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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