Reply #1: Did you know the government makes more in fuel taxes than oil companies make in profits?

[OneTenthofOnePercent]

When you look at the federal and state gasoline excise taxes versus the profit oil companies make from that gasoline...
The government makes more in taxes than the oil company makes in profits.
Basically, the gov profits MORE from gasoline/fuel than Big Oil - and all they're doing is collecting the cash (tax).

The largest cost factor in gasoline prices is the overhead cost of drilling and refining the oil.
The next contributing cost factor is federal and state taxes. IIRC, fed tax is ~ 20 cents/ gal and state taxes vary.
Next comes the actual "profit" from the gasoline (about 13 cents per gallon in 2007).

So despite the possibility that their profits may not have been taxed...
Big Oil's products are easily one of the most taxed products in America.
Theoretically, these excise taxes cut into potential profit - so the end effect is effectively the same. So even if Big Oil's profit were taxed, such cost would simply be passed onto the consumer.