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:: 7.30.2004 ::
"Pennies on the gallon" added up
I have now read 3 stories in as many weeks about the 2- and 3-fold increases in profits by oil companies, compared to last year. Sunoco, for one, and I just read a story in Yahoo about Chevron-Texaco raking it in, too. From that second piece: The industry's soaring profits are being driven by oil prices that have climbed above $40 per barrel. Even if the prices decline slightly, the oil industry is likely to remain flush through at least the remainder of this year, predicted industry analyst Fadel Gheit of Oppenheimer & Co.
"As long as the price of crude oil remains above $30 per barrel, these companies will be printing money," he said. The higher the price the better they do. But no worries, they're not gouging consumers - and the fact that spending is now weaker than it's been in three years has nothing to do with it. Really. Just watch your TV and shut up. And don't even think about calculating how much you spend on gas per week.
:: Deb 6:23 PM :: permalink ::
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