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Exxon Mobil and Chevron is paying for your gas at the pump

Los Angeles Oct. 17, 2007. Thank you Exxon Mobil, thank you Chevron, thank you Valero Oil Refinery for taking up the slack between the gas prices at the pump and the real price for gas. Have you ever wondered why the same gas price at the pump has not changed significantly over the last year while at the same time the price for crude oil has increased by around 40% since January this year?

All these billions of dollars, oil companies make in the business of oil production (upstream) due to high crude oil prices are now spent on subisdy funds (price subsidies) for crude oil refineries (downstream) to keep the gas priceses at the pump low - all that for you the consumer, so you would not see the real impact of peak oil.

As a consequence oil refineries and oil companies involved in the downstream business (oil refining) report a profit warning for the 3rd quarter of 2007:

Read about Exxon Mobil's Profit Warning on International Haralb Tribune.
Read about Chevron's Profit Warnings on Marketwatch.com. Posted by Ingemar Anderson at Thursday, October 18, 2007