Oil Profits Suggest Big Oil May Be Gauging Americans
Historic oil prices and $3-a-gallon gasoline have been contributing to fears of a recession, but they've yet to cause the hue and cry that some might expect. Americans may simply be growing more accustomed to high fuel costs, analysts say.
All that may change beginning Friday, when oilfield services giant Schlumberger Ltd. kicks off earnings season for the oil sector. Companies may not post record profits, but certainly may report big enough earnings to raise some eyebrows.
Given the weakening economy and prospects for $4-a-gallon gasoline, hefty oil profits are almost sure to renew debate over whether Big Oil is profiting at the expense of most Americans.




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AP | John Poretto | January 17, 2008 06:41 AM