May 2, 2011
Gas prices are skyrocketing once again. A gallon of regular has pushed above $4.00 in most places around the country.
Meanwhile, oil company profits took a huge leap last quarter.
Coincidence? Not on your life.
All the major oil companies reported huge profits in the last quarter. ConocoPhillips’ profit jumped up 44%. Chevron’s was up 31%. The profits of the second biggest company, Royal Dutch Shell, rose 30% to 6.3 billion dollars – in one quarter. And Exxon, the biggest oil company in the world, saw its profit leap 69% – to 10.7 billion dollars. In one quarter!!
All the reasons they used to give for why prices have to rise have fallen away like so many dead leaves.
They once pretended that there’s a scarcity – that demand is increasing while production is falling. Scarcity? Saudi Arabia itself says that there is too much oil on the market right now! Too much demand? Hello – there’s a downturn: worldwide demand has gone down, not up!
Their ballooning profits tell the whole story: they’re robbing us, plain and simple.
The oil companies will charge what they think they can get away with. If they think they can get $5.00, they’ll charge $5.00. If they think they can get 6, 7 or 8 – the price will climb to 6, 7 or 8 dollars.
That’s the rules of the capitalist game, as played by big oil.