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Thread: Gasoline Taxes Per Gallon Nearly 7 Times Exxon Mobiles

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    Re: Gasoline Taxes Per Gallon Nearly 7 Times Exxon Mobiles

    [QUOTE=Catawba;1059457144]
    Quote Originally Posted by Barbbtx View Post

    Sure was better off with it than without it! I am also aware that the recession and peak oil was not created under Obama's administration.
    It has been found that the higher the cost of cigerettes, the more people quit. I think that is a good thing. I have not heard of protest by the middle class of an increase in cigerette taxes have you? Is there a Tobbaco Leaf Party I have missed somewhere along the way?
    It is one thing to willingly pay big bucks for cigarettes, but to buy a carton at a gas station/convenience store? BIG BUCKS just to have a smoke.....
    OTOH, men in the know like dating women who smoke....(cough, baby, cough)....
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    Re: Gasoline Taxes Per Gallon Nearly 7 Times Exxon Mobiles

    Quote Originally Posted by UtahBill View Post
    typo? know not splenful....splain, please
    Good intentions don't always lead to successful outcomes.
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    Re: Gasoline Taxes Per Gallon Nearly 7 Times Exxon Mobiles

    Quote Originally Posted by Catawba View Post
    It has been found that the higher the cost of cigerettes, the more people quit. I think that is a good thing. I have not heard of protest by the middle class of an increase in cigerette taxes have you? Is there a Tobbaco Leaf Party I have missed somewhere along the way?
    I have heard smokers cry for years that they are being discriminated against and forced to quit. If you think its right to do just because they haven't got their voices heard, I have nothing to say to you.

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    Re: Gasoline Taxes Per Gallon Nearly 7 Times Exxon Mobiles

    Quote Originally Posted by Henrin View Post
    I have heard smokers cry for years that they are being discriminated against and forced to quit. If you think its right to do just because they haven't got their voices heard, I have nothing to say to you.
    Most distressing!
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Gasoline Taxes Per Gallon Nearly 7 Times Exxon Mobiles

    Quote Originally Posted by Catawba View Post
    Most distressing!
    Its always fun to discriminate against people because of what they do!

    You say you support equality, but you don't mean it.

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    Re: Gasoline Taxes Per Gallon Nearly 7 Times Exxon Mobiles

    Quote Originally Posted by DontDoIt View Post
    CARPE DIEM: Gasoline Taxes Per Gallon Are Almost 7 Times ExxonMobil's Profit: 42 cents vs. 7 cents for QI

    Pretty short and sweet blogged article, but did anyone else find this surprising?
    This would matter if Exxon made most of its money off of refined products. Too bad they don't. The real money is in extraction and transfer pricing of raw crude.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Gasoline Taxes Per Gallon Nearly 7 Times Exxon Mobiles

    Most of you probably have no idea about this (for good reason) but Exxon basically got in deep **** with various governments over transfer pricing where they would sell a barrel of crude oil for basically nothing to an entity in a low tax country like the Cayman Islands who would then resell the same barrel of oil to its US refining affiliate. If oil was going for $25, they would sell the barrel of crude to the CI entity for $23.5 when it cost them $5 to produce, have that profit get taxed at a super low rate and resell the same barrel at $24 with $1 being taxed at US corporate rates. And it was more then Exxon doing this. They lost the court case, paid a big fine and now have their transfer pricing subject to IRS adjustment.

    Refining has always been a low profit business. Extraction is always where the big money is.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Gasoline Taxes Per Gallon Nearly 7 Times Exxon Mobiles

    Quote Originally Posted by obvious Child View Post
    Most of you probably have no idea about this (for good reason) but Exxon basically got in deep **** with various governments over transfer pricing where they would sell a barrel of crude oil for basically nothing to an entity in a low tax country like the Cayman Islands who would then resell the same barrel of oil to its US refining affiliate. If oil was going for $25, they would sell the barrel of crude to the CI entity for $23.5 when it cost them $5 to produce, have that profit get taxed at a super low rate and resell the same barrel at $24 with $1 being taxed at US corporate rates. And it was more then Exxon doing this. They lost the court case, paid a big fine and now have their transfer pricing subject to IRS adjustment.

    Refining has always been a low profit business. Extraction is always where the big money is.
    I was not aware of this. Thanks! This makes me question even more why we continue to give huge subsidies to the oil companies who produce very few new jobs in this country.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Gasoline Taxes Per Gallon Nearly 7 Times Exxon Mobiles

    Quote Originally Posted by Catawba View Post
    I was not aware of this. Thanks! This makes me question even more why we continue to give huge subsidies to the oil companies who produce very few new jobs in this country.
    It's not so bad anymore. Transfer pricing is nowhere near the level of abuse it used to be since the IRS can basically adjust the transfer pricing however it wants. That cut down on a lot of abuse. That said, there is a big demand for transfer pricing work. But it's more to keep the IRS off their back by showing solid reasoning assigning value and profit to locations based on services and manufacturing done at such locations. Amending a big oil firm's 1120 return for transfer pricing can easily cost millions. Even defending the audit successfully with no additional tax is costly. Better to just pay to get it done right and acceptable to the IRS. I know a girl who's sole job is transfer pricing at a big 4 accounting firm.

    As for subsidies, I'm for cutting them as they are basically welfare, but at the same time cutting them will cause gas prices to increase.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Gasoline Taxes Per Gallon Nearly 7 Times Exxon Mobiles

    Quote Originally Posted by obvious Child View Post
    It's not so bad anymore. Transfer pricing is nowhere near the level of abuse it used to be since the IRS can basically adjust the transfer pricing however it wants. That cut down on a lot of abuse. That said, there is a big demand for transfer pricing work. But it's more to keep the IRS off their back by showing solid reasoning assigning value and profit to locations based on services and manufacturing done at such locations. Amending a big oil firm's 1120 return for transfer pricing can easily cost millions. Even defending the audit successfully with no additional tax is costly. Better to just pay to get it done right and acceptable to the IRS. I know a girl who's sole job is transfer pricing at a big 4 accounting firm.

    As for subsidies, I'm for cutting them as they are basically welfare, but at the same time cutting them will cause gas prices to increase.
    Either way, we pay. I would rather those that waste the most gas pay the most.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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