Ford and GM should just buy some oil companies to keep them in business since their current business model is failing and the oil companies clearly understand how to run a business inspite of government and union interference.
freerepublicans.com - 01:01pm on 01/17/2007
For perspective, the total amount of gasoline purchased in that quarter from all vendors would be about 35 billion gallons, so government is taking a huge cut of the revenues here--literally about $1/gallon, it seems, when the gas tax is added to the mix.
Robert Perry - 02:01pm on 01/17/2007
That would vary from state to state depending on the amount the state has levied on top of the federal tax.
The government also takes a pound of flesh in royalties from oil exploitation on government land. I wonder if that’s calculated as a tax?
Rob - 03:01pm on 01/17/2007
The government also takes a pound of flesh in royalties from oil exploitation on government land. I wonder if that’s calculated as a tax?
Sounds like R&D to me. I’d call that the cost of doing business (i.e. overhead).
freerepublicans.com - 03:01pm on 01/17/2007
Yes, a cost of doing business, but not R&D. R&D would be the exploration of rock formations and drilling of wells. Wrong accounting column.
Even so, Rob’s right that it is a cost that goverment sees fit to pass to the consumer. Think about it; half the cost of your gasoline goes directly to government. Ouch.
Robert Perry - 03:01pm on 01/17/2007
It looks like Jeff Rickert is just an ignorant moron here. That’s putting it nicely. Since when is making profit a “free ride” to begin with?
likwidshoe - 05:01pm on 01/17/2007
My front page today: “Exxon profits: $39 Billion!”. The ensuing article goes on to tell how much stuff you could buy with $39 billion, and I’m thinkin....would’nt ya like to know where the $100 Billion the government took from you went to first. Of course, the mainstream media always seems to leave out that part in articles about the big bad oil companies. It’s ashame so many people are so DUMB...............................We’re all doomed!haha
Sean O'Brien - 08:02pm on 02/02/2007
the data is correct but the interpretation is wrong.. the $10.49 billion is what Exxon made after all the taxes were taken out. take a look at the official SEC filing found here http://ir.exxonmobil.com/phoenix.zhtml?c=115024&p=irol-SEC
they paid $26.24 billion in taxes on a total revenue of $99.6 billion. take a look at the data again, and you actually thought they paid 2.5 times more in taxes than profit, no actual profit was $10.49 billion. you dont work for an auditing firm, do you?
abbot - 02:02am on 02/14/2007
wow. you really shouldn’t comment on economics…
they PROFITED $10 billion net. they made ~$100 Billion.
so those taxes you mentioned are based on a much higher number than you let on in your blog…
-V
V - 03:06pm on 06/19/2007
How fascinating!
A brief false post in February claiming Poor Exxon pays more taxes than earned. Quickly shot down abbot, ending the thread.
Too bad no apologies for the misrepresented facts. No defending or acknowleging the initial post.
Ford and GM should just buy some oil companies to keep them in business since their current business model is failing and the oil companies clearly understand how to run a business inspite of government and union interference.
For perspective, the total amount of gasoline purchased in that quarter from all vendors would be about 35 billion gallons, so government is taking a huge cut of the revenues here--literally about $1/gallon, it seems, when the gas tax is added to the mix.
That would vary from state to state depending on the amount the state has levied on top of the federal tax.
The government also takes a pound of flesh in royalties from oil exploitation on government land. I wonder if that’s calculated as a tax?
Sounds like R&D to me. I’d call that the cost of doing business (i.e. overhead).
Yes, a cost of doing business, but not R&D. R&D would be the exploration of rock formations and drilling of wells. Wrong accounting column.
Even so, Rob’s right that it is a cost that goverment sees fit to pass to the consumer. Think about it; half the cost of your gasoline goes directly to government. Ouch.
It looks like Jeff Rickert is just an ignorant moron here. That’s putting it nicely. Since when is making profit a “free ride” to begin with?
My front page today: “Exxon profits: $39 Billion!”. The ensuing article goes on to tell how much stuff you could buy with $39 billion, and I’m thinkin....would’nt ya like to know where the $100 Billion the government took from you went to first. Of course, the mainstream media always seems to leave out that part in articles about the big bad oil companies. It’s ashame so many people are so DUMB...............................We’re all doomed!haha
the data is correct but the interpretation is wrong.. the $10.49 billion is what Exxon made after all the taxes were taken out. take a look at the official SEC filing found here http://ir.exxonmobil.com/phoenix.zhtml?c=115024&p=irol-SEC
they paid $26.24 billion in taxes on a total revenue of $99.6 billion. take a look at the data again, and you actually thought they paid 2.5 times more in taxes than profit, no actual profit was $10.49 billion. you dont work for an auditing firm, do you?
wow. you really shouldn’t comment on economics…
they PROFITED $10 billion net. they made ~$100 Billion.
so those taxes you mentioned are based on a much higher number than you let on in your blog…
-V
How fascinating!
A brief false post in February claiming Poor Exxon pays more taxes than earned. Quickly shot down abbot, ending the thread.
Too bad no apologies for the misrepresented facts. No defending or acknowleging the initial post.
Surely we are at war to grab oil!!
Peace, Clint