Hochul hits Corwin on oil company profits

I just read that the oil companies' profit is $.02, yes, 2 cents per gallon! I wonder what NYS and the Federal Govt profit off a gallon of gas...With that statement, who is the big, bad, greedy corporation?

$.50 per gallon in taxes is good while $.02 per gallon in profit is bad. Double speak.

Hochul, in addition to ignoring the above illustrated fact that government makes more money on gas than the oil companies, also fails to recognize that the dem/libs were in control of the White House AND Congress for more than enough time to address subsidies and tax breaks for big oil. The administration and Pelosi/Reid have spouted off about major reforms and have implemented zilch.

She also fails to mention the 2.8 billion just given to Brazil to develop their off-shore drilling, while at the same time making domestic off-shore, western states and ANWaR development impossible through over regulation and bogus "moratoriums.

To obama's credit he was in favor of revitalizing nuclear power. That issue is now dead due to hysteria created by the Japanese disaster - failing to recognize the the plant involved utilized 42 year old technology.

New York is second in the nation just .02% behind California at 65.6 cents per gallon

Bob,
You have to love Obama is giving Brazil money to drill for more oil and telling them we'll buy it. Sending more of our money out of the country. And, we had to borrow the money he gave away.

Good point Philip...How come they don't list the taxes on the gas pumps anymore..Is the government ashamed at how much they tax those of us who drive,so that we subsidize all these mass transit systems..Its the greedy government who should share some of the blame for the high gas prices..Not to mention how much the fed has devalued the dollar..OIL is sold in dollars ...devalued dollar make oil cost more...Between gas tax and the cheap dollar this is why you have high gas prices..

Exxon profits soared 69% in the first quarter. Lots and lots of profits. Over 10 billion dollars in profits. Why does my tax money go to this corporation? They seem to be doing just fine without all that corporate welfare.

http://www.washingtonpost.com/business/economy/exxon-mobil-profit-soars…

<a href="http://s1102.photobucket.com/albums/g441/Lorie_Longhany/?action=view&am…; target="_blank"><img src="http://i1102.photobucket.com/albums/g441/Lorie_Longhany/Federal_Energy_…; border="0" alt="Photobucket"></a>

Does anyone know where I can find what the federal government and New York state charges for tax at the pump?

Lorie, your graph is deficient in two ways.

First, it's old. 2002-08 figures are not relevant today.

Secondly, it fails to show what percentages the 4 categories represent in terms of actual energy production, and additional massive secondary subsidies given to R&D of so-called alternative energy products. In my opinion, they are not really alternatives until (if ever) they are cost effective.

As a side note, have you ever considered the negative impact ethanol has had on your weekly grocery bill? And that's not even considering the very questionable value it has.

I'd also be interested in your reaction to my previous post. Are you opposed to domestic production and exploitation of our own domestic fossil fuels until such time that REAL alternative fuels are developed? And what about removal of the exorbitant taxes placed on this necessary product?

Good point about ethanol Bob. Anyone that doesn't know about corn, ethanol and your grocery bill I encourage you to watch a documentary entitled "King Corn".

Bob, sorry that my graph is outdated. I just grabbed this one. Maybe the tax giveaways are more now.

I agree with you on the ethanol. It's just another giveaway to subsidize giant corn producers. The oil that it takes to grow the corn -- the oil based pesticides, the fuel for the tractors and the harvesters all equal a fuel that cost more to produce than the end product.

Jeremiah, I watched "King Corn". While I do like corn on the cob in the summer, that's about it. Don't get me started on high fructose corn syrup.

The addiction to oil goes much further than fueling up. Not to mention the impact it has on the environment. So, the profit margin per gallon is irrelevant when you take into consideration the rest of the products that are petroleum based. Why not explore some cleaner alternatives?
ammonia
anesthetics
antifreeze
antihistamines
antiseptics
artificial limbs
artificial turf
aspirin
awnings
balloons
ballpoint pens
bandages
basketballs
bearing grease
bicycle tires
boats
cameras
candles
car battery cases
car enamel
cassettes
caulking
cd player
cd's
clothes
clothesline
cold cream
combs
cortisone
crayons
curtains
dashboards
denture adhesive
dentures
deodorant
detergents
dice
diesel
dishes
dishwasher
dresses
drinking cups
dyes
electric blankets
electrician's tape
enamel
epoxy
eyeglasses
fan belts
faucet washers
fertilizers
fishing boots
fishing lures
fishing rods
floor wax
folding doors
food preservatives
football cleats
football helmets
footballs
footballs
gasoline
glycerin
golf bags
golf balls
guitar strings
hair coloring
hair curlers
hand lotion
heart valves
house paint
ice chests
ice cube trays
ink
insect repellent
insecticides
life jackets
linings
linoleum
lipstick
luggage
model cars
mops
motor oil
motorcycle helmet
movie film
nail polish
nylon rope
oil filters
paint
paint brushes
paint rollers
panty hose
parachutes
percolators
perfumes
petroleum jelly
pillows
plastic wood
purses
putty
refrigerant
refrigerators
roller skates
roofing
rubber cement
rubbing alcohol
safety glasses
shag rugs
shampoo
shaving cream
shoe polish
shoes
shower curtains
skis
slacks
soap
soft contact lenses
solvents
speakers
sports car bodies
sun glasses
surf boards
sweaters
synthetic rubber
telephones
tennis rackets
tents
tires
toilet seats
tool boxes
tool racks
toothbrushes
toothpaste
transparent tape
trash bags
tv cabinets
umbrellas
upholstery
vaporizers
vitamin capsules
water pipes
wheels
yarn
vitamin capsules
volleyballs
water pipes
water skis
wax
wax paper

Good call on the ethanol Bob.. Ethanol in our gas lowers total gas milege a auto get..Lorie i am for cutting subsidies for oil and ethanol.But i think its wrong for Obama to demonize oil company's and oil traders for the rise in gas price..And not tell the whole truth about what causes oil prices to rise.The devalued dollar is a big reason..gold like oil rises because of this..I say buy some oil stocks...

Who ever thought of burning your food supply to be bad fuel for your car.

Ethanol reeks havoc on small engines also . Talk to anyone that uses chainsaws , mowers , ECT. and they will tell you not to use the gas for extended periods of time without an additive to couter attack the ethanol corrosive destruction of internal parts . Oil and gas lubricate compared to ethanol corrodes metal, and breaks down gaskets . If Ethanol was not in our gas , would prices be higher than they are now , or are we being fooled by the government once again. Lower gas mileage means more fuel needed , thus being counter productive for what it was intended for .

It's amazing how so many people decry spending on healthcare, food stamps social programs as welfare as evidence of a socialist takeover of society while defending tax breaks for big corporations that extract wealth and protect the profits while socializing losses all in the name of free enterprise and capitalism. The oil companies are sitting on record inventories and are holding America hostage at the gas pump. They make a profit along the whole supply chain then claim they only make 2 cents per gallon at the pump. It's time the oil comapanies open their books and it's way past the time that the preferential tax treatment stops. Voters need to wake up to the fact that we are being fleeced by corporate oil, speculators, hedgefund managers, and investment bankers who are aided and abetted by our elected officials. Not a single speculator, hedge fund manager, or investment banker has been held responsible for the ecomonic conditions that were brought on by lack of oversight and regulation. The result has been the decline in the value of pension funds, real property, and American industry. The bailout of investment banks on Wall Street at the expense of the American taxpayer has set the stage for another round of unchecked speculation and a run up in price of energy as a commodity. This combined with a hands off approach to China's keeping it's currency at an artificial low with specultors betting that as more Chinese money floods the world market buying up oil products with devalued dollars is causing profound long term damage to our economy. It's time to stop supporting the decline of the American ecomomy with tax breaks and preferential treatment for corporations that export American jobs and industry. The Republicans and Democrats have proven that they can't or won't make the changes, it's time we start electing candidates who can't be bought Like Jack Davis.

I for one, sort of liked the impact on my budget when "the president was for the "big oil." I know this is a short sighted statement, but $1.89 when Pres. Obama was inaugerated as compared to $4.05 now? I may be looking for another person to vote for who is beholden to big oil!

Edmund,

I don't see anyone defending the tax breaks for the oil companies. Actually I think it is safe to say that everyone commenting on this thread so far has been saying how they are concerned about how much the govt is making in tax revenue at the pump while berating the reports of record profits by the oil companies.

Phil, in May of 2008 gas prices hit $4.00 a gallon here in Western New York and edged back to a temporary low then rose with the BP blowout and then again with the political unrest in the mid-east while inventories remain at near record highs.

Jeremiah, the taxes that are on gasoline and other motor fuel are dedicated for highway maintainance and construction and offset the over cost to taxpayers. A better question should be why isn't big oil paying it's share, and why are the rest of us paying their share at the pump.

Edmund,
You seem to have ignored the impact of our falling value of the US dollar. If the dollars is worth less, it will take more of them to buy anything. It's called "inflation".

I do remember when gas hit $4 a gallon here in WNY, according to http://www.treehugger.com/files/2009/01/2008-us-gas-prices-review.php gas at the pump sky-rocketed to $4.11/gallon in April of 2008, but by December 31 of 2008, gas was at $1.61! It looks like a return to the policies of Jimmy Carter produced the same results as the gas crisis in the late 70's. Again, I will take a big business candidate over a tax and spend "robin hood" that drives my prices up!

Edmund,

You ignored my comment. No one is defending the tax breaks for the oil companies. You're trying to stir the pot but there is nothing in it. As you seem to be so knowledgeable with regard to what the taxes collected at the pump are used for, you can further educate me then. Where can I find figures for how much the federal and state government collect in taxes at the pump annually? If this money is being used for maintenance and construction of highways, why do we have roads in such crummy conditions? Also, if this money is bring used for road maintenance then why do we pay for vehicle registration every two years? I thought the money collected from vehicle registrations were dedicated to road maintenance and construction? Seems like our state and federal govt is double dipping into my wallet.

And to reiterate Edmund, NO ONE IS DEFENDING THE TAX BREAKS FOR THE OIL COMPANIES. I think everyone is just fed up with the govt playing smoke and mirror games.

Right on Jeremiah...Mass transit also takes some of the gas tax money..Why are we subisizing that..Why do we keep throwing money at amtrack..All these mass transit systems receive tax dollars to offset the cost to the bus rider..Arent those all just tax breaks for those that use buses and trains..Why aren't those riders taxed the way those of us who own cars are..So taking away the tax breaks on the oil companies who will in turn pass it on to us..Lets also take away the tax give aways to mass transit and pass those costs on to the riders of those systems.

For those not afraid of reality:

http://www.exxonmobilperspectives.com/2011/04/27/gas-prices-and-industr…

Thank you for the info Bob.