ConocoPhillips

[Ah Pook]

First quarter profits are up 43%.

No gouging here.

[Graves]

Paid $71.00 this AM to to fill my damn Jeep.

[mcantar18c]

Paid $71.00 this AM to to fill my damn Jeep.

Only $71? I'm jealous.
Try $160.

[rammit]

Only $71? I'm jealous.
Try $160.

sounds like were in the same boat.

[Graves]

Only $71? I'm jealous.
Try $160.

It only has a 20gal tank.

Here's a coupon...

[KevDen2005]

First quarter profits are up 43%.

No gouging here.

Ridiculous

[opie011]

Only $71? I'm jealous.
Try $160.

Yep same here
Soon I won't be able to actually drive to the job sites anymore and my fuel tank when full will be worth more than the damn truck I drive

[Mobat555]

My poor under powered civic cost $35 to fill up and will only go 350 miles on a tank...

[Hoosier]

My poor under powered civic cost $35 to fill up and will only go 350 miles on a tank

I am thankful that both myself and the missus are telecommuters, and frequently leave the car in the garage 5 or 6 days in a row.

H.

[Pancho Villa]

Hey, guys?

Sorry to break it to you, but those companies don't have to provide gas to you at ANY price.

I run a business that routinely gets 50% profit on any one sale at this time (I'm sure it won't last, but enjoying it while I can,) if I could make it 75% and still make money I would.

As for the market-reasons why oil companies make big profits; oil is a big boom/bust industry, as anyone who lived in Houston the past 20-30 years can attest to. Their boom profits keep them in business during the next bust.

Second: Government regulations drive up scarcity, which drives up prices. In a semi-free market like oil, prices still tend to reach equilibrium with supply. While a variety of factors go into this, I think the two most important ones are the offshore drilling ban and the continued inability to oil companies to expand to (relatively) easy-to-access points inside the US. The population of humans who consume oil is expanding quite quickly, leaving us with three basic options:

1. Aggressive expansion
2. Higher prices
3. Shortages

I like 1, but apparently the hippies who run the govt (both GOP and Dem) disagree, so we're faced with 2 or 3. I'll take 2 over 3, as the OPTION to gas up my truck (did I mention my business involves the use of my truck?) is something I'd like to have.

Anyway, cry gouging all you want, the alternative is shortages, which is far less preferable.