April 12, 2012
Is the Oil Industry Underestimating Its Profits?
Simon Mui, Energy Collective
In my last blog, I posted estimates on how much of the money you spend on gas is going to the oil industry’s profits. Our updated estimate shows that 23 cents of every dollar you spent on gasoline in February went to the oil industry’s after-tax profits. If you’re like the average driver, you pay about $60 to fill up your gas tank, meaning the oil industry makes about $14 in profits.  That’s a lot of lunches you’re buying.
TAGGED: oil profits, oil industry