On Jan. 11 a barrel of oil traded for $31.85, and the average price of a gallon of gasoline was $2.10. Each barrel breaks down as 19.15 gallons of gasoline at a total of $40.22; $9.32 or $0.4868 per gallon in taxes, federal and state taxes only, which equals a $30.90 return. There’s 9.21 gallons of diesel fuel, at an average of $2.18 a gallon for a total of $20.08; $5.01 for taxes or $0.5440 per gallon which equals a $15.07 return. No tax information on remaining products, 1.75 gallons of heating oil for a total of $1.72 there is 1.76 gallons of heavy oil residential at a total of $1.72. Then there is 3.82 gallons of jet fuel for a total of $3.55. There is 1.72 gallons of LP gas, at a return of $1.69 there also is 7.29 gallons of oil that makes 3,000 different products such as asphalt and road oil, lubricants, fuels for refineries. The monetary return on the 7.27 gallons, is enough for refining, salaries, and distributing cost, for all refinery products.
If a barrel is $31.85 with a return of $54.65 per barrel, this equals a $22.80 profit not counting taxes or the profits of the 7.27 gallons of oil bi-products. You take $22.80 per barrel, times 18.49 million barrels per day, equals $421,572,000 of oil profit and more than $264,961,700 in taxes per day. This proves American politicians and businessmen are out-of-control with excessive greed.
William Gaines, Lebanon