Comments on: Weekend Stories: Jobs, Lack of Jobs, Citi and Taco Bell http://briansullivan.blogs.foxbusiness.com/2009/01/11/weekend-stories-jobs-lack-of-jobs-citi-and-taco-bell/ FOXBusiness Fri, 20 Nov 2009 18:24:21 -0500 http://wordpress.org/?v=2.8.5.2 hourly 1 By: Listening in Texas http://briansullivan.blogs.foxbusiness.com/2009/01/11/weekend-stories-jobs-lack-of-jobs-citi-and-taco-bell/comment-page-1/#comment-3645 Listening in Texas Mon, 12 Jan 2009 16:13:26 +0000 http://briansullivan.blogs.foxbusiness.com/?p=476#comment-3645 Ok, I cut a portion out of the last statement for space and need to clarify; the gasoline portion of 48,000,000 gallons of oil is 20,880,000 gallons of gasoline at 43.5%. The numbers in dollars is correct. Ok, I cut a portion out of the last statement for space and need to clarify; the gasoline portion of 48,000,000 gallons of oil is 20,880,000 gallons of gasoline at 43.5%. The numbers in dollars is correct.

]]> By: Listening in Texas http://briansullivan.blogs.foxbusiness.com/2009/01/11/weekend-stories-jobs-lack-of-jobs-citi-and-taco-bell/comment-page-1/#comment-3644 Listening in Texas Mon, 12 Jan 2009 16:10:40 +0000 http://briansullivan.blogs.foxbusiness.com/?p=476#comment-3644 How does the government intend on any recovery to succeed? Oil is falling due to lack of demand; the feds rely upon gas taxes which pay for their programs. Every 1 million barrels that is not used in fuel costs the governement millions. Let's look at gas tax only in relation to income to the Fed only at the 18.5 cents per gallon. Oil is purchased in barrels of 42 gallons; in the refining process it increases in volume to 48 gallons. 43.5% of a barrel of oil is converted to gasoline. Per 1 million barrels of oil each day; it is converted into 48,000,000 gallons of gasoline and at 18.5 cents per gallon is $3,862,800. This is for EACH 1 million barrels of oil whether imported or created domestically. OPEC has cut in 2008 4.2 million barrels per day due to demand. This is a total in dollars to the US government of just over $16.2 MILLION dollars PER DAY. This does NOT include Diesel, Jet fuel, home heating oils or other oil taxable products. Our government is currently projecting a deficit of 1.12 Trillion while rendering assumptions for recovery that are not realistic. CBO believes there will be no more instutional failures or more bailouts-- fat chance. Fed assumes federal revenue will be stable at 17.6% of GDP -- gas tax consumption shows differently as demonstrated above. Unemployment being understated as it is over 13% actual, so the assumption of no more bad news is at best even a far fetched fairy tail. Is there ANY GOOD news? How does the government intend on any recovery to succeed?

Oil is falling due to lack of demand; the feds rely upon gas taxes which pay for their programs.

Every 1 million barrels that is not used in fuel costs the governement millions.

Let’s look at gas tax only in relation to income to the Fed only at the 18.5 cents per gallon.

Oil is purchased in barrels of 42 gallons; in the refining process it increases in volume to 48 gallons. 43.5% of a barrel of oil is converted to gasoline.

Per 1 million barrels of oil each day; it is converted into 48,000,000 gallons of gasoline and at 18.5 cents per gallon is $3,862,800. This is for EACH 1 million barrels of oil whether imported or created domestically. OPEC has cut in 2008 4.2 million barrels per day due to demand. This is a total in dollars to the US government of just over $16.2 MILLION dollars PER DAY.

This does NOT include Diesel, Jet fuel, home heating oils or other oil taxable products.

Our government is currently projecting a deficit of 1.12 Trillion while rendering assumptions for recovery that are not realistic.

CBO believes there will be no more instutional failures or more bailouts– fat chance.
Fed assumes federal revenue will be stable at 17.6% of GDP — gas tax consumption shows differently as demonstrated above. Unemployment being understated as it is over 13% actual, so the assumption of no more bad news is at best even a far fetched fairy tail.

Is there ANY GOOD news?

]]>