The next time you empty your wallet at the pump consider this:
Another theme of the day’s testimony was that, if anyone is “gouging” consumers through the high price of gasoline, it is federal and state governments, not American oil companies. On the average, 15% percent of the cost of gasoline at the pump goes for taxes, while only 4% represents oil company profits. These figures were repeated several times, but, strangely, not a single Democratic Senator proposed relieving consumers’ anxieties about gas prices by reducing taxes.
Take the time to read more about the Congressional hearing held by the Senate Judiciary Committee to grill top executives from the petroleum industry.