Posted August 6, 2014
America’s oil and natural gas industry sends an average of $85 million a day to the federal government in the form of taxes, rents, royalties and bonus payments. Averaged over 2007-2012, the industry’s effective tax rate – income taxes paid to governments, divided by pretax income – was 44.6 percent. That’s well above the averages for other industries over the same time period.
We say all that to say this: Attacks that claim the oil and natural gas industry isn’t paying its fair share and/or that it gets special treatment are ridiculous. Industry is paying its fair share and then some – even as it supports 9.8 million jobs and 8 percent of the U.S. economy.