Even during the recession, oil is hovering at around $70 per barrel. There are many reasons for elevated oil prices, such as emerging markets demanding more crude and market speculators. Perhaps the biggest reason of all, however, is that oil is just harder to come by, as all the obvious spots have already been drilled.
Another year, another record profit statement from Exxon Mobil, the world's largest publicly traded oil company. The specific mind-numbingly large figure is $45.2 billion, which translates to $8.69 per share. While this figure handily beats the previous record of $40.6 billion that had been set by Exxon Mobil in 2007, these huge profits were recorded mostly in the second and third quarters of 2008 when fuel prices were at record levels in much of the world. Fourth quarter earnings fell by 27%, t
Well, that breakup didn't last long. It seems that GM is looking to get back together even before it parted ways with Big Oil. We wonder, however, just how apt Big Oil will be to take GM back. Remember, it was just the other day that the General decided to bolster its green credentials by announcing the split would take place in an upcoming TV commercial. According to GM spokeswoman Kelly Cusinato, though, GM's marketing department is still tweaking the television spot, and might choose not to r
According to Helen Clark, Chevron Corp.'s manager of corporate brand and reputation, roughly 10 percent of Americans "hate us and our industry and there's nothing we can do to change their minds." The reason, according to Peter Beutel, president of oil commodities consultant Cameron Hanover, is because most consumers don't understand the industry because they only know about volatile gasoline prices and news reports about big oil's record profits.
How do you commit political suicide? Why, institute a gas cap that costs your constituents $55 million more than it would have cost otherwise, of course. Hawaii governor Linda Lingle decided to sign a bill today that would stop the madness that is the Hawaii gas cap, which has put a limit on wholesale gasoline prices based on New York, the Gulf Coast and Los Angeles gas price averages, plus transport. Unfortunately for Lingle and the good citizens of Hawaii, the cap didn't regulat
Irony alert: California drivers have been hit so hard by the surge in gasoline prices that some are running out of gas -- on purpose -- and waiting for a tow truck to show up with some free go-juice courtesy their roadside assistance programs. In effect, they're running out of gas in order to save some.