It's Not Just OPEC

Federal and State excise taxes on fuel account for an average cost of approximately 62 cents per gallon. That's a combined tax of about 20% per gallon of gas. The average profit per gallon of gas for oil companies: 10 cents according to the EIA. Thomas Sowell put it this way: The government collects far more in taxes on every gallon of gasoline than the oil companies collect in profits. If oil company profits are "obscene," as some politicians claim, are the government's taxes PG-13?

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T blog said…
fuel taxes are crazy! and people are buying shares from the major oil companies which is rasing the price also.
June 11, 2008 at 8:14 PM
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