Tuesday, August 23, 2005

No Sympathy for the Exxon Devil

Experts fear thefts, violence to rise with gas prices

The article describes how a gas station owner was run over and killed by a driver who just pumped $52 worth of gas and wasn't willing to pay for it. As the driver pulled out and ran, the 54-year-old gas station owner tried to stop the driver and got killed in the process.

Gas station owners are advised to "never take action themselves during robberies and drive-offs." So why did the owner risk his life for $52?
On average, one in every 1,100 fill-ups was a gas theft last year, the National Association of Convenience Stores said. With about a penny per gallon as profit, a retailer would have to sell an extra 3,000 gallons to offset each $30 stolen, said Jeff Lenard, a spokesman for the group. Caddi would have had to pump an extra 5,200 gallons to make up for the $52 drive-off.

I wonder if you can get insured for drive-offs. <?> It'd probably be too difficult to administrate and too easy to defraud.

I wonder how much money BP (evil) or Exxon Mobil (even more evil) are making per gallon. In this next article, keep in mind that a quarter is only three (3) months. The company made almost $8 billion (in PROFIT) in three months, and this was an increase of 32 percent. Exxon Mobil may surpass Wal-mart by the end of the year as the largest U.S. company by total revenue.

Profit Soars at Exxon Mobil
Surging Oil Prices Lead to Company's Best Second Quarter

Exxon Mobil Corp., the world's largest publicly traded oil company, said yesterday that second-quarter profit rose 32 percent, to $7.64 billion, as Asia and North America used more crude oil and gasoline.

The quarterly profit was the third-highest in the company's history. Revenue climbed 25 percent, to $88.57 billion, Exxon said. A doubling of oil prices since 2003 has put the Irving, Tex.-based company on a pace to surpass Wal-Mart Stores Inc. this year as the largest U.S. company by total revenue.

Profit from worldwide oil and natural gas exploration and production operations jumped 28 percent, to $4.91 billion. Production decreased 4.3 percent, to 3.91 million barrels a day.

The gap between crude oil costs and prices for refined fuels was the widest ever, as consumption rose faster than supplies. Exxon's refining and marketing profit rose 34 percent, to $2.02 billion, mostly outside the United States.

It's amazing that a gas company can enjoy that much pure profit while a 54-year-old gas station owner, Husain "Tony" Caddi, risks his life (and loses the bet) to prevent a $52 loss.

The refined fuels market is a fantasy land.

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