Lon AndersonRichmond.comWednesday, November 02, 2005How is it that "big oil" companies are releasing quarterly statements with record profits at a time when motorists are paying record high gas prices? AAA Mid-Atlantic wants to know. These enormous profits should raise eyebrows and question marks.
During the third quarter of this year, when Hurricane Katrina created major supply and distribution issues, oil companies reaped unprecedented profits from motorists. Some company's net income soared as much as 75 percent, an industry record. When the pump price of gasoline climbed almost hourly and accusations of price-gouging were made, reasons proffered by oil companies were almost comically contradictory and even apologetic. What explanation is there now?
AAA Mid-Atlantic does not begrudge any business a fair profit, but the billions upon billions being reported in the aftermath are at best, appalling. In hindsight motorists had every right to be outraged. And still do.
As the motorists' advocate, AAA Mid-Atlantic would like every elected official to take note and action. Their quarterly statements are empirical evidence oil companies were certainly less than candid in September. If the explanations these companies proffered at the time prices were skyrocketing at the pump were true, then how can they justify the financial results they are reporting now? Americans deserve a straight and honest answer.
Motorists, speak up to your lawmakers.
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