Tuesday, May 27, 2008
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?