America needs therapy

Jim Windle jim_windle at eudoramail.com
Mon Oct 1 11:43:16 PDT 2001


On Mon, 1 Oct 2001 11:33:41    Declan McCullagh wrote:
>
>On Mon, Oct 01, 2001 at 09:55:34AM -0500, Harmon Seaver wrote:
>>       Besides which, the true cost of gasoline at the pump would be
>> $10-15 @ gallon without all the gov't subsidies to the oil industry.
>
>I think this canard has been debunked on the list in the last week.
>
One more bit of debunking.  According to the EIA the US uses on average over 8 million barrels of gasoline a day.  The petroleum industry defines a barrel as 42 gallons.  That's 336 million gallons a day or 123 billion gallons a year.  If each gallon is subsidized by $10+ per barrel, the annual sudsidy from the government to the oil industry would be, at a minimum, $1.23 trillion a year.  Total GDP in 2000 was only $9.2 trillion.  This is non-sense.  Or is this subsidy desquised as the defense budget, social security payments and service on the national debt?

Jim Windle


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