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High gasoline prices have to be good for someone, and in news that will shock few, those fortunate men and women appear to work for Big Oil. Chevron, America's second largest oil company announced Friday that its first-quarter profits hit four billion dollars, a dramatic 49 percent increase over last year. With a profit of $1.80/share, that beat the Street by two cents.

Between ExxonMobil, Chevron and ConocoPhillips, America's top three oil companies raked in more than 15 billion dollars in profits this quarter.

[Source: San Jose Mercury News]

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    • 1 Second Ago
      • 9 Years Ago
      • 9 Years Ago
      Yes guys because motorcycles and bicycles are practicle in America like they are in Europe!

      Lets see 10 mile bike ride to work means instead of waking up at 6 am, i wake up at 4 am, so i can shower, bike, and then shower to be at work on time. Hmmm I wonder how early my dad will have to get up to make his 40 mile one way commute to work.

      Because motorcycles are FRIGGIN SAFE too! Cause they don't get wiped up in when i Semitruck makes a lane change.

      Only you idiots could get the shit beat out of you, and go well golly its my fault cause i walked out of my house tonight.

      • 9 Years Ago
      "Four billion dollars extra profit sounds impressive. Now tell us how many gallons of gasoline they sold Divide $4,000,000,000 by the number of gallons ans see what the cost per gallon the consumer is being hit with. I suspect it is a few cents per gallon.....prove me wrong."

      approximately 5.54 cents per gallon, or an average 80 cents per fillup

      Problem with the $4B "profit" figure is that in any given month, using the numbers provided along with average fuel economy, tank size, and miles driven per month, consumers would have purchased approximately $4.186B worth of gasoline. That's a profit margin of around 5%.

      I'm not sure where they got the 49% profit figure from.
      • 9 Years Ago
      aaahhhh we might have a hurricane this summer so we better raise gas prices .25 cents ! IM so sick of just speculation alone and then bam gas prices go up here in california, and we do our own refining here in cali, not in the southern states but that doesn't matter at all. in so cal we are around $3.30 a gallon everywhere, and its gone up 1 dollar a gallon since xmas why ? so george bush's friends will take care of him after he leaves office !
      If you ask me i think the oil companys should give us all a rebate check and take it out of there very EXTREME profits they been making latey !
      • 9 Years Ago
      Actually, from what I've heard, it's true that American oil companies' profits are nowhere near those of the huge state-run companies in the rest of the world. While the American market is low on competition, American oil has to be vertically integrated in order to compete in the international market.

      And, while it's equally true that SUVs can't possibly account for a 50% increase in profits, consumers are definitely to blame for their driving and car buying practices. It's a simple matter of economics--supply and demand.

      Also, it's unfortunate that someone has to feel unsafe driving a compact car, forget a subcompact hatch, because of the comfortable and safe, but hugely excessive SUVs on the road.
      • 9 Years Ago
      Hm, after this post I realised that we all were just a toy in a hands of one gasoline monopolist. But who is it? Who raised up prices at once on all gas stations?
      • 9 Years Ago
      Hey, those are the chevrons of a Petty Officer 2nd Class. They deserve a 49% raise!
      • 9 Years Ago
      In other news Gas went up another 50 cents a gallon today... for no apparent reason.
      • 9 Years Ago
      I have to say that, before Andrew and Sid, I was blaming big Oil too. But actually it is as much the fault of people who are buying the gas. Small cars, motorcycles, and even bicycles will solve most peoples' woes. But that won't happen because Americans are too interested in carrying all of their sh*t around with them everywhere so riding a motorcycle is out of the question. And they are too fat and lazy (or scared of what women will think of them) to ride a bicycle once in a while.
      • 9 Years Ago
      Fallacy: People are "forced" to buy gas at high prices.

      The reason it seems this way is because American cities have developed since World War II with the underlying assumption that gas is cheap and supply is limitless. This led to sprawl and people working and shopping far from their suburban enclaves. It's a choice that consumers have made over a long period of time - no one is "forced" to do anything.

      It's been 60 years since the end of WWII, so it might be a while until we develop viable alternatives. Yes, not everyone can ride a bike to work - if they live in a suburb 30 miles from the office. But the next 40 or 50 years of high fuel prices will encourage a different kind of development in our cities, as well as alternative fuels and transportation modes, so your grandkids might think nothing of walking or riding a bike a few blocks to their jobs - just like your your grandparents did!
      • 9 Years Ago
      There was a comment from someone in the past week or so about how gas is actually cheap and that no one realizes all the work that goes into refining oil into a usable product, etc, etc. I'd like to direct them to the following article. That's a 49% INCREASE in PROFIT. No, not in total revenue (where you'd have to subtract labor, mfg costs, etc), but PROFIT.
      • 9 Years Ago
      I agree with Andrew. If people are dumb and adamant enough to opt for large SUVs and then drive them with a maximum of one person in it 80% of the time, why should'nt the oil companies cash in? If we REALLY wanted to stick it to them, we'd realize that and start opting for vehicles according to actual needs. All of Europe gets along fine (not to mention the rest of the world) with small, efficient vehciles for even large families. In North America, you got one kid on the way and apparently you have to buy a Caravan.
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