American oil producers are in the crosshairs of the Obama Administration once again, this time the president is promising to force the Big 5 oil companies to pay their “fair share.” This begs the question: Who gets to decide who’s not paying enough? Who gets to decide which American taxpayers or businesses need to pay more?
When gas prices go up it’s easy to be angry with the oil companies, but the contributions from the oil and gas industry to the American economy may surprise you.
Unlike banks, car manufacturers, or health care providers that have asked for federal handouts and bailouts, the oil and gas industry actually adds money to the U.S. economy, to the tune of $1 trillion or more per year. The industry supports more than 9 million jobs in the U.S. and has even created more than 20,000 new jobs since the recession began. Three of the nation’s ten largest taxpayers are oil companies. For every $1 of profit oil companies pay an average of $3 in taxes.
What other industry can boast those numbers? If that’s not paying your “fair share,” of taxes, what is?