High Gas Prices!!! Record Profits!!! We're Getting Hosed!!!

Chevron, Exxon Record Profits Reaped at Cost to Sliding Economy, Strapped Consumers; Group Calls for Market Oversight

SANTA MONICA, Calif., Feb 01, 2008 /PRNewswire-USNewswire via COMTEX/ -- FTCR Also Releases "Oil Profit Monster;" Free Public Database of Each Company's Profits Since 2000 Will Be Updated Quarterly
Record quarterly and yearly profits reported today (February 1, 2008) by ExxonMobil and Chevron must trigger action by Congress to control unregulated energy markets, said the Foundation for Taxpayer and Consumer Rights.

EXXON IS MAKING MORE THAN $75,000 A MINUTE AROUND THE CLOCK ON CRUDE OIL PRICES

that are at unjustifiable levels. Oil companies have opposed legislation to regulate electronic energy trading, even as they deflect blame by pointing to such markets as the reason for crude oil prices that remain above $90 a barrel.
To aid analysis and comparisons of all major oil companies' profits since 2000, FTCR today released its comprehensive "Oil Profits Monster" database, along with graphics of company-by-company oil profits. See more on this powerful tool, including its unique handling of merged companies, companies, below.
Exxon's $40.6 billion annual profit and Chevron's $17.1 billon come at the cost of an economy tipping into recession, said FTCR. While Exxon makes the largest corporate profit by any corporation, ever, families pay $60 and more for a gas station fill-up and Northeasterners are shelling out more than $2,000 on average for heating oil.
"The 2007 profit of just the three U.S.-based major oil companies comes to $70 billon, even as the federal government is about to pay out $100 billion-plus for economic stimulus payments to families," said Judy Dugan, research director of the nonprofit, nonpartisan FTCR. "Yet Americans are deeper in consumer debt than ever in large part for high energy costs. If the stimulus mainly pays credit card debt racked up at the gas station, it won't stimulate anything."
(From Fox Business News)