Drumbeat: February 8, 2013

Drumbeat: February 8, 2013

Oil companies make the biggest share of the revenue from motor fuel sales. And they had to do a study to figure this out? LOL. They obviously try to vilify the oil companies for doing exactly what they were created to do. “…$33 goes into the coffers of Chevron, ExxonMobile or BP, while very little of the remaining cash goes into the local economy or even back to oil company investors.” 100% incorrect as I explain below. And exactly why should much of it go into the local economy? Which is actually something if a red herring question also. All the revenue of Big Oil goes into the local economy with one big exception: what it pays for imported oil. I live across the highway from one of the largest refineries in the western hemisphere. A huge chunk of our local economy comes from it: taxes, salaries, secondary businesses. But they contend that most of what consumers pay at th...

Full article: http://www.theoildrum.com/node/9822