Regarding Gas Prices...Who is Gouging Whom?

Please understand in this short writing I am not 'sticking up' for the oil companies, this is just my attempt to  bring some truth to repudiate President Obama's claim, made again today (3/29/12), that the oil company's profits are outrageous. Keep reading and see who actually makes the most money on a gallon of gas and whom is gouging whom at the pump.

Note: Best stats/comparisons I could find are based on gas being $3.00 per gallon...(We wish).

Myth: Oil companies make outrageous profits.

Fact: For oil companies the gross profit margin for a gallon of gas today is what it has always been, on average, .08 cents per gallon, or 2.5% at $3.00 per gallon.

Fact: The federal government profits approximately .59 cents per gallon through gasoline taxes, 7 ½ times or 750% that of the oil producers themselves and 20% of the price at the pumps.

Fact: If oil companies cut their profit margins by 50%, it would drop the price of a gallon of gas by only .04 cents per gallon.

Fact: If the federal government would cut taxes on gas by 50%, it would drop the price of a gallon of gas by .30 cents per gallon. If the federal government didn’t tax gasoline at all, the price per gallon at the pumps would be $2.40 per gallon instead of $3.00 per gallon and the oil companies would still be at a respectable 2.5% gross profit margin.

Fact: Over the last 20 years, the price per gallon of gas has increased roughly 60%, which equals an annual average increase of only 3%, which is less than the average rate of inflation.

Fact: During the same 20 year period the salary of every member of Congress has increased 250% or 12.5% per year, more than four times the average rate of inflation.

Question: Who is gouging whom?