Oil giants ExxonMobil, Chevron, ConocoPhillips , the U.S. units of BP and Royal Dutch Shell and major oil refiner Valero are making record profits.
This dramatic consolidation of the oil and gas industry has gone largely unchecked by the federal government, the Bushes are heavily invested in Big Oil. Exxon alone earned more than $36 billion last year, the biggest profit ever for a U.S. company.
Oil and gas mergers in recent years have boosted energy prices. The national retail price for regular unleaded gasoline has jumped 11.2 cents over the past two weeks to $2.37 a gallon, the highest level since early November, the Energy Department reported Monday. Remembmer to vote.
14 March, 2006
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