taxes both Sales and Income tax, paid yearly by major corporations. I gave my reasons, as why, they like the little guy, should be paying there fair share of taxes. Regards!
granitestater Champion Author New Hampshire Posts:8,987 Points:1,459,425 Joined:Oct 2008	Message Posted: Oct 31, 2011 10:35:53 PM Ignore granitestater Report Abuse most people on this site complain about oil (futures) versus gas (pump) prices. they don't understand that futures have no tax added. and pump prices have refining, shipping and taxes up the yin/yang...
MidNJ Champion Author New Jersey Posts:7,686 Points:1,198,065 Joined:Sep 2009	Message Posted: Oct 31, 2011 10:23:11 PM Ignore MidNJ Report Abuse Wow! 103 votes!!! I wonder if this is the top number of votes that an article can get. Do you? :)
TekWare Champion Author Toronto Posts:3,307 Points:701,285 Joined:May 2011	Message Posted: Oct 31, 2011 10:07:54 PM Ignore TekWare Report Abuse I believe you use that money to go to war against all those other countries that you are always at war with. Stop it and you can have lower taxes.
drpepperTX Champion Author Texas Posts:9,165 Points:779,850 Joined:Apr 2011	Message Posted: Oct 31, 2011 10:07:16 PM Ignore drpepperTX Report Abuse EZExit, great post!
aquarinut Champion Author British Columbia Posts:1,631 Points:445,490 Joined:Jul 2011	Message Posted: Oct 31, 2011 10:06:47 PM Ignore aquarinut Report Abuse ExxonMobil can afford it.... if not... they would be pulling every political string they own and would be crying foul, foul, foul in every media medium they could buy, bully, extort!
Bruno44 Champion Author Texas Posts:7,217 Points:1,795,895 Joined:Sep 2007	Message Posted: Oct 31, 2011 10:03:05 PM Ignore Bruno44 Report Abuse I like the post by EZExit.
drpepperTX Champion Author Texas Posts:9,165 Points:779,850 Joined:Apr 2011	Message Posted: Oct 31, 2011 9:57:27 PM Ignore drpepperTX Report Abuse Cdnlynx, here ya go: EXXON TAXES
afghaned Champion Author Hamilton Posts:11,985 Points:1,313,835 Joined:May 2004	Message Posted: Oct 31, 2011 9:57:16 PM Ignore afghaned Report Abuse If gas taxes were used for what they were intended the infrastructure would be in better shape than it is now.
Vette1967 Champion Author Albany Posts:6,107 Points:1,303,700 Joined:Jun 2009	Message Posted: Oct 31, 2011 9:56:47 PM Ignore Vette1967 Report Abuse Where did it all go?
jessek Champion Author Detroit Posts:2,657 Points:1,280,490 Joined:Sep 2008	Message Posted: Oct 31, 2011 9:51:58 PM Ignore jessek Report Abuse You have to maintain roads and other infrastructures somehow...the States can't do it on their own unless they kept all the federal taxes collected.
jtfftj Champion Author New Hampshire Posts:2,216 Points:1,274,755 Joined:Sep 2005	Message Posted: Oct 31, 2011 9:51:55 PM Ignore jtfftj Report Abuse And that is just the visible money that is public tax code money. Do you think there might be some more money that is hidden just a little bit, hidden a big bit, just out and out bribe money? Do you think?
mfeldstein Champion Author Ottawa Posts:8,306 Points:1,957,205 Joined:Feb 2007	Message Posted: Oct 31, 2011 9:51:48 PM Ignore mfeldstein Report Abuse Not a fair comparison. Taxes and profits can't be compared anymore than watermelons and rocket ships.
DustyHorse Champion Author Virginia Posts:6,224 Points:1,417,780 Joined:Oct 2008	Message Posted: Oct 31, 2011 9:50:05 PM Ignore DustyHorse Report Abuse No surprise. Hopefully, this money is being spent to fix our roads.
EZExit Champion Author Phoenix Posts:10,755 Points:1,736,330 Joined:Aug 2008	Message Posted: Oct 31, 2011 9:49:41 PM Ignore EZExit Report Abuse People regularly complain about margins and record profits by oil companies, but the picture is much bigger than that. As this article clearly illustrates, the government takes cash in large quantities from the consumer too. Many of you state that this is necessary, for upkeep of the roadway infrastructures, but keep in mind that efficiency in budgeting is something that most governments at the local and federal level lack. Much of this money collected is quite literally thrown away, or skimmed for some unrelated pet project. In the end, the consumer is the one left holding the bag.
nobodyMO Champion Author Kansas City Posts:2,251 Points:554,305 Joined:Nov 2010	Message Posted: Oct 31, 2011 9:48:27 PM Ignore nobodyMO Report Abuse I doubt it if anyone is suprised
loyalsmoker Rookie Author Pennsylvania Posts:17 Points:86,280 Joined:Jul 2011	Message Posted: Oct 31, 2011 9:46:05 PM Ignore loyalsmoker Report Abuse I read this like im goin to be surprised.
FlyNFool Champion Author South Carolina Posts:8,384 Points:1,712,900 Joined:Aug 2008	Message Posted: Oct 31, 2011 9:43:50 PM Ignore FlyNFool Report Abuse So who is really the 1%?
MRED3 Champion Author Jacksonville Posts:4,041 Points:941,670 Joined:May 2009	Message Posted: Oct 31, 2011 9:38:00 PM Ignore MRED3 Report Abuse NO SHT.
Flagstar Veteran Author Waterbury Posts:303 Points:215,295 Joined:Dec 2010	Message Posted: Oct 31, 2011 9:37:03 PM Ignore Flagstar Report Abuse There is hidden party in all if this. The Federal Reserve, which is private bank,(do your homework and find out) has been charging interest on all the money it prints for the US. So that's where a good deal of tax collected goes. The personal income tax collected all but maybe 2% goes to pay the interest. Fuel tax pays for roads and infastructure and that has been happening all the time. If you ever driven from one side of the country and back then you'll see the wonder of where all these roads and bridges come from.
melvindale Champion Author Michigan Posts:1,438 Points:351,230 Joined:Jun 2011	Message Posted: Oct 31, 2011 9:35:00 PM Ignore melvindale Report Abuse Sorry, no. Here's the real perspective: Tell us how many employees Exxon-Mobil (EM for short) employ versus that gross profit, and compare it to: 1. the average corporation, 2. the average paycheck of those EM employees, 3. the wages of the lowest and highest paid EM employees, 4. the average income in the USA, 5. the average income worldwide, and now tell me what that perspective is. Its not the same one this article was leading you toward by giving such limited information. Guess what? Government taxes are many times what liquor producers make off their product. So - is the government evil? Do they even collect enough to pay the costs upon the government from the use of this product? (For liquor overuse and use are not rational terms, ignore them as separators.) Does the governments collect enough tax to pay the cost burden on the government due to the use of this product? I expect both are no. Now whats your perspective?
jwkycola All-Star Author Columbia Posts:817 Points:551,600 Joined:Jul 2011	Message Posted: Oct 31, 2011 9:30:05 PM Ignore jwkycola Report Abuse I hope it's actually going to fix my roads.
CdnLynx Champion Author Ontario Posts:1,082 Points:538,640 Joined:May 2008	Message Posted: Oct 31, 2011 9:27:36 PM Ignore CdnLynx Report Abuse DrPepperTX > Stated quote " EXXON PAID OVER $8 BILLION IN TAXES FOR JUST THE FIRST QUARTER OF 2011 ALONE. unquote. Previous article post. -------------------------------------Curious Sir where you got that information. I did see an article direct from ExxonMobile, however there are far more reputable articles stating they did not pay the U.S income tax; offshore maybe and U.S sales tax only. I don't know about the 1st quarter of 2011; however if its the same record as previous years, I seriously doubt it. I am speaking of income tax only, as this is what people are referring to. Sales tax on fuel is being paid to governments. Income tax for 2009 as according to Forbes article dated (4/07/2010 @ 3:44PM) "Exxon Says It Does Pay U.S. Income Taxes" Article snippet as follows " financial statement says is that ExxonMobil, in 2009, after a handful of deferrals, recorded a total U.S. income tax benefit (i.e., a refund) of $46 million." Outside of the U.S, they paid 15.165 billion. urge readers here to do their own searches re: Exxon income tax and/or sales tax; judge yourself. Exxon Says It Does Pay U.S. Income Taxes [Edited by: CdnLynx at 10/31/2011 11:30:29 PM EST]
Victor80 Veteran Author California Posts:273 Points:305,365 Joined:Sep 2008	Message Posted: Oct 31, 2011 9:27:09 PM Ignore Victor80 Report Abuse What do the Feds do with that money?
ssperkin Champion Author Durham Posts:1,454 Points:780,795 Joined:Dec 2010	Message Posted: Oct 31, 2011 9:26:05 PM Ignore ssperkin Report Abuse Geez, sounding a bit skewed here, GasBuddy Blog. Of course the government gets oodles of money. It taxes, but it also sends money out in the form of jobs.
ScorpDrvr All-Star Author Sacramento Posts:522 Points:178,485 Joined:Sep 2011	Message Posted: Oct 31, 2011 9:26:00 PM Ignore ScorpDrvr Report Abuse "You can also add the $86 MILLION per day that the Federal Government collects in income tax from oil and gas industries." --And the max corp tax rate is 35% before all the credits and suBSidies, so they're clearing ~$240Mil a day after expenses, and a lot of those expenses are to other divisions of the same company. "Anyone, and I mean anyone, who has fallen for this class envy BS is a complete imbecil." Numbers don't lie - 400 families in this country have more wealth than the bottom 160,000,000 Americans. Over the last 30yrs the bottom 25% barely kept up with inflation (after the recession price drops)while the top 1% went up ~500%, and the top 1/10% went up 1700%. "So where did all the money go ??? What did the government spend it on ???" --We've got tons of improvement projects, lane additions, resurfacing, armco replacement. "Maybe it was spent on all of Obamason and his wife's trips...lol" --Pretty sure they used the same sources as for Ronnie and W's trips. "BS government taxes" --Good point! Now stand behind it and don't drive on any road or highway funded by taxes! "When will this B.O. administration give back to the average Joe/Jill???!!!!" --Bigger tax refund to the "average Joe" than W, just not in one grand standing, expensive to mail check (with several expensive mailings beforehand to say it's coming). "Like the article says, it's the government who is getting all the money. And for what? Seems we see very little of it (roads, yes, but I see a lot of roads that need fixing and aren't getting fixed). How about giving something over to the little guy - us, the consumer - in the way of a price drop???" --Less than 50¢ per gal divided between local, state and feds out of 6~8 times that amount. Part of that goes to make sure that gallon of gas you buy is really a gallon,, is really gasoline, and that the station doesn't blow up while you're buying it. Every time taxes ar lowered give consumers a break the pre-tax price goes up to aBSorb most of the "discount" so the cost to consumers is almost the same but now they don't get the services/assets those taxes paid for.
Senrac Champion Author Lincoln Posts:1,594 Points:307,560 Joined:Mar 2010	Message Posted: Oct 31, 2011 9:23:45 PM Ignore Senrac Report Abuse and they waste it
danreino Champion Author Twin Cities Posts:8,479 Points:1,565,485 Joined:Mar 2008	Message Posted: Oct 31, 2011 9:23:08 PM Ignore danreino Report Abuse Well then, the roads should all be in impeccably good condition.
Bleeder Champion Author Virginia Posts:8,038 Points:1,718,475 Joined:Jan 2008	Message Posted: Oct 31, 2011 9:22:51 PM Ignore Bleeder Report Abuse Now we need to hope they will do something good with it.
ramman2012 Champion Author Edmonton Posts:2,321 Points:497,370 Joined:May 2011	Message Posted: Oct 31, 2011 9:13:25 PM Ignore ramman2012 Report Abuse Makes you think.
carloco75 Champion Author Richmond Posts:3,854 Points:628,695 Joined:Oct 2010	Message Posted: Oct 31, 2011 9:07:41 PM Ignore carloco75 Report Abuse Hmmmmm...
NorthglennBill Champion Author Denver Posts:7,562 Points:1,499,645 Joined:Oct 2008	Message Posted: Oct 31, 2011 9:07:38 PM Ignore NorthglennBill Report Abuse And they complain that they don't have enough money to keep the roads fixed. Makes you wonder where else the money is going besides the highways. It is also obvious why alternate energy is having such a hard time getting going.
jci25946 Champion Author Tampa Posts:3,402 Points:967,265 Joined:Jan 2006	Message Posted: Oct 31, 2011 9:05:50 PM Ignore jci25946 Report Abuse it's still obscene profits
drpepperTX Champion Author Texas Posts:9,165 Points:779,850 Joined:Apr 2011	Message Posted: Oct 31, 2011 9:04:04 PM Ignore drpepperTX Report Abuse Yep, boatmen and others validating my point. Still believing the tripe spoonfed to them by the liberal media. Pitting Americans against Americans, really does a lot of good right? Oil companies generate over $2 BILLION per month to the government in taxes alone. This DOES NOT INCLUDE the fuel tax mentioned in this article. Next add the capital gains taxes collected every time someone sells an oil stock at a gain. Then add the tax on dividends paid out to stockholders. See where this is going? The tax breaks that oil gets ARE THE EXACT SAME FOR ANY INDUSTRY, yet you morons are whining that taxation rates for some are not fair. The only unfair part of the tax code is the fact that almost 50% of "taxpayers" pay ZERO federal taxes! Those are the people riding on the backs of those who are paying the taxes.
NedW Champion Author Indianapolis Posts:5,755 Points:1,168,970 Joined:Mar 2008	Message Posted: Oct 31, 2011 9:01:16 PM Ignore NedW Report Abuse And, government had nothing at stake in the process (work and capital) in bringing it to market. As far as "at risk" capital, government doesn't have any that it didn't tax, borrow or call into existence out of thin air. It does use its influence to make it difficult for those that DO, though. [Edited by: NedW at 10/31/2011 11:01:59 PM EST]
bbreff Champion Author Atlanta Posts:9,988 Points:2,596,115 Joined:Jun 2005	Message Posted: Oct 31, 2011 9:00:39 PM Ignore bbreff Report Abuse That is because of the federal gasonline tax on every gallon.
rodwade1 All-Star Author Maine Posts:561 Points:640,635 Joined:Jul 2008	Message Posted: Oct 31, 2011 8:55:39 PM Ignore rodwade1 Report Abuse what else id new ....