[PugMom]

Originally Posted by OrangeBlossomBaby

Exxon on Friday said that its refining profits — earnings that come from processing crude oil into gasoline and other fuels — surged to $5.3 billion, from a loss of $865 million a year ago. At Chevron, refining profits were $3.5 billion in the second quarter, up from $839 million the year before.

Crude oil gets refined into other petroleum products. From a loss of $865M in 2021 to a profits of $5.3B is not the result of stock markets controlling the price of crude oil. It's the result of Exxon charging more for post-refinery petroleum. Gasoline at the pumps isn't the only product that comes from crude oil. Synthetic plastics are the result of the refining process as well, and plastics made from the refining process of crude oil are found in every household, every automobile, every computer, every cell phone, every company in the country. Even the handle of your desktop stapler is probably made from synthetic plastic.

This is part of the reason inflation is so high, because the oil companies have raised their prices on ALL petroleum products. Not just gasoline.

she's correct, you guys. i just read the same thing in the foreign press. not too much we can do about it except reopen the pipeline