Between 1980 and 2005, oil companies directly paid more than $2.2 TRILLION in taxes (after adjusting for inflation) to federal and state governments—including excise taxes, royalty payments and state and federal corporate income taxes. That amounts to more than three times what they earned in profits during the same period, according to numbers from the Bureau of Economic Analysis and U.S. Department of Energy.
For comparison purposes that is…
| $88,000,000,000 | per year |
| $7,300,000,000 | per month |
| $803,103 | per day |
| $33,463 | per hour |
Still, for Leftists—who hate success and are filled with envy—that's not a big enough contribution to make to our American way of life.
But this contribution does not include the other major contribution of so-called “Big Oil.” The firms in that industry employ—directly and indirectly—several hundred thousand Americans. Many of those American earn above-average salaries and virtually all of them pay state and federal income taxes, pay in millions in consumption (sales) taxes, and the vast majority participate in paying millions of dollars into property taxes.
Here are some numbers to think about
In 2010, the U.S. oil and natural gas industry provided $476 BILLION in direct support to the economy. This stimulus did not require an act of Congress nor that billions of dollars in new public debt be foisted upon the taxpayers of this generation and generations to come.
- $266 BILLION was returned to the economy in the form of spending on new energy projects, improvements to existing projects and enhancements of refinery and other downstream operations
- $176 BILLION paid to 2.1 MILLION U.S. employees in wages and salaries, plus benefits and payments to oil and natural gas leaseholders
- About $35 BILLION in dividends distributed to American shareholders
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