Gas Price Gouging

Posted by Shaun on October 28th, 2005 filed in Rants

I’m a bit surprised at the amount of profit that Exxon-Mobil made last quarter. $10 billion in profit; a record profit for any company in US history. I seem to remember recently that gas prices skyrocketed due to a couple hurricanes. I personally was buying less gas than normal during that period. Why is it that they made more money then? I can only assume that as prices went up the amount of profit per unit went up as well.

Just like I wouldn’t expect a restaurant to not charge me for a meal I ordered, but didn’t like I would never expect the government to tell Exxon-Mobil to reduce prices/profit or else. I would just not give them my business. I’m not as eager to buy gas at the local Mobil right now. BJs sells gas about $0.10 cheaper per gallon than Mobil. It may not be the same quality, but at this point that doesn’t concern me too much. They are a busy station (very busy) and are not likely to have water in their gas or other things. I think I’ll continue to give them my business.