RM, yes, the oil companies do make money. Surely you don't think they should do all that work for nothing? That would be be communism, wouldn't it? Yes, everybody wants to blame someone, and the "evil oil companies" are the obvious scapegoat.
The highly emotionally-charged problem of Americans suffering high gas prices just doesn't prove that the oil companies are doing something wrong. Let's not forget that the oil companies employ lots and lots of Americans, and they provide us with every ounce of gasoline that we need. That is a monumental, and extremely expensive task.
So let's jump right into the facts, and put the emotions aside:
Exxon's Profit Margin is 10.85%. See for yourself:
http://finance.yahoo.com/q/ks?s=XOMCompare that to Chase, at 21.95%.
http://finance.yahoo.com/q/ks?s=JPMOr Oracle, at 24.21%
http://finance.yahoo.com/q/ks?s=ORCL Or even Colgate at 12.02%
http://finance.yahoo.com/q/ks?s=CL selling soap and toothpaste.
Yes, some politicians are fond of using the emotionally-charged phrase "record oil profits". I know I earned slightly more in 2007 than I did in 2006, so technically that makes it a "record" for me. However, the dollar was worth less, and my costs were much higher, so it is very misleading to call my 2007 salary a "record".
Oh, and let's not forget that if you put additional taxes on the oil companies like some politicians are calling for, guess who will pay them? YES, YOU GUESSED IT!!! The taxes will get passed right back down to the consumer, just like in any other business.
Yes, the oil companies are some of the biggest companies in the world, too. Well, how many gallons of gas do you use every week? Multiply that by 300,000,000 Americans. How much gasoline do you think your supermarket burns every week shipping in food so you can eat? Multiply that by a few hundred thousand supermarkets in America. Think about just how monumental the task of getting all that gas to us is.
I don't think Ed's oil post past the sniff test. Smells like #$%* you know.
http://www.msnbc.msn.com/id/9854784/
http://www.msnbc.msn.com/id/8646744/
http://www.iht.com/articles/2008/02/17/business/rnrgoilcos.php