Drilling for Profits

MANIFESTO

So who profits when your gasoline prices go up? As cynical as I am about most big corporations, it is almost staggering what the oil companies are now doing to the American people. The Boy King promised to make sure there would be no "gouging" of gas prices by station owners after Katrina but maybe he should do something about the companies that refine it.

When the average price of a gallon of regular gasoline peaked at $3.07 recently, it was partly because the nation's refineries were receiving an estimated 99 cents on each gallon sold. That was more than three times the amount they earned a year ago when regular unleaded was selling for $1.87...Companies that pump oil from the ground swept in an additional 47 cents on each gallon, a 46 percent jump over the same period. (emphasis mine)

So there you have it. Why are gasoline prices so high? Because the oil companies are ripping you off without pity. With BK in office, expect him to do nothing but encourge this practice through non-action. This is the most shameful thing I've read about corporate greed since Enron. There is nothing free about a Free Market.