They didn't. You misread the numbers, as the NYSlimes intended for you to do. Profits did not increase to 75%, profits increased by 75%. If the profit was $1 last quarter, it would be $1.75 now.
This is a common trick of leftists, or any unscrupulous person with an agenda. It is called lying with statistics.
Thank you so much for taking the time to explain this. For some reason, rational thinking flies out the window when it comes to the price of gas.
What seems out of line to me is EOM's profit increasing by 75%. This profit is clearly larger than what would be derived from merely passing along the increased cost of their crude oil. It would appear that they were already making a healthy profit on their products.
It is interesting the article's comparison of EOM's profit to that of Wal-Mart. Wal-Mart became the biggest by moving their product to the consumer at the lowest possible price, EOM and the other oil giants did so, by doing just the opposite.
It is capitalism, and legal to do so, and no doubt you will say that on this matter I am out of line. Without a doubt their profits will go down after their high prices have slowed the economy and demand for their product. So all things equal out in the end. I just hope that my business which is suffering from their high profits, (we ship primarily by truck), will still be around to take advantage of those lower prices when they come. And no, I don't make buggy whips.