Wednesday, June 20, 2007

Ethanol and oil profits

Just two items... numbers I found about today:
  • You know there haven't been any new gasoline refineries built in the US since the late '70s, right? This is the main cause for the high gas prices, because we have the oil, but we can't refine it. However.... in recent years, 119 ethanol refineries have been built and 77 are under construction! Can anybody get this? SO far, everybody I know puts gasoline in their cars. All my friends eat the corn. Could anybody find any logic in this?
  • Oil companies make profits equal to about 10c/gallon. They have some of the smallest profit margins in our economy, however the liberals blame them for gas price gouging. At the same time, at the federal level, the US government makes about 18c/gallon from taxes. State taxes vary, but the highest is New York, which makes about 60c/gallon. So next time you blame oil companies profits for what you pay at the pump, think twice and blame the real profiteers of all this.

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