August 12, 2021

WELCOME BACK, CARTER: Bidenomics: A “That 70s Show” Rerun.

Question: how much is the typical oil company profit from each gallon of gas sold at the pump? I believe it is still around 20 cents (or less). How much do state and federal governments make from each gallon of gas sold at the pump from gasoline taxes? Around 45 cents. (Incidentally, every time the government investigates gasoline price markets, as they have since the 1970s, they find . . . nothing. It’s like markets actually work or something. No one ever seems to remember any of this.)

Jimmy Carter was unavailable for comment.

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