On April 4 we spotlighted the fluorescent green hypocrisy of a cruise to the Caribbean sponsored by the left-wing rag The Nation.
The Nation‘s editor Kristina vanden Heuvel recently said that,
…the money the government currently doles out to the oil and gas companies could instead go into the pockets of all Americans, where it could be put to much better use investing in green cars and other environment-friendly initiatives.
So if we divide the $4 billion in annual oil and gas subsidies by 300 million people that works out to about $13.33 per person — not quite enough to meet the $1,836 to $5,418 cost to cruise (in a not too environmentally friendly manner, by the way) with Katrina and Van Jones.
What “money the government currently doles out to the oil and gas companies”? Last time I looked, the oil and gas companies are paying BILLIONS to the Federal government (Department of the Interior) for ‘leases’ of the rights to drill for gas and oil, then millions more in fees to apply for permission to drill (from the EPA), which are currently being routinely delayed or denied. Add to that the Federal excise taxes on their products (18.4 cents per gallon on gasoline and 24.4 cents per gallon for diesel fuel). At about 50 million gallons a day, that’s ANOTHER $3.65 billion dollars a year paid by the oil companies to the Federal government.
Just a quick and fun look at it also:
That $4 Billion collected will run the US Government at current spending for: 9.6 hours.
The US government collects $.18 of every gallon at the top ($.24 for Diesel), at the pump, in addition to all the other taxes. It will collect about $25 Billion in taxes at the pump.
Total oil company profits are $36 Billion this year.
Credit Card transations cost about 4.7 cents per gallon on average. So the CC companies will collect $6.6 billion.
It is unreasonable to expect these green whackjobs to be truthful. If they told the truth they would not be able to generate the donations that let them live in luxurious comfort while telling everyone they must do without.
The $4 Billion is a Democrat talking point. Much of what they are talking about are credits available to all businesses.
http://www.consumerenergyreport.com/2011/05/02/getting-even-with-exxonmobil/
Further, the oil business pays taxes at higher rates than most others.
http://www.api.org/policy/tax/index.cfm