Oil Majors’ Profits Drop
November 2nd, 2007 at 11:06 am
November 2nd, 2007 at 11:06 am
Hillary’s kleptomania may have to wait.
AP reports (link dead) that Chevron’s profits for the third quarter fell more than a billion dollars, High oil prices combined with stable gasoline prices ate into Chevron’s net:
The conditions saddled Chevron with a $110 million loss in its U.S. division that refines and sells gasoline. That was a dramatic reversal of fortune from last year when the same division earned $831 million.
Exxon has also been hit, dropping 10 percent.
Inventory has allowed gas stations to keep their prices stable while oil has been hitting record highs, but gas prices will have to come up when the inventory dries up.
