SEATTLE POST-INTELLIGENCER: Happy pump$
2 August 04
Happy days are here again at the gas pumps, for the oil companies.
Two major oil companies announced huge growth in income last week, with Exxon Mobil scoring a record $5.8 billion in profits for just the second quarter of the year. Royal Dutch/Shell Group reported a 54 percent growth in net income.
As markets reopen this morning for the week, traders will wonder whether the price of oil, just $10 per barrel a few years ago, might hit $45 a barrel. Do we hear $50?
Most consumers don’t begrudge companies a decent profit. But with retail prices running about $1.90 a gallon for regular unleaded nationally and locally, it’s hard not to resent rocketing profit margins.