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> Right now gas prices are at an all time high, and so are gas profits Definitely not an all time high, but yes a rapid increase. According to a quick quarterl
by merely-unlikely 4y ago
> Right now gas prices are at an all time high, and so are gas profits
Definitely not an all time high, but yes a rapid increase. According to a quick quarterly chart I pulled up, a barrel of oil was last over $100 in June 2014. It spent most of the period 2010-2014 above $80 (it's currently $86). I remember paying > $5/gallon at the pump back then. I see a peak in June 2008 at $140.
Profits are also now coming down, at least according to Exxon's report today:
"(Bloomberg) - Exxon Mobil Corp. gave an early snapshot of its earnings for the third quarter, during which refining margins shrank while profits from natural gas kept climbing.
"The largest US energy company said in a filing Tuesday that margins within its energy-products segment, which includes oil refining, were as much as $2.9 billion lower compared with the second quarter. That segment posted $5.3 billion in net income in the three months through June."