The People of America's Oil and Natural Gas Indusry

Energy IQ, Day 3: Fueling Our Nation's Economy

Jane Van Ryan

Jane Van Ryan
Posted July 1, 2009

The oil and natural gas industry makes many important contributions to the U.S. economy, but specifically:

How much do oil companies pay in income taxes as a share of their income?

Test your Energy IQ to answer this question and others, and watch the video below to see what other people thought about how much companies pay in taxes.

 
Through the survey, we see that people underestimate the amount that oil companies contribute to the U.S. economy through jobs and taxes, and overestimate the industry's profits. Only 9 percent of respondents knew that oil companies pay more than 40 percent in income taxes as a share of their income. And from 2005-2007, oil and natural gas companies paid $242 billion in taxes.
 

Also, in 2008, the industry earned 5.7 cents on each dollar of sales while the federal government, states and Indian tribes received about $22 billion from oil and natural gas production.

 

Check back tomorrow for another question to test your energy knowledge.

 

ABOUT THE AUTHOR

Jane Van Ryan was formerly senior communications manager and new media advisor at the American Petroleum Institute (API), where she wrote blog posts and produced podcasts and videos. Before coming to API, Jane managed communications for a large science and engineering corporation, and for a top-tier research and engineering university. A few years ago, you might have seen her in your living room when she delivered the news on television. Jane officially retired from API in 2011 and now freelances as an independent communications consultant when not gardening at her farm in Virginia.