Who is the greatest profiteer in regards to oil? Is it the oil companies? The refiner? The gas stations? The government? According to the U.S. Energy Information Administration, it is New York State, followed by the federal government.
Using the New York City average pump price of $4.04 per gallon, here is how it pays out. After expenses, lowest on the totem pole is the refiner, which nets 2 cents. The gas station, 3 cents. The federal government tax is 18.4 cents. The oil company nets 19 cents. Sitting on top and leading the nation (yes, even more than California) is New York State at 52 cents per gallon in various taxes.
Remember those tax credits on investment and depreciation President Obama and the Democratic party like to demonize? They are the same as any other business is entitled. Eliminating them would only increase the take the government gets. It would not produce one extra barrel of oil. It would probably raise prices, as the additional costs would be passed down to the consumer.
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