Do you know how much oil companies make per gallon?

[Applan]

I don't know what the latest numbers are but this is on Harry reid's website and was posted in May 2004 when gas was about $2.30/gallon in Nevada:

"It’s clearly documented that refiner margins have doubled and tripled. The oil companies weren’t content to make 25 cents on every gallon of gasoline. They now make 50 to 75 cents for every gallon of gasoline.
I have received hundreds of letters from Nevadans whose budgets are being stretched by these skyrocketing prices. Gasoline isn’t a luxury for families ... it is a necessity. Families have to put gas in their vehicles so they can drive to work, take their children to school, and go to the grocery store.
The big oil companies control the supply, and they know that families really have little choice in the matter ... they literally have consumers over a barrel."

http://reid.senate.gov/gasprices0504.cfm

So now we are at $3.07 average, how much of that is clear profit. Is it a dollar/gallon? Why the hell don't the government step in and say enough is enough and regulate these greedy bastards?

[Virginian]

1. "the government step in and say enough is enough and regulate ..."

You asked: "So now we are at $3.07 average, how much of that is clear profit. Is it a dollar/gallon? Why the hell don't the government step in and say enough is enough and regulate these greedy bastards?"

Is the proper answer, Because the government is run by these greedy bastards?

[Raster]

2. "regulate" my ass, it's time to NATIONALIZE the oil industry in this

country. Yeah, I know, exxon bought and paid for this pResident.

[HuskiesHowls]

3. 5 Companies control 95% of the pumps....

Probably on NPR, several years ago I heard a news story about this very thing. They said that it used to be that there were about 50 companies making and selling gasoline. Due to all the mergers, there are only 5 companies now (at that time), and they controlled 95% of the gasoline pumps in the country.

Now, I know that collusion in setting prices is against the law, but do you REALLY BELIEVE that this does NOT happen??? I don't.

I remember such oil companies as D-X Sunray, Deep Rock, Union, 76, Standard of Ohio, Standard, American, Champlin, Derby, Arco, Sinclair, and then there were independents that just bought on the spot market. They all provided competition for one another and kept gas prices low.

Aren't mega-mergers just the greatest thing??? :sarcasm: