Price gouging at its finest
Posted by
geekspeak on October 27, 2005 - 10:27 PM
I read this in a recent AP story in the Chronicle:
ConocoPhillips, the nation's third-largest integrated oil and gas company, said third-quarter profit surged 89 percent, reflecting high prices for crude oil and natural gas after one of the worst hurricane seasons in memory slammed the heart of the nation's oil industry.
The Houston-based company emerged from the one-two punch of hurricanes Katrina and Rita unscathed profit-wise, with earnings for the quarter ended Sept. 30 of $3.8 billion, or $2.68 per share, topping the average Wall Street estimate of $2.57 per share, according to a Thomson Financial survey of analysts. Results were nearly double those of a year ago, which reached $2 billion, or $1.43 per share.
While it's tempting to rant and rave about this, I'll just let this one speak for itself. However, maybe we should think twice before accusing the gas stations of price gouging.
Here's a link to the article.
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