Within a little over a week, gas in Northern Michigan jumped 18 cents per gallon. The Obama Administration is, as usual, demonizing the oil companies and their ‘record profits.’ I did a little research and want to share with you the profits of big government per gallon of gas.
The federal excise tax on gasoline is 18.4 cents per gallon.
Michigan road taxes are 19 cents per gallon.
But, here in Michigan, we also pay sales tax on a gallon of gas, not including the 19 cents paid for road tax.
According to the
“The ultimate total sales tax paid by the station is calculated by taking the retail price per gallon minus 19 cents (state road tax) divided by 17.67 (the denominator that accounts for the fact that sales tax is already included in the posted retail price). “
Which comes to 22.5 cents per gallon right now since gas here is $4.17 per gallon. That tax profit is up one cent since last week, per gallon.
Where is Congressman Dingell now? C’mon Dingell, ! That is your Democrat party always on the side of big government while punishing the poor.
So,, put together in January, is inaccurate because the price of gas has risen. We are paying 59.9 cents per gallon in taxes, and our federal government is attacking the oil companies and their “record profits.�?
If we confiscated all profit from say, , gas would still be around $3.90 per gallon.
But then we wouldn’t have any gas, since without profit, Exxon Mobile would not exist.
**With a profit margin of 8.89%, Exxon takes somewhere around 36 cents of every gallon of gas. That amount goes up everytime the price of crude goes up.
Take a quarter for transportation, and a quarter for refining, and Exxon’s profits are about 27 cents. I’ve heard it’s much less than that, but for arguments sake, and until I see better info, that’s what I’m going with.**see update below
The state of Michigan’s profits go up everytime the gas prices go up too, due to our 6% sales tax.
So, for every gallon of gas, we pay the State 41.5 cents.
For every gallon of gas, we pay the Federal government 18.4 cents
For every gallon of gas, we pay companies who bring it to us about 25 cents.
For every gallon of gas, we pay the people who refine it 25 cents.
What I’m saying is, we pay more in taxes than oil companies make in ‘record profits.’
It is the government making record profits, and everytime the price goes up, the State of Michigan benefits.
We get gasoline from the big oil companies, and get shafted by the government.
UPDATE Friday April 29th, 2011 at 1:13 pm:
“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.�?
So, now I have found my better info. Not 27 cents. TWO!
And not only that, our gas went up since this was first posted on Wednesday, April 27th at 6:28am to $4.21 per gallon.
So, if you are playing along at home, that means 22.75 cents is sales tax and puts taxation in Michigan on a gallon of gas is OVER 60 CENTS.
That is something to know.
If the State of Michigan got rid of the sales tax, we would be paying what we did two weeks ago, and the State would lose record profits.
If we took away the profits from oil companies like Exxon-Mobile, we would be paying more than what the price was yesterday.
There are many ways to analyze this, but any way you analyze it, ‘big oil’ isn’t the problem, and the President is lying again.
UPDATE Tuesday May 3rd, 2011 at 8:34 AM:
Gas is now $4.29 per gallon here in Northern Michigan, making the current amount of sales tax paid to the State of Michigan per gallon, 23.2 cents per gallon.
The total taxation on a gallon of gas in Northern Michigan right now is 60.06 cents per gallon. The State makes 42.2 cents and the federal government makes 18.4 cents.
I was asked yesterday where the rest of the money is going. There are too many factors, but it is clear the administration is not interested in increasing domestic supply, so I’ve made it a point to just keep an eye on the price and remind everyone that the government who is making over 60 cents per gallon is attacking the oil companies who only make 2 cents per gallon.
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