What are the candidates views on gas?

#101
#101
UT IE 95 said:
I don't think it's right, but was answering joevol's question.

Big oil has painted a big target on their back and middle-class America is putting them in our sights. It just doesn't add up - reeks of price gouging.
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I think that if people understood that much of their profits are in the accounting practice of marking their inventories to market, they might take a bit of a different view.

Just look at the value of all the hedges those guys put in place just 6 months ago. Their basis in much of their inventories is what they fixed at months ago in the futures market. They have to mark those inventories to market and the resulting book profits are enormous.

Book profits are a far cry from gouging.
 
#105
#105
UT IE 95 said:
I would guess pennies on the dollar for Exxon Mobile, BP, et. al.
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Last number I can find is from 2006 and it puts the Federal tally at about 28 billion dollars - not exactly chicken feed.

Another source shows local, state and federal tax revenues from gasoline at 58 billion.
 
#108
#108
#109
#109
volinbham said:
Last number I can find is from 2006 and it puts the Federal tally at about 28 billion dollars - not exactly chicken feed.

Another source shows local, state and federal tax revenues from gasoline at 58 billion.
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So those are revenue numbers on gas tax right?

What was the collective profit, not revenue, of big oil in the US?
 
#110
#110
UT IE 95 said:
So those are revenue numbers on gas tax right?

What was the collective profit, not revenue, of big oil in the US?
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The chart shows these two numbers. Out of the price of gas at the pump, governments took more than oil companies took in total profits (including non-gasoline profits).

The spread has likely changed since oil profits are up since 2005 but the point is the same: just about as much or more of the price of a gallon of gas goes to the government as it does to profit for Big Oil.

Add to that the fact that Big Oil earnings are then taxed against as income tax and we see more of our $ go to the government for each gallon of gas than to greedy stockholders of Big Oil.
 
#112
#112
The Windfall Profit Tax was only a means to appease the Dem's constituency, and claim that they tried to do something about the high prices. Even though China and Cuba are drilling off the coast of Florida, somehow it's unsafe for the enviroment of we do it.
 
#113
#113
UT IE 95 said:
So those are revenue numbers on gas tax right?

What was the collective profit, not revenue, of big oil in the US?
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relative to the enormous risks that the oil companies take on a daily basis. I'm thinking that any number that the government shows here is just stupid income.

You do realize that the oil companies are massively regulated already? They also actually have to take the risk, run the operation, pay their folks and provide the products into the open market and have them bought at a profit. The gov't simply scrapes their money away for nothing, all the while taxing the oil company again, at 35% on its earnings. Maybe that cash should be included in your nonsensical comparison of which side makes the most money.

And finally, the 58 billion was from long before this massive runup. I suspect that Uncle Sam is the biggest winner.
 
#114
#114
UT IE 95 said:
So those are revenue numbers on gas tax right?

What was the collective profit, not revenue, of big oil in the US?
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here's all you need to know.

in 2005, Exxon paid in to the US treasury $30 billion. That's $1.5 billion more than the bottom 50% of all taxpayers (which is something like 75 million people) paid in the same year.

profit margins for oil companies are around 9%. Google and Microsoft's profit margins are in the mid 20's.
 
#115
#115
MG1968 said:
here's all you need to know.

in 2005, Exxon paid in to the US treasury $30 billion. That's $1.5 billion more than the bottom 50% of all taxpayers (which is something like 75 million people) paid in the same year.

profit margins for oil companies are around 9%. Google and Microsoft's profit margins are in the mid 20's.
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don't give him ideas. Next, we'll have a free computers and software push for those less "fortunate." Everyone should have the internet, you know?

The highest marginal tax rate just went from 52 to 54.
 
#116
#116
MG1968 said:
here's all you need to know.

in 2005, Exxon paid in to the US treasury $30 billion. That's $1.5 billion more than the bottom 50% of all taxpayers (which is something like 75 million people) paid in the same year.

profit margins for oil companies are around 9%. Google and Microsoft's profit margins are in the mid 20's.
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And in 2005 the Oval Office, House, and Senate were controlled by which political party?
 
#117
#117
BigPapaVol said:
don't give him ideas. Next, we'll have a free computers and software push for those less "fortunate." Everyone should have the internet, you know?

The highest marginal tax rate just went from 52 to 54.
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Actually that is Bill Gate's idea, not mine.
 
#119
#119
anyone know what the profit margins for credit card companies are? it would seem they are pretty high considering the amount of hidden fees and interest rate they apply.
 
#123
#123
UT IE 95 said:
And in 2005 the Oval Office, House, and Senate were controlled by which political party?
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I don't get the point here.

He's saying Big Oil already pays a fortune into the gov't coffers, excluding any pump taxes, and that anything worse would be tantamount to socialism.

Under the Obama thievery plan, that $30 billion would seem miniscule, even though Big Oil was already paying its fair share.
 
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