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.

 

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