Whole bunch of folks who ought to know better (ie. politicans) are whinging and moaning about oil companies these days.
Seems that a whole bunch of our elected Congresscritters think that oil companies making a profit is somehow eeee-vil, and by Vishnu they oughta pay higher taxes!
You know, the whole wealth redistribution thing.
Well, being an oilfield brat meownself, seems I remember a study going around a couple of years back about who actually makes a killing in the old oil-field profit business -- and Google is Our Friend.
Between 1977 and 2004 -- adjusting for inflation -- American Oil made a profit of somewhere in the neighborhood of 643 billion dollars.
Over the same period of time (1977 - 2004) -- and adjusting for inflation -- tax revenues on the same product was somewhere in the neighborhood of 1.34 trillion dollars.
Allow me to repeat the salient points:
Oil company profits -- 643 billion
Tax revenue collected by the Government on gasoline -- 1.34 trillion.
So, let me get this straight ... oil companies making 643 billion on oil Is Bad.
The Government making Twice That Amount in taxes on the same stuff ... Is Okay.
You know, I'm an old fashioned kind of guy. Since the various State and Federal Governments are hitting the consumers for Twice The Amount of dosh that the oil companies are hitting us for, I figure any crimp on the oil companies ought to be matched 2-for-1 by the Government.
The Government hits the oil companies for 200 billion of those companies own profits, then the Gummint should have to slash the gasoline taxes by twice that amount.