Who's making the most money on each gallon of gas?
Big Oil: 9 cents per gallon
Banks: 7 cents per gallon
The State of Illinois: 19 cents per gallon
The United States Government: 18.4 cents per gallon
Why am I not surprised that the governments answer to high prices is to tax profits?
The real answer, in my opinion, is to standardize the fuel mixture so that oil companies don't have to refine different mixture's for different states. Repeal the gas taxes, which disproportionately affects the poor. Repeal the SUV tax break that is fueling demand. Provide tax breaks to companies developing alternative fuels and investing in alternative fuel infrastructure, because even if ethanol, methane, or vegetable oil is the wave of the future, it doesn't do any good if there aren't ethanol, methane, and vegetable oil pumps across the country where folks can fill up.
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Why am I not surprised that the governments answer to high prices is to tax profits?
To clarify, much of what is being talked about at the governmental tax level is a reduction in the tax 'breaks' oil companies are receiving. $10 billion dollars in tax breaks over the next 5 years seems awfully generous for companies making record net profits.
I definitely agree on repealing the SUV tax break. As for the gas tax, I agree, it disproportionately affects the poor and small businesses and would be in favor of eliminating it. However, right now, it's one of the essential funding sources for our transportation infrastructure. In fact, half of it is already being raided (in Illinois) for other programs. We would need to make sure a method for funding our infrastructure needs was still apparent.
Good post, The General. That boat your drive takes like $55 to fill, right?
Standardizing the fuel mixture is a great notion, as well as your other ideas.
As far as reducing the tax "breaks" available to the energy sector, this is clearly ludicrous. By taxing oil companies more, the U.S. government would make selling to China and India more attractive, reducing our supply and driving costs up further.
Another aspect is to encourage both nuclear power plant and new oil refinery construction. The environmental lobby succeeded in weaving a web of red tape that should be sliced to ribbons.
How about we dissolve the Department of Education as use that money for transportation?
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