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]