Lower Michigan Gas Taxes
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Dear Governor Granholm,
Your petition to urge President Bush to put a cap on excessive oil company profits is misguided. You cite a $36 billion profit last year by ExxonMobil. This is the largest company in the United States and it made a reasonable profit of less than 10\% on its sales last year. By big corporation standards this profit rate is below average. State and federal taxes add up to three times what ExxonMobil makes per gallon of gasoline sold. When government taxes total nearly one third of the cost who is really doing the gouging? You are attempting to score political points in an election year by shifting the blame away from government and onto oil companies. Your windfall profit tax may actually increase prices for consumers as oil companies pass the cost along at the pump. I urge you to end this nonsense and take meaningful action. Please ask the state legislature to put a cap on excessive state taxes on gasoline. No state sales tax should be charged on the retail price of gasoline in excess of $2.50 per gallon. I also urge you to push for the temporary suspension of burdensome boutique fuel blend regulations that push up the cost as well as encourage the building of new refineries that will increase supply and decrease price.
Your petition to urge President Bush to put a cap on excessive oil company profits is misguided. You cite a $36 billion profit last year by ExxonMobil. This is the largest company in the United States and it made a reasonable profit of less than 10\% on its sales last year. By big corporation standards this profit rate is below average. State and federal taxes add up to three times what ExxonMobil makes per gallon of gasoline sold. When government taxes total nearly one third of the cost who is really doing the gouging? You are attempting to score political points in an election year by shifting the blame away from government and onto oil companies. Your windfall profit tax may actually increase prices for consumers as oil companies pass the cost along at the pump. I urge you to end this nonsense and take meaningful action. Please ask the state legislature to put a cap on excessive state taxes on gasoline. No state sales tax should be charged on the retail price of gasoline in excess of $2.50 per gallon. I also urge you to push for the temporary suspension of burdensome boutique fuel blend regulations that push up the cost as well as encourage the building of new refineries that will increase supply and decrease price.
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