The big news is that Exxon made an $11 billion profit in the first quarter of 2011.
Thank goodness. My 401k, and most likely yours as well, has investments in Exxon.
But most of the professional Left is busy turning addle minded voters against “Big Oil” by demonizing the profits.
What they never mention is how much the government is sticking it to them compared to the oil companies.
Mark Perry at Daily Markets did a little digging and discovered that on average, Americans pay 48.1 cents in taxes per gallon of gas.
That’s right. For doing absolutely nothing, the government is looting you for four bits for every gallon of gas you pump into your Family Truckster.
How much to the oil companies make in profit?
According to this post on Exxon Mobil’s Perspective Blog , “For every gallon of gasoline, diesel or finished products we manufactured and sold in the United States in the last three months of 2010, we earned a little more than 2 cents per gallon. That’s not a typo. Two cents.”
The chart below shows the difference graphically:
Also worth mentioning, while Exxon had almost $11 billion in profits, they paid $8 billion in taxes.
But they are ripping people off, right?
What would the price of a gallon of gas be if government wasn’t so greedy?