Wednesday, September 07, 2005


79 percent believe the gas companies are taking advantage of the situation and charging unfair prices.
Hmmm. Wonder why people would have that perception?
By just about any measure, the past three years have produced one of the biggest cash gushers in the oil industry’s history. Since January of 2002, the price of crude has tripled, leaving oil producers awash in profits. During that period, the top 10 major public oil companies have sold some $1.5 trillion worth of crude, pocketing profits of more than $125 billion.

“This is the mother of all booms,” said Oppenheimer & Co. oil analyst Fadel Gheit. “They have so much profit, it’s almost an embarrassment of riches. They don’t know what to do with it.
And this was July of 2005 when oil was at $60/barrel.

Well...with Katrina, national disaster, human suffering and all, the oil companies are bound to be taking a hit, what with all the help they're lending to victims, helping folks get moving, showing a... you know... conscience....... Right?

Hmmmm. Wonder what the third quarter's gonna look like?


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