I find it strange that gas prices recently dropped to $2.00/gall (in my area, at least), only to creep back up to around $2.50/gall. Sounds like a decrease in consumption caused the companies to back off, and now I'll bet they're slowly raising up prices again trying to stay below some magic number that will cause sales to drop again.
Near the end of the article it mentioned lawmakers trying to impose a windfall tax. What a genius idea... tax the oil company so they have another excuse to raise prices.
As for effects, I, for one, definitely modified my driving habits last year. Several times I wanted to drive around town for some items, but didn't because of the prices. Nor did I take any drives up into the mountains to do stuff I enjoy like hiking and camping. These prices will destroy the american way of life where the car gave us freedom to go out and enjoy this great country. Weekend trips are now all but a thing of the past for me. I feel like I'm a prisoner of gas prices...
Outstanding!
Profits = Good.
Obscene profits = Better still.
Disgustingly shameless and obscene profits = The best.
When they put a gun to your head and make you buy gas.
Pay their asking price, or quit driving. The gas belongs to them, they can ask whatever they want for it. You don't have to buy it.
BTW, do you have any idea how much tax is in a gallon of gas? Did you know it's illegal in most places for the station to tell you how much tax is in the price of gas? Why do you think that is?
Chevron just found more oil in the Gulf.
http://www.bizjournals.com/eastbay/stories/2006/01/02/daily11.html
Their profits are up because their CGS has remained constant while the retail price has increased dramatically. The price increase in an open market has been brought on by increased demand from Eastern Europe, China, and India. More bidders for oil means a higher price. ECON 101