Refineries got huge profits from gas price increases
When the average price of a gallon of regular gasoline peaked at $3.07 recently, it was partly because the nation’s refineries were getting an estimated 99 cents on each gallon sold. That was more than three times the amount they earned a year ago when regular unleaded was selling for $1.87.
Exxon Mobil Corp., the Irving, Tex., behemoththat produces and refines oil, reported in July that its second-quarter profit was up 32 percent, to $7.64 billion. Analysts expect Exxon’s profit to soar again this quarter.
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