You must work for an oil company or subsidiary like a refinery. Anyway, see an excerpt post below. Also, I posted an article about 3 weeks ago relating to ChevronTexaco's 1st quarter profits going into the "stratosphere" since the previous two years (2001 & 2002) the oil company's profits were lagging and investors weren't happy. Now the American Petroleum Institute say "poor little oil companies" aren't to blame but oddly, the oil companies are laughing themselves all the way to the bank at the expense of the consumer.
Consumer Group: Gas Companies' Profits Spike with Pump Prices, Profits Increased 926% in 2003
releases.usnewswire.com ^
Posted on 04/20/2004 6:23:28 AM PDT by chance33_98
Consumer Group: Gas Companies' Profits Spike with Pump Prices, Profits Increased 926 Percent in 2003 Based on Price Gouging
4/20/2004 9:00:00 AM
To: National and State Desk
Contact: Jamie Court, 310-392-0522, ext. 327; Tim Hamilton, 360-495-4941, both of the Foundation for Taxpayer and Consumer Rights; Web: http://www.consumerwatchdog.org
SANTA MONICA, Calif., April 20 /U.S. Newswire/ -- A comparison of oil company profit reports and gasoline prices during the last two years shows that California's top five oil companies have seen their profits rise in direct correlation to hikes in the price at the pump, according to an analysis of government records released today by the Santa Monica-based Foundation for Taxpayer and Consumer Rights (FTCR).
In 2002, an average 21 percent increase in pump prices resulted
Here's the article I mentioned in post #11:
Printed by the Associated Press on Saturday (May 1) in the local paper, the headline is:
GASOLINE COMPANY'S PROFITS SOAR (Rising gas prices send earnings up 33 percent in first quarter)
Driven by soaring gasoline prices, ChevronTexaco Corp.'s first-quarter earnings climbed 33 percent, continuing the oil giant's recent run of gushing profits.
The San Ramon-based company said Friday that it earned $2.56 billion, or $2.40 per share, in the three months ended March, up from $1.92 billion, or $1.81 per share, at the same time last year.
This year's results outstripped the mean estimate of $2.02 per share among analysts surveyed by Thomson First Call.
First-quarter revenue totaled $33.6 billion, up 9 percent from $30.8 billion last year.
With the fast start, ChevronTexaco is well on its way to improving on its performance in 2003 when the company earned $7.2 billion--more than it did in the previous two years combined.
Investors were pleased. ChevronTexaco's shares gained $1.15 to $91.50 during Friday's trading on the New York Stock Exchange. The company's stock is up by nearly 40 percent since the end of 2002.
The rising profits of ChevronTexaco and other major oil companies have squeezed the budget of many motorists faced with gas prices that have soared about $2.50 per gallon in many parts of the country, including ChevronTexaco's home turf in California.