[xzins]

Like I said, I have no problem with free market profits.

But cartels, deals, schemes, price controls, etc....no matter who messes with the market for whatever reason....are not an indication of a free market.

My guts tell me something is being manipulated BEYOND the cartel (which we already know makes this a non-Free market.)

[WackySam]

My guts tell me something is being manipulated BEYOND the cartel (which we already know makes this a non-Free market.)

Of course there is, there is an artificial cap on production. If the companies can't produce more they will be forced to raise prices, and/or find other ways to make money. In this case they have done both, raised margins and found ways to produce more product from a formally un-desirable high sulfur crude base. They pay much less than the market price for sweet crude and pocket the difference.

I don't blame them one bit. Take away the restrictions on refineries and drilling and prices will fall dramatically.

[MCCRon58]

I think you have to look beyond the MSM announcement of "record profits" and break it down to how much comes from Exxon selling oil it has pumped (At a fixed cost) to the world market (at record prices), as opposed to how much "record profit" comes from the oil it must buy on the world market to refine to gas, oil, diesel etc.

As long as we use more oil than we produce, we will always be subject to the vagaries, and uncertainties of they world market.