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For oil companies, this hasn’t been the bonanza one would expect. Oil companies buy the oil they refine into gasoline, diesel and heating oil, meaning they suffer if the price of those products doesn’t keep up with the price of oil. And while all three products rose sharply in price this year, those increases lagged oil’s spurt.
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You'd think they took losses or something.
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The nation’s three largest oil companies, Exxon Mobil Corp., Chevron Corp. and ConocoPhillips, had combined profits of $50.3 billion in the first nine months of the year, a decline of 8.5 percent from a year earlier.
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You know, I'll worry over oil company profits when they lower their prices so people aren't so strapped and only make half the profit. I'm tired of hearing the plight of Big Oil. They spend little on infrastructure (they blame their refining capacity for the seasonal fluctuations in price) and give half-billion dollar retirement bonuses. Spare me. It's time someone put the screws to these assholes.
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