So how much do oil companies make in profit per gallon?

  In his weekly address, Obama has taken after oil companies.
  Now there's a new tactic. Blaming them for high gas prices.
  And by ending federal subsidies to drill for oil, this will lower the price of a gallon of gas just HOW?
  Obama speaks:

What’s more, at a time when big oil companies are making more money than ever before, we’re still giving them $4 billion of your tax dollars in subsidies every year. Your member of Congress should be fighting for you. Not for big financial firms. Not for big oil companies. 

In the next few weeks, I expect Congress to vote on ending these subsidies. And when they do, we’re going to put every single Member of Congress on record: They can either stand up for oil companies, or they can stand up for the American people. They can either place their bets on a fossil fuel from the last century, or they can place their bets on America’s future. So make your voice heard. Send your representative an email. Give them a call. Tell them to stand with you.

  So how much do oil companies make on a gallon of gas?
  Try between two cents and 10 cents.
  And taxes on every gallon of gas?
  About 50-60 cents.
  And what does the government do to get that money?
  Does it explore for more oil? Does it drill and pump oil?
  Once again, refresh my memory.
  How does this make sense?
  How is it a good campaign strategy?

And again, from MJ Perry's blog:

UPDATE: And a reminder that there are numerous seasonal and regional blends required by the EPA which serves to limit availability and increase costs.