By the way, if you truly believe that oil companies are price gouging then why in the world would they aspire to only making 10% profit? One would think that a price-gouger would be interested in making more like 30-40% or more. No?
because 10% of $4 dollar gallons is higher than 10% of a gallon that costs $2
honestly-—can you find one good reason why the gas prices are like $3.50 near me? it makes no sense why they have gone up like $.75 a gallon in the last month
plus, check this:
from Consumer Reports:
The industry became concentrated in the hands of a few vertically integrated companies and allowed domestic oil companies shut down refineries, reduce stocks, and exploit markets when they become tight,” said Mark Cooper, CFA’s Director of Research.
from Consumer’s Report at http://www.consumersunion.org/pub/core_other_issues/001086.html
Fortune 500
2. Exxon Mobil
4. Chevron
5. ConocoPhillips
16. Valero Energy
30. Marathon Oil
10% Doesn't seem to be shabby at all in comparison.
Some math for you when they say “but we only make 10% profit”
Gas at $1.90 = .19 cents profit
Gas at $3.14 = .31 cents profit
.31/.19= drumm roll... a 79% profit increase. Who’s gouging who?