Who profits most from today's high oil prices?

Would you really be surprised if I told you governments?

CNN attributes most of the profits from gasoline to crude oil producers, and while that’s true CNN did leave another aspect out: Regulatory, usage and royalty fees paid to the government. Crude oil may be at $110/barrel right now, but it can cost as much as $70/barrel to actually get it.

And of that $40 per barrel, CNN attributes most of the profits from gasoline to crude oil producers, and while that’s true CNN did leave another aspect out: Regulatory, usage and royalty fees paid to the government. Crude oil may be at $110per barrel right now, but it can cost as much as $70 per barrel to actually get it.

"While Exxon made over $40 billion in 2007, a 60% increase from 2004, it paid over $100 billion in taxes and royalties."made over $40 billion in 2007, a 60% increase from 2004, it paid over $100 billion in taxes and royalties.

Read that sentence very closly, they paid governments MORE THAN DOUBLE what their profits were.