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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (622779)8/4/2011 11:27:02 AM
From: TimF3 Recommendations  Read Replies (1) of 1579786
 
The profits from oil have gone mostly to governments for a long time.

In many countries (collectively representing a majority of the world's proven oil reserves) the oil companies where nationalized. In countries where they where not, like in the US, you have had corporate income tax on the oil companies, "windfall profits tax", the costs of oil leases (since the government controls much of the territory in the US and won't sell it), taxes on refined products, and other more minor source of income (misc. fees and fines, and such).

In the countries with socialized oil industries the government grabs all the profits (even if in many cases its 100% of a sufficiently reduced amount that they would do better over the long run to privatize even if you only concerned about how much income the government can get, they would get the price for the initial sale, and in the long run the taxes on the more efficient and productive private companies could generated much revenue for the government even if its only getting a quarter of the profit).

In the US the private profits are significant, but the government consistently grabs more than what the private companies can maintain (esp. but not only when the "windfall profits tax" was applied).
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