That 10B profit just proves that the higher pump prices handed to the consumer were not the result of oil companies having to pay higher crude oil prices. Our pump prices have been the direct result of refining companies (like Exxon) hiking prices to the consumer and middlemen who suppy gasoline to independent gas stations. Even though crude now trades in the low $60's if you do the math you will see that we should be paying about 60 cents less per gallon than we are paying now. No wonder they made 10B. Shell, BP, Unical, Texaco and Conoco will be posting similar profits for sure. This whole supply and demand story has been a big crock. This gas situation is nothing more than pure price fixing coming from the highest levels of the game.

Very much Agreed.

robbery....the government will step in... oh wait...they're oil people....we're so stupid.

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Rockin' is my business and business is good!
2005 4.4 X5 Black/Black, the goods

The government should regulate the oil price.

I wonder if anything will be done, this qtr's numbers are going to be too naked to mask, people really did suffer this time around. I am not talking about people just bitching about the price of gas, I mean real suffering. Should be interesting to see what happens. Can the Presidents numbers drop anymore???

I don't, the oil comes from sources they cannot control. I would much rather see the government handle the refineries and make some money off the product. There is a shortage of capacity in this country and the oil companies will have to spend a lot of money to get additional capacity. A new plant can cost 6 billion or more to build. What would they get out of it? More capacity = cheaper prices. EPA regulations also play a big part, as does the power to run the plant.

Check your 401K, etc. You may be happier than you think about those Exxon earnings if they're in your portfolio, although they did dip today on the exchange cause that figure didn't reach the high estimate .

All I know is, sh*t is out of control at the gas pump, and our fearless leader is all up in the oil industry like white on rice. That whole thing about Santa Claus and Satan both wearing black and red, yet never being seen in the same place together...coincidence? Hmmmmm.

JV

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JV

What gets us into trouble is not what we don't know...it's what we know for sure that just ain't so

I'm with you on that one. At least in Europe you know that 60% to 80% is taxes before the oil companies have their way.

BTW I don't think the problem will be refining capacity, it will be the ability of your corner gas station to remain a profitable concern. Have any of you noticed how many gas stations have closed the last few years??

The why is because of;
1. Low margins - A drive off of $50 takes nearly 100 cars to make back.
2. New state and EPA regulations regarding below ground tanks, the refits cost upwards of $250K and the stations out of business for 6 weeks. Oil company only picks up 25%.
3. Competition - Costco as well as 3 stations on a corner all create disparities when prices are high, people will drive miles out of their way for cheaper gas even though that is a totally false economic proposition it still mentally feels good to "save" some money. Sounds like when the wife rolls in with a car full of stuff and tells me how much she saved me that trip

Anyway theres my $0.02.

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Currently 2010 X6 35i, Premium, Technology, Sport.
2004 Lotus Esprit - Final Edition
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ExxonMobil sells 1 billion gallons of gasoline every 3 days - straight from the CEO - don't know what % of their revenues that represents - If they were getting squeezed by oil prices, why does their stock go up n down in lockstep with price of oil? I think I'll actually read the annual report this year and find out.

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Mark _______________________________
2001 X5 4.4i topaz blue/sand Sport, complete Dinan S2 , hitch, V1, tint, BSW Stage 1, Alpine INA-W910BT
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