You’d think from listening to the president and his fellow tax-hikers in Congress that America’s oil and natural gas companies, collectively employing more than nine million Americans, were on some sort of dole from the U.S. Treasury. Nothing could be further from the truth.
For starters, the U.S. oil and gas industry pays an average tax rate of 41 percent, vastly higher than the 26 percent average paid by other S&P companies. Out of the 10 largest taxpayers in corporate America, three are oil companies. Collectively, the major oil producers paid $96 billion in taxes in the most recent year. Looking at it another way, energy companies paid $3 in taxes for every dollar of profit. But that doesn’t seem good enough for President Obama.