The misrepresentation is to only show cost/profit/loss from the refiner's standpoint.
That's what I was pointing out.
Refiners are not doing well at all.
I don’t think they’re making eight cents a gallon profit at the refining level today.
In fact, unless they’re incredibly efficient, they’re losing money with each gallon they send to the gas station.
If you’re only on the E&P side, upstream, you’re probably doing pretty well on that segment. Every new well you drill is a gamble, though, and it’s more expensive than ever to drill a new well. If you strike out and drill a dry hole, that could be millions of dollars for nothing.
It happens all the time.
So, is the oil industry raking in massive profits? It kinda depends who you are and what your place is in the overall scheme of things.