Blog 1: Oil and Gas Tax Policy

Oil companies importing their goods to the United States, to our surprise, is helping the government more than they are helping themselves. In recent studies, it was discovered that the taxes oil companies have to pay exceed the money those companies make. "In fact, the industry pays the federal government approximately $86 million a day – or about $31 billion a year." This is an insane amount of money the oil and gas companies are forfeiting to the government. Another study revealed that between the years 1981 and 2008 the gas and oil companies sent more money to Washington than their own shareholders.

It seems to me that these companies are a big benefit to our country. Although many people complain about the air pollution burning fossil fuels plague our air with, it still funds the government to help supply those who cannot afford to provide for themselves. There has not been an alternate energy source for vehicles discovered for the public since the electric car. The electric cars publicly released were impounded a week after their public release. I believe this could be a reason why the government hasn't found a successful alternate energy source. This could just be speculation; however, with the technology we have these days, it seems as if someone would have created an alternate by now. But with the government making a great amount of tax money off these companies, I see no reason for them to discontinue the gains funding itself.

http://www.exxonmobilperspectives.com/2012/03/15/who-is-subsidizing-whom/?utm_source=paid.outbrain.com&utm_medium=cpc&utm_campaign=Perspectives_-_Oil_and_Gas_Tax_Policy