Exxon Mobil Has Record Profits, Again

It would seem to me that if the oil companies were raising the price of gas accordingly to the rise in oil prices, their profits would stay about the same. So why do we keep paying more at the pump while their profits keep setting records?

(MSNBC)Exxon Mobil Corp., the world’s largest public oil company, reported a surging quarterly profit Thursday, pushed up by yet another quarter of sharply higher oil prices.

The firm said it earned $10.36 billion, or $1.72 a share, in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company. That compares with $7.64 billion, or $1.20 a share, in the same quarter a year earlier.

Apparently $7.6 billion just doesn't buy what it used to. I hope they can get by on $10 billion!