Oil profits soaring, drivers suffering

[question everything]

Article Last Updated: 9/28/2005 03:58 PM

Oil profits soaring, drivers suffering

Margins at nation's refineries out of whack with rising oil prices
By Steve Raabe
Denver Post

Long Beach Press Telegram

The nation's oil refiners are marking up wholesale gasoline prices to historically high levels, causing motorists to pay near-record amounts at the gas pump.

Gasoline shortages from hurricanes Katrina and Rita have caused some price spikes. But refiners' gross profit margins have been climbing steadily for the past year, long before the hurricanes hit.

A Denver Post analysis shows that gross profit margins on gasoline at the nation's refineries have more than tripled from about $7 a barrel in September 2004 to $22.77 on Tuesday.

Gross refining margins calculated by subtracting refiners' crude oil purchase price from their wholesale gasoline selling price have been a key contributor to huge increases in net profit for the biggest oil companies.

More..
http://www2.presstelegram.com/news/ci_3067438

[Skittles]

1. I'm sure Bush and Cheney will get right on it!!!

yes INDEED!!!! :7

[Lindsay]

2. Oh, they're already on it.

Don't like gas prices? Don't drive unless it's absolutely necessary!

Jeez, I hate those people!

[MADem]

6. But, but...but

How will we SHOP????? We gotta SHOP, to defeat the terrists!!!! If we don't SHOP, the terrists will WIN!!!!!

[CAG]

3. Oh, what are you, some commie pinko socialist or sumthin'

Don't you know they need their 20% profit margins? How else are they going to pay for all of the lobbyists to take care of all of the repub congressmen?

Heck, even their poster boy texas village idiot asked people to conserve gasoline; they've got to real these boys in before they say something to make the 13 mpg SUV soccer moms and dads to listen to their conscience.

[rodeodance]

4. so why aren't these oil companies being hauled before a congressional

committee!!!!!1

[question everything]

7. Because they do what every capitalist is expected to do

maximizing profits.

(until such capitalism comes too close to home, of course)

[Erika]

5. W's redistribution of wealth

in progress. Decimate the working class and enrich the wealthy.