Two on Big Oil: Taxes and Profits

From Dr. Perry, via Dr. Rizzo.

The Unbroken Window - Fun Facts to Know and Tell: Gasoline Profits Edition: "From Mark Perry:

- Each gallon of gas sold in 2010 generated … two … cents … of profits for Exxon.
- Each gallon of gas sold in 2010 generated … forty-eight cents … of tax “revenues” for government.

By the way, this does not include the tax … on the profits of the oil companies. I’d remind you too that their margins are 8%. How many of you would take hundreds of billions of dollars, explore the deepest, most inhospitable places on the planet, manage to get a well dug a mile below the bottom of the sea, pump it up, transport it, refine it, and be cast as the most obscene villain in the history of capitalism to earn … 8 cents on the dollar of revenue generated?"

QI: Exxon Paid Almost $1M per Hour in Income Taxes and Its Effective Tax Rate Was 42.3%: "1. ExxonMobil paid $8 billion in income taxes to various governments in the first quarter, which is about $22 million in income taxes each day, or almost $1 million each hour.
2. ExxonMobil spent $7.8 billion in the first quarter on capital equipment and exploration (73% of its earnings), or more than $21 million per day, which is an increase of 14% compared to the first quarter last year. Over the next five years, the oil company plans to invest about $175 billion in capital equipment and exploration. "