Gas prices / where the cheapest gas is

[terracore]

I paid $4.69/gallon at Big Island Energy on Friday 1/27/23.

They don't have a store or anything to buy stuff other than gas. I don't recall even seeing a vending machine.

But the BEST part is- I've never waited in line there. Not even for a second.

[leilanidude]

Consider how much in taxes are part of each gallon of gas. Think beyond just the Hawaii state gasoline tax and the federal tax on each gallon. Take into account the drilling equipment, pipelines, trucks, trains, ships to transport it, the employees of all those companies who are taxed. The list is nearly endless.

[HereOnThePrimalEdge]

companies who are taxed. 

Or consider how much the windfall profits of oil companies are taxed:
ExxonMobile paid 2.8% in federal taxes in 2021.
Chevron paid 1.8%.

https://www.americanprogress.org/article...s-in-2021/

Who makes up for the minimal contribution these corporations make towards American budget expenses?
Middle class taxpapers in Hawaii and the other 49 states who pay a fortune for their gasoline.

[leilanidude]

Note that Hotpe didn't post the 2022 federal taxes paid because that doesn't fit the narrative.

Exxon income taxes for the quarter ending December 31, 2022 were $5.787B, a 118.38% increase year-over-year.


Exxon annual income taxes for 2022 were $20.176B, a 164.22% increase from 2021.

https://www.macrotrends.net/stocks/chart...come-taxes

[randomq]

Doesn't matter if it's billions if it's only 1.8-2.8%...

[Durian Fiend]

Exxon profits went way up so their taxes did too. That's the correct narrative.

I've been in Kohala for the past couple days. Gas prices are around $5.50 per gallon or greater over here.

[randomq]

And local media seems powerless (or clueless) to actually figure out where the profit is going and call them out.

[leilanidude]

Doesn't matter if it's billions if it's only 1.8-2.8%...

Math wasn't your strong point... Now try again and see what the real percentage is.

Exxon annual gross profit for 2022 was $114.193B
Exxon annual income taxes for 2022 were $20.176B

[HereOnThePrimalEdge]

Math wasn't your strong point… 

Being good a manipulating math will only fool some of the people some of the time.

Any taxpayer on Punaweb would be happy to get away with paying the Exxon tax percentage for 2021, OR 2022.
We would also be far happier if the gasoline price we paid at the pump in East Hawaii dropped as much as did the price of oil.

[Durian Fiend]

Math wasn't your strong point… 

Being good a manipulating math will only fool some of the people some of the time.

Any taxpayer on Punaweb would be happy to get away with paying the Exxon tax percentage for 2021, OR 2022.
We would also be far happier if the gasoline price we paid at the pump in East Hawaii dropped as much as did the price of oil.

Apparently Exxon makes most of their money overseas.

 For 2021 US income and taxes, the numbers I see are: "$9.3 billion in U.S. earnings and $236 million in federal income taxes"  That's where the 2.8 percent comes from.  Is this accurate?  I have no idea, but am fairly confident they're rarely if ever paying anything close to the official US corporate tax rate. 

Perhaps Hawaii could try to levy a special windfall tax on oil companies, seeing how much consumers are paying at the pump. Probably not worth it though, as the corporations would likely sue as Exxon did after the EU .came up with a windfall tax.