Gas Profit Guzzlers
Refiners Captured The Biggest Part Of the Price Increase
By Justin Blum
Washington Post Staff Writer
Sunday, September 25, 2005; F01
When the average price of a gallon of regular gasoline peaked at $3.07
recently, it was partly because the nation's refineries were getting
an estimated 99 cents on each gallon sold. That was more than three
times the amount they earned a year ago when regular unleaded was
selling for $1.87.
The companies that pump oil from the ground swept in an additional 47
cents on each gallon, a 46 percent jump over the same period.
If motorists are the big losers in the spectacular run-up in gas
prices, the companies that produce the oil and turn it into gasoline
are the clear winners.
The spikes caused by Hurricane Katrina -- which heavily damaged oil
production and refining in the Gulf region -- accentuated gains the
refiners and producers already were enjoying over the past year. Exxon
Mobil Corp., the Irving, Tex., behemoththat produces and refines oil,
reported in July that its second-quarter profit was up 32 percent, to
$7.64 billion. Analysts expect Exxon's profit to soar again this
quarter.
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