Tuesday :: Jul 27, 2004

Big Oil

by soccerdad

To be fair, Bush is not bad for everyone. Lets look at how the oil companies are doing given the problems in the middle east, refinery problems etc. I know this will make all of you feel better next time you drive up to the pump.

From CBS Marketwatch

"Chevron is printing money," said Oppenheimer & Co. analyst Fadel Gheit. "They're having Christmas in April, May and June. Gasoline prices are at record levels and they're making obscene profits."

.......Oil is at record levels, natural gas prices are at historical highs and refining margins are very close to record levels. And the chemicals business is improving because of global economic improvements. So they're firing on all cylinders."

"Although they are still buying back stock, the money is coming in a lot faster than they are able to spend it," Gheit noted. "I still believe [Exxon is] eyeing investments in Russia. With more uncertainty surrounding Iraq, Russia becomes the only game in town."

soccerdad :: 2:02 PM :: Comments (4) :: Digg It!