The Tax Foundation reminds us in its latest Fiscal Fact that the biggest beneficiaries of gasoline sales are federal and state governments, not the oil industry.
Gas Taxes Exceed Oil Companies' Profits
Oil Company Profits Are Modest
Adjusted for inflation, the cost of a barrel of oil is really not all that outrageous.
Energy Policy Act of 2005
The purpose of this legislation (now signed into law):To conserve more energy. To produce more energy. To diversify our energy supply. And to modernize our energy delivery.
House:
Ayes: 249 (57%)
Nays: 183 (42%)
Senate:
Ayes: 85
Nays: 12
Note the little Rs and Ds next to the Ayes and Nays.
Will Franklin is awesome!
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