Gas Companies Profit During Consumer Plight

As quarterly earnings rolled in yesterday, Exxon announced it earned $8 billion in profits. The oil company earned 9.5 cents per dollar of gas, “cashing in on skyrocketing prices at every stage of the process,” reports MSNBC.

    “The big money for Exxon Mobil,” says oil trader John Kilduff of Fimat USA, “is being made by taking crude oil out of the ground and refining it into gasoline and selling it on the street corner.

    …Consumer groups argue that oil companies are profiting unfairly from their own failure to invest in refineries, which is now driving up gas prices.”

Oil Industry Profit Fuel Outrage” [MSNBC via Right-Thinking from the Left Coast]

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  1. thrillhouse says:

    I’ll take my hydrogen car now, please

  2. Rick Dobbs says:

    It’s humorous how people blame for-profit companies for making a profit.

    Why don’t people just make it so that the crack they supply is unnecessary rather than spend all their time blaming a company for doing the thing that they’re in business to do?

  3. DeeJayQueue says:

    it’s one thing to idealize that people can live their lives without an oil dependance. In certain cases, we can. In the real world however, oil is something everyone pretty much needs to get by, and charging an arm and a leg for gas “because they can” doesn’t constitute fair business practices.

  4. I’m so with you Rick Dobbs. People should devote their energies (buh-dum-chh)to needing less fuel. You make a good point DeeJay, but how many people “need” their SUV? Not many, I assure you.

  5. Ben says:

    *hugs his bicycle*

  6. konstantConsumer says:

    yeah, but i do need my car. that gets 30 mpg. and i also need to drive to work everyday, in rush hour traffic. and so i need to spend a shit load of money on gas.

    so some company is making a TON of money, even more than what they were making when gas was semi-reasonable, while a recent college grad like me struggles to pay for their product. for profit or not, morality should have something to do with it.