Chevron 3Q profit soars to $5 billion

[OhioChick]

By MICHAEL LIEDTKE, AP Business Writer
40 minutes ago

SAN RAMON, Calif. - Chevron Corp.'s quarterly profit surpassed $5 billion for the first time in its 127-year history, driven by higher oil prices and more productive refineries.

The results, released early Friday, marked the third time in the past year that Chevron's quarterly earnings have hit a new high. The third-quarter earnings were also far above analyst estimates, lifting Chevron shares by 45 cents to $67.95 during early trading on the New York Stock Exchange.

The boom times at Chevron and major oil companies exasperated motorists and politicians as gasoline prices climbed above $3 per gallon in many parts of the country before a recent decline eased some of the economic pain and frustration.

But the downturn in energy prices hasn't been enough to end the prosperous times for Chevron and its industry brethren.

Exxon Mobil Corp., the only U.S. oil company larger than Chevron, posted a third-quarter profit of $10.5 billion — the second highest in its history.

http://news.yahoo.com/s/ap/20061027/ap_on_bi_ge/earns_chevron

[Parche]

1. oil

SAN RAMON, Calif. - Chevron Corp.'s quarterly profit surpassed $5 billion for the first time in its 127-year history, driven by higher oil prices and more productive refineries.
??????
No its driven by corporate greed and Republican tax breaks for the wealthy and big corporations.
While the middle class gets screwed with higher gas prices.