Breitling Oil and Gas Texas Morning Podcast #300

With average fuel prices still more than $3.50 a gallon across the nation, oil and gas giants such as Exxon and Shell are often vilified for gouging customers at the pump while their company coffers swell with profits.  But the Oil companies are punching back in a new report from industry trade group American Petroleum Institute, arguing that the oil and gas industries already contribute more than their fair share when it comes to taxes and reap pretty average returns compared with other sectors.

Between 2007 and 2012, the oil and gas industry paid an effective tax rate of almost 45 percent according to the API report, compared to the healthcare industry, which paid about 35 percent and pharmaceuticals, which paid around 21 percent.   Not to mention the 9.8 million jobs the industry supports just here in the U.s>

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