• Articles
  • Motorcycles for Sale
  • Motorcycle Parts
  • Motorcycle Manuals
  • Models
  • Collectibles
  • Contact

The Kneeslider

Doers Builders and Positive People

Gas Taxes higher than Big Oil Profits

By Paul Crowe

Just so you know who’s really making the big bucks:

High gas prices and strong oil company earnings have generated a rash of new tax proposals in recent months. Some lawmakers have called for new “windfall profits” taxes—similar to the one signed into federal law in 1980 by President Jimmy Carter—that would tax the profits of major oil companies at a rate of 50%. Meanwhile, many commentators have voiced support for the idea of increasing gas taxes to keep the price of gasoline at post-Katrina highs, thereby reducing gas consumption. However, often ignored in this debate is the fact that oil industry profits are highly cyclical, making them just as prone to “busts” as to “booms.” Additionally, tax collections on the production and import of gasoline by state and federal governments are already near historic highs. In fact, in recent decades governments have collected far more revenue from gasoline taxes than the largest U.S. oil companies have collectively earned in domestic profits….

So before anyone talks about gouging …

TaxProfBlog

Posted on November 1, 2005 Filed Under: Economics and Politics

-- Subscribe to The Kneeslider --

You'll be the first to know when something's new!

Be sure to check out The Kneeslider's new motorcycle collectibles listings.

« Hayabusa V8 for the DP1
Big Twin Racers – American Sport Bikes in a kit! »

Comments

  1. tedder says

    November 1, 2005 at 6:41 pm

    So should taxes be lower so oil companies make more profits? Or should taxes be lower so gas prices are higher, or should oil profits be lower so that taxes are relatively higher?

    I’m confused.

    I’m all for higher gas prices. It doesn’t affect me, as a rider, as much as it would someone who is driving single in a FUH2.

  2. Jim Ryder says

    November 8, 2005 at 12:15 am

    As long as we’re fightin wars so that the price of oil can stay low, we might as well be getting some benefit out of it. Unless you work for a big oil company, better let the US Government have it, even if they do waste a lot of money on b.s. I don’t think Exxon’s going out of business just yet. Just my two cents.

Subscribe to The Kneeslider

Be the first to know when something's new!

Search articles on The Kneeslider

Do You need motorcycle parts?

Everything from normal maintenance items to hard to find out of production parts, look here first.
Be very specific for best results! Use part numbers if you have them.

Recent Comments

  • Rod Newstrom on Can Synthetic Fuels Save Your Internal Combustion Engine?
  • Paul Crowe on Harley Davidson Certified Program Backs Pre-Owned Motorcycles with a Warranty
  • todd on Harley Davidson Certified Program Backs Pre-Owned Motorcycles with a Warranty
  • Rod Newstrom on Can Synthetic Fuels Save Your Internal Combustion Engine?
  • Rimar Motors on Rimar Motors 600cc 2 Stroke V-Twin Project

From The Kneeslider Archives

Harley Davidson used to go racing and win!

Is Road Racing Part of Harley Davidson’s Core?

Ducati V8 internal layout

Ducati Elenore V8 Update

Motorcycle Engine Powered Cars

Copyright © 2021 · The Kneeslider · Website by Crowe Computer Services
US Army veteran owned and operated
This website proudly Made in the USA!
Made in the USA