“On Friday it was selling for $122.00
Oil companies can’t eat the cost of crude oil.”
Oil companies are selling crude, not buying it.
Is it the refineries that buy it?
I admit to being a bit fuzzy on it, because big oil both
harvests the oil and sells it at stations. I know there
are independents also.
Perhaps you could give us a good explanation if you know
the details.
What is the process from drilling and pumping, refining,
and delivery to the consumer?
The cost of a barrel does come in at some point, and the
prices at the pump are based on it.
While I probably did botch the description, the fact still
remains that the cost per barrel is not controlled by the
oil companies, and they are not profiteering in true
sense.