People still have a hard time believing that it is government gouging them in the form of taxes with regard to the price of gasoline. I indicated in previous posts that the oil companies make about 8 cents a gallon while taxes are many times that amount. Here is a bit of information that I got in a Federalist Patriot email:
“According to the Tax Foundation, over the past 25 years—in inflation adjusted dollars—oil and gas companies have paid in royalties and state and federal taxes $2.2 trillion dollars. At the same time they have made a little over $630 billion dollars in profits. So their taxes and royalties are three times greater than their profits. The real question…is who is gouging whom?” —Michael Reagan
So (as I asked before) who is gouging whom?