It's a new record

[scaeagles]

Originally Posted by LSPoorEeyorick

How is this effin' legal?

I just can't get upset at oil companies making a profit of about 9 cents/gallon of gas. That's not unreasonable. It's the sheer volume of the industry that produces the profits (Americans burn around 383 million gallons/day - or so it was in March 2005).

I hope they do not go with windfall profits taxes....a ridiculous and counterproductive thing to do. I was going to go into an explanation, but I'll defer to an economist who can explain it much better than I can.

Windfall Profits and the Price of Gas

[SacTown Chronic]

So the record profits from the fourth quarter of last year are from some sort of weird non-summer driving spike by Americans and the time-proximity to Hurricane Katrina is merely a coincidence?

[scaeagles]

Originally Posted by SacTown Chronic

So the record profits from the fourth quarter of last year are from some sort of weird non-summer driving spike by Americans and the time-proximity to Hurricane Katrina is merely a coincidence?

Still comes out to about 9 cents/gallon of gas.

If anyone thinks that is unreasonable I'd like to know why.

[DreadPirateRoberts]

Originally Posted by scaeagles

Still comes out to about 9 cents/gallon of gas.

If anyone thinks that is unreasonable I'd like to know why.

So the profits they are reaping are from the sheer volume of gas sold?