Quote:
Originally Posted by Barry-xlovecam
But that is not the real point. A great part of oil costs are the government taxes assessed ... Hence, the perception of "cheap" US energy. The taxs on fuel are lower in the US than in the EU — this is the primary reason. |
Good point.
I have to agree that this factor should also be considered.
Quote:
Originally Posted by Jesus H Christ
The current estimate for how much oil Iraq has is 112 billion barrels of oil - the world's second largest proven reserves (much more undiscovered). When we formed their government part of the condition was they sign away 25% of the their total reserves to the US. In short, 28 billion (discovered reserves) barrels of oil. Average price for a barrel of oil this year is $85.
Anyone want to do the math? 28 billion x $85. Also, for every barrel of oil sold 37% of the revenue is taxed by the Feds and State governments. |
2380 billion worth of oil? That's a big chunk of US public debt. In 2002 it equalled roughly 50% of the gross US public debt. You do the conclusions.
http://www.usgovernmentdebt.us/downc...or=c&l ocal=s
