OIL PRICES
BIG OIL
Both sides of the Aisle in Congress is looking into why, while Americans are paying $3.00 a gal for gas, oil companies are making record profits. If there was a shortage of oil and the companies were scrambling to keep supplies up, then there might be a reason, but the fact that the oil companies are making billions more than they are spending means something needs to be done about it.
posted by Kenny @ 9:53 AM
1 comments
1 Comments:
Read this article on who is really the big profiteer on oil
http://www.newsmax.com/archives/ic/2006/4/26/90121.shtml?s=ic
Oil is a world commodity and is traded on a global scale. The Oil companies do set the price at the pump, but that is AFTER it goes throught the commodities market, processing, distribution and whatnot. Then on top of that, the companies have to give back to the state the taxes they collected. At any given time, the markup on gas fluctuates between 5.5 to 8.5 in markup. (per Gallon) So the oil companies collect 5-8% and the Federal gets 18.5% and the states get between 23-46% per gallon, unless you live in New York and it is a percentage per dollar so there right now its probably 80 or so. So lets recap.....
Big Oil.....5-8 profit
Federal Govt.....18.5
State Govt.....23-46, except NY where it is double or triple the price. So after knowing this, who is gouging whom?
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