In last week’s post about ExxonMobil’s 2013 earnings, I noted that we earned about 5.5 cents for every gallon of gasoline and other petroleum products we refined, shipped, and sold in the United States. Yet, the Federal Government continue to vilify the oil companies.
Consider this: The federal and state and local governments collected 40 to 60 cents per gallon in taxes at the pump. What impact would there on budgets and Income Tax rates, if the price of a gallon of gas was reduced to 2001 rates?The American Petroleum Institute just updated their map showing the combined local, state and federal tax rate in each state as of Jan. 1, when new taxes took effect.
Several other states, such as New York, Connecticut, and Hawaii, are close to California in terms of the fuel-tax burden their residents bear, though none has yet joined in crossing the 70-cent-per-gallon threshold.I encourage you to study the interactive map for state-and-local-level specifics.