Actually, the record profits come from selling crude on the open market. The refining operations are not earning much, and are in some cases breaking even or losing a little. It just so happens that Exxon, Chevron, Shell, BP, ConocoPhillips, and others have extensive worldwide extraction divisions. Yet, together, they control less than 12% of the world’s oil. The rest is held in the hands of governments and despots.
[Chevron, Shell, BP, ConocoPhillips, and others have extensive worldwide extraction divisions. Yet, together, they control less than 12% of the world’s oil. The rest is held in the hands of governments and despots.]
Yes, and the point I rarely hear made is that American oil companies are not allowed to drill for oil or build refineries in America thereby causing a shortage of oil for Americans.
It is the politicians fault for pandering to the greenies and leftist stupid peoples who beleive such things as global warming, etc.