Ha ha, not in my experience. Bad companies save money on safety to enable buyouts of good companies.
“our future is bright”
- Thread starter BobPSU92
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well, actually, the federal government has record tax receipts and the biggest profit taker from a gallon of gasoline is government, through fuel taxes.
They collect a flat tax fee - they don’t set the price. And that fee has been the same for 30 years.
Really? The federal government made more than $200 billion on gas taxes in 2022? Because that’s what the oil giants made and they reinvested it in…..themselves. How much did the US government make on gas taxes during that time frame?
Big Oil rakes in record profit haul of nearly $200 billion, fueling calls for higher taxes
Altogether, the five Big Oil companies reported combined profits of $196.3 billion last year, more than the economic output of most countries.
www.cnbc.com
Depending on the State, the State taxes may be significantly more than the Federal taxes (in any event, far more than Energy Companies would ever dream to reap as net profits)
An example - in PA the State taxes on gasoline are now $0.61 per gallon (they just went up - again - earlier this year). Those are the highest in the entire nation, FWIW. Total state and federal taxes for folks in PA are now over $0.80 per gallon.
How much tax does your state charge on gasoline? What makes up the price of a gallon? – WPXI
Federal gas tax is about .18 cents a gallon. Again, has been that rate for at least 30 years.
And if I remember correctly, crooked Tommy Corbett added a significant amount to the PA gas tax to avoid taxing the fracking industry…which was most likely supporting his campaign. So, for those that like to champion “capitalism”, this is where we are.
Really? The federal government made more than $200 billion on gas taxes in 2022? Because that’s what the oil giants made and they reinvested it in…..themselves. How much did the US government make on gas taxes during that time frame?
Big Oil rakes in record profit haul of nearly $200 billion, fueling calls for higher taxes
Altogether, the five Big Oil companies reported combined profits of $196.3 billion last year, more than the economic output of most countries.
Most recent data I could find was $53 billion collected in federal taxes for 2020.
Meanwhile….
- ExxonMobil’s effective federal income tax rate was 2.8 percent in 2021, with $9.3 billion in U.S. earnings and $236 million in federal income taxes.p
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As I am sure you know - "energy companies" engage in a lot more than "selling/providing gasoline for your vehicles" (in fact, those activities are a relatively small part of the entire operations).Really? The federal government made more than $200 billion on gas taxes in 2022? Because that’s what the oil giants made and they reinvested it in…..themselves. How much did the US government make on gas taxes during that time frame?
Big Oil rakes in record profit haul of nearly $200 billion, fueling calls for higher taxes
Altogether, the five Big Oil companies reported combined profits of $196.3 billion last year, more than the economic output of most countries.
In a typical year, as best I can recall off the top of my head, US gasoline consumption is around 150 BB gallons per year - so that sounds roughly reasonable (at least by order of magnitude)..... give or take... for Federal tax receipts
Regardless, they are recording record profits. Far, far more than the US government received in taxes from them, which was the statement I was responding to.
But that is their most profitable operation. By far. More than double natural gas in every region they operate. What else do you think makes them as much or more money than fuel sales?
Just looking at the largest US Energy Company:
1) The large majority of their revenues/profits are not even in the US (I believe less than 40%, in a typical year, are "domestic").... so one can start from there.
2) Of the rest, a large portion comes from "Chemicals" - generally, chemicals related to the raw products they produce. (How much, precisely, each year? One would have to review each company's financials. Same for items 2) and 3). But I would imagine profit margins there are far higher than for "gasoline")
3) A large portion is "upstream" activities (drilling, etc to extract the raw materials)
4) Of the "downstream" portion - it includes many end products... oils, lubricants, and various combustibles - from gasoline to various other retail and commercial and industrial fuels.
When it all boils down, how much comes from domestic retail gasoline (or even all gasoline)? OTTOMH I couldn't say (and each company would be different - and each year would be different). A lot? I would reckon so (at least "a lot" as I would define it - but it would be wildly inaccurate to look at an energy company's revenues/profits and equate that in any way to "gasoline")
EDIT: Just came across the numbers for EXXON:
PROFITS by segment:
61% Upstream
30% Chemical
9% Downstream (which is where gasoline, and other downstream products, would be included)
Their VOLUME is much different:
79% Downstream
13% Chemical
8% Upstream....
So, as expected, the far more profitable (higher margin) operations are NOT downstream.
Those are all 2021 calendar year figures.
The revenue driver is downstream business (which includes gas sales).
Upstream
ExxonMobil operates worldwide producing millions of oil-equivalent barrels of net oil and natural gas per day. The company's upstream business includes exploration, development, production, and marketing. It is organized into five separate value chains:- Deepwater
- Unconventional
- LNG
- Heavy oil
- Conventional8
Downstream
ExxonMobil is a leading manufacturer of fuels and lubricants and sells millions of barrels per day of petroleum products. Its Downstream segment is comprised of a portfolio of well-known brands and high-quality products, such as its Mobil 1 synthetic lubricant.9The Downstream segment posted earnings of $2.1 billion in FY 2021, a significant improvement from the loss of $1.1 billion in the previous year. The segment accounted for about 8% of total earnings across all segments. The segment generates the majority of the company's sales and other operating revenue at nearly 79% of the total. Sales and other operating revenue rose 54.7% to $218.0 billion in FY 2020.7
Chemical
ExxonMobil is one of the world's largest chemical producers, selling millions of tonnes each year. The Chemical segment is comprised of a broad product portfolio that includes olefins, polyolefins, aromatics, and a variety of other petrochemicals.10 The segment is closely integrated with the company's Upstream and Downstream businesses.11The Chemical segment posted earnings of $7.8 billion in FY 2021, up 297.1% from the previous year. The segment accounted for over 30% of total earnings across all segments. Sales and other operating revenue for the segment grew 59.6% during the year to $36.9 billion, comprising about 13% of the total.7
Thats exactly what I said (79% of sales volume/revenue from downstream).
But revenue is not = profits. (only 9% of profits from downstream... ie, low margin stuff)
I am "in that business" enough to know that financials can be sliced and diced in any number of ways - making it extraordinarily difficult, at times, to truly ascribe fiscal results with activities - no doubt.
But, clearly, there is no amount of slicing and dicing that can align with "Energy Companies are making huge profits, largely by arbitrarily raising retail gasoline prices".
That is just nonsense. reality just doesn't support that, despite what the talking-heads of the day in the Government / Media conglomerate wants to say.
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That's not true at all. I don't know anybody who has proposed eliminating all of those programs. I know that we are currently spending near record levels on food stamps and Medicaid in spite of a 3.4% unemployment rate. Some people think that making the programs too generous discourages work and promotes dependency. I think that's a fair discussion to have. One thing Biden did was to eliminate work requirements. His justification was that people couldn't get daycare during Covid but he has refused to reinstate the work requirements now that Covid has passed.
I have mixed feelings about the military. On one hand I don't think we should allow Russia to take over Ukraine, China to take over Taiwan, or NK to bomb South Korea. On the other hand Trump was correct that the U.S. is carrying the load for other NATO countries. That's B.S. We can't afford to continue to be the protector of the entire world. It's not because we need more money for food stamps. It's because we already have a $32 trillion debt and another $90 trillion of unfunded liabilities.
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Whose fault is that? If the government is going to run programs costing hundreds of $billions isn't it natural to expect people/businesses/investors to try to get a slice of the pie?
Missed the part where social tribalism masked as political dogma belongs on a Penn State Athletics board
That's absurd. Even unethical executives want to avoid worker's compensation claims, keep insurance premiums down, and avoid lawsuits.
No it’s not, I have worked for several. Are you naive enough to think MSHA can’t be bought? How about you discourage employees to not report and if you have to many accidents they find a reason to terminate you.
Of course there are some bad apples in both the public and private sector but the notion that evil private sector companies routinely cut corners on safety and use the saved the money to buyout good companies is silly. It must be difficult going through life believing such conspiracies.
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The mining industry has many bad actors, not all, or even 50/50. Have you ever heard of the Wilberg mine dis aster in Utah? They wired out a safety device to set a production record. “They“ were upper management and I believe 26 miners died in the resulting mine fire. How about Solvay mine in Southwest Wyoming where they took to much of the support pillars causing a catastrophic roof failure? The mine caved in a section 1 1/2 miles by 3/4 miles. Trapping 50+ miners for a period of time and killing one. Conspiracy theory my a**.
As the OP you’re supposed to keep this thread on track!Is Penn State an energy company?
All events in which I participated as an undergraduate, which are sadly gone. They made spring term a lot of fun.Why ? Is Dr Bendaputi going to reinstate Gentle Thursday , the Briarwood Bash , and the Phi Psi 500?
Please tell me one company out there where the employees can make $175,000 a year and in a few years be millionaires, with lifetime health care if they retire early. Oh wait, that’s only for politicians who work for this ethical government you’re defending.
What else is she supposed to say?
The truth would be “ PSU thought it appropriate to award me with a highly lucrative multi-year contract to do nothing other than oversee a bloated, over priced institution of higher learning.”
I don’t get it.
Many questions. Any answers?
clearly she doesn’t visit this board and therefore is not jaded.
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