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Old 04-29-2008, 11:19 PM   #45 (permalink)
spronk
nerd
 
Join Date: Mar 2007
Posts: 1,428
In general for every gallon of gas:

Feds get 18.4 cents in taxes
State gets 20-40 cents in taxes
Transportation costs 23-26 cents
Refining costs 24 cents (Valero, etc turning oil into gas)
all the rest ($2.10 - $3.00) goes to a big oil company (Exxon, Chevron, BP, etc)

In other countries the fed/state taxes tend to be much higher, as in $3+. Even in India gas is $5 or so a gallon, which is high considering the standard of living is still 1/10th that of the USA.

In 2007 Exxon made $40 billion in profits and paid out $100 billion in royalties to countries like Saudi Arabia, Kuwait, Russia, etc. It costs a company about $1 to pull a barrel out of the middle east, and $70+ to pull a barrel out of The Gulf of Mexico. There are hundreds of billions of barrels of "sand oil" in Canada but currently the costs are still above profitability, once oil hits over $200/barrel many new sources will be more viable (profitable).

Saudi Arabia received $200 billion in 2007 from oil. Iran received $70 billion. Russia, Venezuela, etc have similar numbers.

ANWAR would produce between 600k - 1.2 million bpd (barrels per day), based on low/high estimates of how much oil is there (6 billion - 16 billion barrels). The US consumes over 25 million barrels per day of oil, and growing. ANWAR at this point would have minimal impact on the price of gas, 15 billion new barrels being available is pretty insignificant compared to the billions of undeveloped barrels in Middle East, Russia, Africa, and so on, where it is much cheaper to pull out of the ground as well.

In a global economy driven by futures price trading the oil commodities price is not dependent on local supply/demand but global supply/demand and calculated risk factors (weather, war, etc), unless of course we decide to nationalize oil and sell it at below market pricing like they do in the middle east, venezuela, etc.

Last edited by spronk : 04-29-2008 at 11:26 PM.
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