US drivers subsidize European pump prices -report

[LiviaOlivia]

US drivers subsidize European pump prices -report
Thu Aug 31, 2006
By Tom Doggett

WASHINGTON, Aug 31 (Reuters) - U.S. drivers helped to boost Big Oil's record profits more than their European counterparts, by paying more for gasoline once taxes were taken out at the pump, according to a report released on Thursday.

The report from the Foundation for Taxpayer and Consumer Rights also showed that profit margins were much larger for multinational oil companies' refinery operations in the United States than those located in Europe.

While gasoline costs more than $5 a gallon in Europe, most of that pump price reflects taxes. In the United States, federal and state fuel taxes account for a much smaller share of the cost for gasoline.

Based on retail gasoline prices in July, when taxes were taken out European drivers paid 24 cents a gallon less to fill up than their Americans, the study showed.

~snip~

http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2006-08-31T200914Z_01_N31221683_RTRIDST_0_ENERGY-GASOLINE-PRICES.XML&rpc=66&type=qcna

[depakid]

1. Multinational corporations gouging

and stealing from American consumers (or should I say SUCKERS).

What a novel concept....

[hughee99]

2. I guess given the choice between

the two, I'd rather have the $3 gas even though it is more profitable for the oil companies.

[anotherdrew]

3. how about we just mandate a maximum profit margin?

I mean, it's obvious.
Also, tax companies a straight percent on the profit they report to wall street, and extend open profit/loss auditable accounting to private companies too.

[hogwyld]

4. We need to nationalize the energy companies n/t

[blackhorse]

5. What a bunch of BS

"Thus U.S. motorists are essentially subsidizing European drivers, who pay more for taxes but substantially less into oil company profits," the report said.

This "report" attempts to make price-gouging by rapacious American capitalists a fault of the Europeans. How is this subsidizing the Europeans? The only ones seeing a benefit here are those American oil chieftains who are robbing the American public. More horsesh** logic from the corporate-owned lamestream media.

[NotGivingUp]

6. yep...agreed...it's totally misleading

[damntexdem]

7. Yeah, European drivers pay more.

But they also get more in return. Not here.

Well, go fill up at CITGO and let the profits flow to Venezuela!

[WhiteTara]

8. dupe

[Moderator]

9. Duplicate

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2487943