In Oil Company Profits we talked about Exxon’s profits per gallon — we also brushed on the amount of taxes that Exxon pays and highlighted the fact that taxes account for a significant larger portion of what we pay at the pump than Exxon’s profits.
The Grouchy Old Cripple (warning, an R-rated site — don’t go there at work or while the kids are watching) let’s people know that Bernie Sanders is advocating additional taxes on oil companies.
The five largest oil companies in this country have made $600 billion in profits since George W. Bush became president. Do we need a windfall profits tax? You bet we do. — Bernie Sanders (Ind-VT)
Instead of researching back to 2001 when George W. Bush took office (my DSL link is painfully slow for some reason), I only researched back to 2003 for the five largest oil companies. There is a debate on which oil companies are really the largest; the ones that I used are: Exxon, Royal Dutch Shell, British Petroleum (BP)1, Chevron, and ConocoPhillips.
The bottom line, is that from 2003 to 2007, the five biggest oil companies made 499,617 million dollars in profit. During that same period, the five biggest oil companies paid 1,343,804 million dollars in taxes. The following chart compares the big 5 oil companies profits versus the taxes they paid from 2003 to 2007.
The financial information was taken from the annual reports or Financial and Operation reports for the various companies involved and is reported in millions of dollars.
|other taxes & duties||40,953||39,203||41,554||40,954||37,645|
|other taxes & duties||18,990||18,187||18,356||17,487||14,679|
|Royal Dutch Shell||profits||32,926||26,311||26,261||19,257||12,408|
|sales, excise, etc||78,680||70929||72,277||72,370||65,527|
|other taxes & duties||9,733||6,021||8,782||9,058||5,927|
Gas prices are too high and the government is taking too much in taxes from gasoline as it is. If congress were honest (yes, I know how ridiculous that is), they would realize that any taxes levied against the oil companies are just going to be paid by us at the pumps.
1I had trouble searching the BP figures — never finding the “non-income taxes” that the others list (though I did find “production taxes” which appears significantly lower than the others “non-income taxes”).