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Oil Firms Cite Large 1938 Tax Payments Across Industry
Iowa Petroleum Industries committee reports major oil companies paid taxes far exceeding payrolls and dividends in 1938. Atlantic Refining taxes surpassed net earnings by over a million dollars and equaled $2 per common share. Gulf Oil notes taxes on gasoline equal 54 percent of net gasoline prices. Shell Union Oil shows taxes of 77,658,966 dollars or 92 cents per barrel while net income per barrel was 13 cents. Socony Vacuum taxes surpassed dividends by more than seven times. Standard Oil Indiana employed 30,000 and paid 97,485,205 dollars in taxes, enough to fund salaries for thousands of state and federal workers.
MENTIONED IN THIS ARTICLE
Des Moines
Iowa Petroleum Industries Committee
Atlantic Refining Company
Continental Oil Company
Cities Service Company
Gulf Oil Corporation
Mid- Continent Petroleum Corporation
Phillips Petroleum Company
Shell Union Oil Corporation
Socony-Vacuum Oil Company