Aug 2, 2004
The oil companies just announced their most recent quarterly profits. It came as no surprise to see their profits increased substantially over the same time last year. Exxon-Mobil's profits went up 39%. Shell's profits increased 54%. Sunoco's were 190% higher!
Of course their profits went up. Over this period, gasoline prices were over $2.00 per gallon, with the national average still at $1.90 per gallon.
This puts the lie to their claims that the high gas prices were caused by high crude oil prices. Clearly, the oil companies are not being squeezed by crude oil producers. Higher gasoline prices have nothing to do with the scarcity of oil and everything to do with the avarice of the oil companies.